If your garage houses more than just a daily driver, perhaps a custom hot rod, a track-day special, or even a decommissioned military vehicle, you already know these rides demand special care. Insuring them in Ontario isn’t like insuring your family SUV. At Gibb Insurance Brokers, we frequently partner with insurance companies to provide collector-grade protection that matches the uniqueness of these vehicles. Let’s explore what makes classic car and “unusual vehicle” insurance different.
What’s Different About Insuring Classics, Customs and Military Vehicles?
1. Valuation: Guaranteed / Agreed Value vs. Stated Value: Standard auto insurers often use market value or depreciation tables to settle a total loss. With collector or custom vehicles, this can leave you short when it comes to replacing or rebuilding your ride. With a Guaranteed Value policy, you and the insurer agree upfront on the vehicle’s value, and in the event of a covered total loss, that is the amount paid (less deductibles and any salvage), ensuring no surprises.
2. Usage Restrictions and Primary Use: These vehicles are typically insured for “pleasure / occasional use” rather than daily driving. Use for commuting, errands, or business may void the specialized coverage.
3. Choice of Repairs and Specialty Parts: When your custom rod is damaged, you often want to pick your own specialist, custom fabricator, or even do the work yourself. Our insurance partner allows you to choose the repair shop you trust (or even self-repair) rather than forcing you into a standard shop.
4. Coverage of Unusual Vehicles: We work with companies that likely can provide insurance coverage for many types of nonstandard vehicles: race cars, military vehicles, tractors, retired commercial vehicles, and more.
5. Premiums Reflect Lower Risk, Not Higher Value: Because these vehicles are driven less and more carefully, there may be savings involved compared to having them rated under a standard auto policy.
6. Documentation, Appraisals and Photos: Expect to provide detailed records: build sheets, receipts, restoration photos, appraisals. Insurers want to know what makes your ride special to build the correct risk profile.
7. Seasonal and Storage Coverage: Many classic/car collector policies allow for off-season storage in a secure facility, with reduced or suspended coverage during winter non-use (while still protecting against fire, theft, vandalism). Policies are often tailored to Ontario’s climate and storage needs.
Tips for Owners of Classic, Custom, Modified or Military Vehicles in Ontario
- Keep detailed build/modification records: Every change, part, and cost helps.
- Get a formal appraisal or valuation report: Particularly with high-end custom or one-off builds, this helps establish your agreed-upon value.
- Limit usage to appropriate drives: Use the vehicle for shows and occasional pleasure drives, not for daily commuting.
- Secure and climate-controlled storage matters: Better storage can reduce theft, damage, and risk.
- Review your policy annually: As you modify or restore further, your value and coverage needs change.
- Declare all modifications & custom parts: Don’t hide significant changes; transparency is necessary.
Your car is unique; your insurance should be too.
Reach out to Gibb Insurance to begin a conversation about your classic or unusual vehicle. 519-736-8228