North America’s best know specialty insurer for classic cars, Hagerty.com, requires secure storage. Right on their home page it says. “Does My Vehicle qualify for such insurance?” Then qualification number two – “Storage: Vehicles must be stored in an enclosed and secure structure.” Their Canada web pages are laid out a little differently but have the same requirement. Collector vehicles must be stored in an enclosed and secure structure when not in use. That is typical of Vintage car insurers in Canada, however I found one Alberta insurer, Legends Collector Vehicle Insurance, whose website does not seem to require secure in-door storage.
Qualifying storage locations include private residential garages, private pole buildings or barns and rental storage units. If you keep your classic car “outside under a cover or under a carport, you’re not eligible,” says Jonathan Klinger, spokesperson for Hagerty.
It is probably obvious that specialty vehicles like this cannot be used for daily commutes. The benefit to limited use is not just low mileage but much lower insurance rates per $1,000 of value. Collectible cars are insured for appraised values and typically have no deductible. We have blogged before about the need to be careful in selecting a qualified appraiser and being sure it is one that your insurance company will accept.
Classic car owners are a “very low-risk group,” and because they’re passionate about their vehicles, they want to protect them and prevent them from deteriorating, Jonathan Klinger says.
This blog is based in part on a 2012 article in Fox Business News: