In Oakville, owning a classic car is often about more than just the vehicle itself. These cars are tied to memories, stories, and the satisfaction of maintaining something with character and history. Whether you are preserving a 1972 Ford Bronco in West Oakville, showing a 1985 Porsche 911 in Kerr Village, or just taking quiet drives along Lakeshore Road in your vintage Mercedes, your car deserves a policy that reflects its purpose and value.
Classic car insurance is different from standard auto coverage. It is built around how you actually use the vehicle and what it is worth to you, not just what the market says. In a town like Oakville, where people take pride in restoration, proper storage, and occasional scenic drives, classic auto insurance is often the right fit.
What Is Classic Car Insurance?
Classic car insurance is a type of auto insurance policy specifically tailored for older, collectible, or rare vehicles that are not used for daily driving. These vehicles are often appreciated for their historical value, uniqueness, or performance, and the coverage reflects that. Instead of using actual cash value (which factors in depreciation), classic car insurance uses agreed value. This means you and the insurer decide upfront what the car is worth, and that amount is guaranteed in the event of a covered total loss.
The coverage is structured for vehicles that are stored properly, driven occasionally, and maintained with care. It often includes protections for restoration projects, special equipment, and spare parts. This type of insurance allows owners to protect not just the physical car, but the time and financial investment that went into preserving it.
What Counts as a Classic Car for Insurance Purposes?
In Ontario, most insurers begin considering a car for classic status when it is at least 15 to 25 years old. But age alone does not make it a classic. The car also needs to be in good or restored condition, stored securely, and used for leisure rather than daily driving.
For example, a 2001 Jaguar XKR that is driven only in the summer and stored indoors in Central Oakville may qualify, while a 2003 hatchback used every day for commuting will not. It also helps if the car has limited production history, collectible value, or original parts.
Cars that might qualify include:
- A fully restored 1968 Chevrolet Camaro used for weekend drives
- A 1990s Land Rover Defender kept in a private garage
- A rare 1984 Toyota Supra driven to local events only
How Does Classic Car Insurance Work?
Classic car insurance uses what is called agreed value coverage. That means you and the insurer decide on the value of your vehicle when the policy is written. If the car is stolen or involved in a total loss, that is the amount you will receive.
Coverage is usually structured around low annual mileage, careful use, and proper storage. Most policies are not meant for commuting. They are for cars that are part of your lifestyle, not your routine.
In addition to agreed value, a classic policy may include:
- Comprehensive protection for fire, theft, vandalism, and weather
- Collision coverage while the vehicle is in use
- Optional coverage for spare parts or restoration materials
- Liability protection, which is required by Ontario law
James Inwood, a local broker based right here in Oakville, can explain which coverage options make the most sense depending on how and where you drive your vehicle. Book an appointment now to learn more.
When Does a Car Qualify for Classic Car Insurance?
While 15 years is often the starting point, some vehicles with collector interest or special status may qualify sooner. A low-mileage 2008 Aston Martin that is stored all winter and only driven on weekends may qualify under some programs. The key factors are condition, rarity, usage, and storage.
Are Classic Cars Cheaper to Insure?
In many cases, yes. Classic car insurance is often more affordable than regular auto insurance because the risk is lower. People who own classic cars drive them less often and store them more carefully. Insurers take that into account.
In Oakville, you can expect to pay anywhere from $250 to $800 per year for classic car coverage. A 1970 Dodge Charger kept in a Glen Abbey garage might cost around $400 per year. A 1993 Ferrari 348 stored year-round and driven under 1,000 kilometres annually may be closer to $750.
The cost depends on your car’s value, your driving record, storage, and how often you plan to use the car. You can also lower your total insurance costs by combining coverage. Many Oakville residents bundle their classic car insurance with their home, cottage, or personal auto policies. James can help set this up so everything is managed in one place.
Can You Drive a Classic Car Every Day?
No, classic car insurance is for limited-use vehicles only. It is not intended for commuting or daily errands. If you need to drive your classic car regularly, you will need a standard auto policy.
Some policies do allow occasional weekday drives, but there are restrictions. If your plans change, James can help you make sure your coverage still fits.
What Coverage Do You Need for a Classic Car?
The right policy should include:
- Agreed value coverage so you know exactly what your car is insured for
- Comprehensive and collision coverage to protect against damage or theft
- Ontario-mandated liability protection
- Optional restoration, spare parts, or towing coverage depending on how you use your car
Storage coverage is also worth discussing. If your car spends much of the year in a garage or private storage unit, your insurer needs to know. Some Oakville garages may offer better protection from storms or flooding, which can affect your rates.
Why Oakville Drivers Choose James Inwood
James combines insurance expertise with a deep connection to Oakville as a native of the town. He knows what it means to store a car near the lake, to deal with Oakville’s seasonal traffic, and to protect a vehicle that only leaves the garage once a week.
He helps clients throughout Oakville, including West Oakville, Kerr Village and Central Oakville, find coverage that makes sense. Many of them also rely on him for home and personal insurance. Having one broker who understands your full insurance picture saves time and often reduces your costs.
James is available if you need to make a change, file a claim, or just ask a question. There is no 1-800 number, no call queue, and no pressure to buy. Just honest advice from someone who understands both the local market and the care that goes into owning a classic car.
Thinking About Classic Car Insurance?
If you are unsure whether your vehicle qualifies or want to understand your options, James can walk you through it. There is no obligation. Whether you are insuring a vintage truck, a luxury coupe, or a car you have had in the family for decades, the right coverage matters. Book an appointment with James today to get a classic car insurance quote. Classic car insurance in Ontario is about more than rules and numbers. It is about protecting something that matters to you.
James Inwood is a member of Canadian Insurance Brokers Inc. CIBI operates across Canada with more than 40 licensed brokers and is completely independent so our advice is always objective. Representing 14 insurance carriers on the personal side and over 20 insurance providers on the commercial side helps give my clients clear choice and competitive pricing.
James Inwood, Insurance Broker
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