Vehicle or car insurance is mandatory in Canada. It informs the reason why the country’s revenue from the insurance industry is booming. According to Statista, over $24 billion worth of auto insurance premiums were written as of 2018.
This points to the fact that the car insurance industry in the country is growing. As a vehicle, you want to find out the best options to protect your classic car. In this article, you will learn how to use classic car insurance Alberta to do so.
What is Classic Car Insurance in Alberta?
Generally, auto insurance policies protect vehicles against liabilities and physical damage to the insured vehicle and that of someone else.
Classic car insurance in Alberta refers to the specific insurance policy for classic car owners in Alberta. You can take advantage of this to protect your antique vehicle against claims arising from road collisions. The policy can also be used to protect the vehicle if it causes bodily injury to someone else.
Alberta Classic Car Insurance Explained in Simple Terms
Car insurance in Alberta is overseen by the Automobile Insurance Rate Board (AIRB). It oversees the regulation of insurer rating programs and other forms of coverages for vehicles. The board also helps in regulating car insurance policies for classic cars, personal vehicles, and passenger automobiles in Alberta.
However, the AIRB doesn’t have the mandate to recommend classic car companies. You will have to make an independent of the best classic vehicle insurers in the city.
What Cars Qualify for Classic Car Insurance in Alberta?
How do you know if your vehicle is “classic” and whether it qualifies for classic vehicle insurance in Alberta?
According to AMA Insurance, what qualifies a car for classic insurance is when it is up to 25 years of age.
However, that is not the only standard for determining classic car insurance in Alberta. Here are some of the additional factors that can impact the qualification of your vehicle:
1. Mode of Use
Generally, antique or classic vehicles are the ones that aren’t always in use. So, if your car is used daily, it may not qualify.
There may be an exception to this, though. For example, regularly-used vehicles that are in good or “mint” conditions may be considered. You want to check with your classic car insurance provider in Alberta to be sure.
2. The Type of Vehicle
What type of car are you checking its eligibility in Alberta? Some vehicles are preferred over others.
Here is a list of the vehicle types that may be considered for classic car insurance in Alberta:
3. Collectibles
These are vehicles manufactured or popular within a specific year. For example, cars used between 1980 and early 2000 may be considered “classic vehicles.”
4. 25-Year-Old Vehicles
Do you want to know what year qualifies for classic car insurance in Alberta?
Cars that have been available for 25 years are also classic vehicles. Your classic vehicle insurance provider may also be considered 15-year-old vehicles, depending on certain conditions.
5. Modified Cars
Vehicles that are modified to take on that “antique” look may be considered. For example, the insurer may book you in if your latest Mercedes was remodeled to become a replica of the 1979 model.
6. The Car’s Milage
The insurance provider will also want to know the mileage of your vehicle. Low-milage vehicles are always favored. Vehicles that maintained mileage between 5,000 and 8,000 kilometers per year are always prioritized by the Alberta vintage car insurance company.
Is Classic Car Insurance Expensive?
Unlike conventional automobiles, the cost of insuring vintage vehicles is not so high. Car owners can expect to pay anywhere between $125 and $300 per year.
Why is Classic Car Insurance So Cheap in Alberta?
Classic car owners in Alberta are at the advantage of getting cheaper insurance quotes for their vehicles.
Here are possible reasons why you will pay a lower premium on the vehicle:
1. Rare Usage
Most classic vehicles in Alberta are rarely used. Since the car isn’t always on the road, the risks of getting into an accident are reduced.
Besides, rare use of the vehicle means that you wouldn’t have to bother so much about replacing some parts that could have worn out due to constant use.
2. Standard Maintenance
The cheapest classic car insurance in Alberta covers well-maintained cars. Since these vehicles aren’t regularly used, the insurer takes that to be a sign of good maintenance.
Besides, the classic car owners do a great job of keeping the “vehicles in shape” because it is their pride.
What is the Best Classic Car Insurance Company in Alberta?
You now know how important it is to get classic car insurance in Alberta. Now, let us talk about companies that sell the policy.
Here is a list of the popular classic car insurance companies in Alberta:
- Armour Insurance
- Alpine Insurance Inc.
- AMA Insurance
- Bow Valley Insurance
- Allstate
- Billyard Insurance Group
- Old Is Gold
- First Foundation
- Rogers Insurance
- Aviva
How to Get Cheaper Car Insurance in Alberta
You can get cheaper classic car insurance in Alberta when you reduce the frequency of using the vehicle. Maintain the recommended mileage of 5,000 or 8,000.
Also, keep improving the mechanics of the car, especially by replacing damaged parts on time. You should consult your classic car mechanic for tips on how to keep the vehicle in optimum performance.
Second and most important, store the vehicle when it is not in use. It doesn’t make sense to leave your classic car when it snows or when the sun is up.
The best storage options are to leave the vehicle in a shed or some other government-approved facility.
Conclusion: Buy Your First Classic Car Insurance Policy in Alberta
Alberta has a variety of classic vehicle insurance companies. We talked about these in the previous sections. You can also check with classic car insurance companies in Calgary to expand your search. Make sure you consider the years of operation, the number of classic cars collected, and the average premium charged by the insurer before purchasing the policy.
