Many insurers can accommodate these beauties, and there are even some that specialize in coverage for classics. Typically, these vehicles are not driven very often so premiums are fairly reasonable. Normally, auto insurance claims are settled on an actual cash value basis. Actual cash value takes into account age and condition, and depreciates the value of the vehicle accordingly. However, the best way to cover your collector car is on an agreed value basis. Agreed value means that your insurer acknowledges in advance of a claim what they will pay in the event of a loss. Most insurers require a detailed appraisal to determine the agreed value. Your Ontario auto insurance policy should include a ’19a endorsement’ in order to receive agreed value coverage.

Hagerty is one of the companies we work with that specializes in classic cars. Check out Hagerty’s one-on-one interview with Jay Leno as he talks about a vintage Corvair.