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Classic Car Insurance

Everyone knows you’re required to purchase auto insurance to drive your vehicles legally. But that doesn’t mean you can’t wonder where your hard-earned money is going as you sign on the dotted line.
When it comes to Antique and Classic Auto insurance, premiums generally include the same basic coverages as standard automobile insurance.
But as special coverages for special cars come into play, that’s where the similarities often end.
Now every insurance company operates a bit differently, so we’ll use the insurance Hagerty sells as an example, because that’s obviously what we know best (and let’s be honest, we think it’s a pretty darn great company).
First, here are the basic coverages included on most insurance policies, no matter the type or age of the vehicle.
Liability. If you cause an accident, liability insurance will cover injuries to other people, It also covers damage to property, such as the person’s car, or the fence in someone’s yard (among other things).
Uninsured motorist. This coverage protects you if another driver causes an accident and they don’t have insurance (or enough insurance) to cover your expenses.
Physical Damage. This coverage relates to your own car or vehicle and it’s broken down into collision and comprehensive. Collision covers your vehicle if it literally collides with another object (such as a car or tree), or it rolls or turns over. Comprehensive covers your car if it’s damaged by something else apart from a collision, such as natural disasters, falling objects, or animal damage.
No Fault or Personal Injury Protection- Accident Benefits. This type of protection helps pay for your own medical expenses and lost wages when you’ve been in a covered accident, no matter who caused the accident.
Now that we’ve covered the basics, we can explore a few of the special coverages that define specialty insurance.
Agreed Value. Almost all established specialty insurers offer something called Agreed Value coverage, in which you agree on a price with your insurance provider -- and if you’re involved in an accident that’s a covered total loss, you receive the full amount of your car’s insured value less any deductible or salvage value if you keep your car with no depreciation*. If you own a classic or a vehicle that’s collectible and increasing in value, Agreed Value is a no-brainer.

Call C. M. Steele Insurance to learn more about Antique and Classic Car Insurance or for a quote.  Phone 905-835-2417 or email us.  We are located at 46 Charlotte Street, Port Colborne, Ontario L3K 3C8.  Please drop by anytime.  We would be happy to meet with you.