The sunroofs have come down across the country and the hot rods have hit the road during Canada’s brief season where classic cars can handle being out of the garage.
It’s the busiest time of the year for classic car insurers too, who field claims with plenty of contrasts to your standard auto insurance policy.
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James LaClair, vice president of Hagerty Canada said the insurance response classic car drivers expect is in a different lane than that of a Honda Civic driver.
“There are still a good many collector cars that are on standard auto policies that are really being under covered,” LaClair said. “Many times, this is the most prized possession for the client. If they (brokers) can sell this effectively it’s very easy for them to win the remainder of the business from that client. If they make the reputation of being someone who can serve this type of client appropriately, they’re attracting people to their office that are great insurance clients as a whole.”
Classic or collectable cars, for insurance purposes, are classified by whether their value is maintained or appreciates – whereas mass produced cars invariably depreciate over time. The value of the car is determined at the time of issuing the policy and special provisions are made for roadside assistance to prevent damage.
Demand for classic car coverage, which can include cover for showrooms and street exhibitions, is increasing in Canada according to LaClair.
“It’s certainly growing as a whole,” he said. “The hobby seems to be maintaining its enthusiasm across Canada, which is great news for all of us. On an annual basis, there’s certainly seasonality to our program. As you can imagine our activity starts to accelerate along with the temperatures.
“So in the spring when people are getting their cars out and getting them ready for the road is when they’re interacting with us the most.”
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