Just like how “cookie-cutter” homes and neighborhoods have been popping up more frequently in recent years, many cars on the road have also followed a similar trend. If you were to park a 2002 1.3 liter Hyundai Accent next to, let’s say, a 1961 Jaguar E-Type, the difference is…well, apparent. And while we know that’s not really a fair comparison—after all, the Hyundai is an econobox and the Jag is considered one of the most beautifully-designed vehicles of all time by some—our point stands that automotive styling has lost a lot of its pizzaz over the decades.
Needless to say, these beautiful, classic cars on the road are becoming rarer. As a classic car enthusiast here in Ottawa, how do you make sure that your precious ride is protected? That’s where Bradley’s Insurance comes in.
We Offer Home and Auto Bundle Insurance, Classic Car Insurance and More In Ottawa
Whether you drive a 1969 Boss 429 Mustang, a 1964 Aston Martin DB5 or a 1973 Lamborghini Miura, you’ll want to make sure that your rare and impossible-to-replace joyride is protected in the event of an accident. The fact of the matter with classic cars is that they simply must be kept clean, well-maintained and sheltered from the elements, unlike that of a newer, “regular” car that can take a beating and won’t affect its value. Giving a restored, immaculate classic car anything less than the royal treatment would be a shame.
Partnering With Hagerty Insurance
In addition to our Ottawa home and auto insurance services, Bradley’s Insurance partners with Hagerty Insurance to provide you with the best coverage possible for your special vehicle. We respect the passion that classic car owners have for upkeeping these beautiful machines, and it shows because we provide the right coverage for the right price. While other insurance companies will insure your classic cars under a standard auto insurance policy, they may not have the right coverage required at the time of loss. With Hagerty Collector Car Insurance, enjoy these insurance services:
- Agreed value coverage
- No time-consuming appraisals
- Flexible usage
- Hagerty plus roadside service
- Expert claims handling
- And more!
Learn more about classic car insurance in Ottawa, or feel free to dive into our home and auto insurance bundle coverage services. Whatever your situation is, Bradley’s has you covered. Below, we’re going to cover a few aspects of classic car insurance that differ from standard auto insurance.
It’s All About Value
Conventional automobile insurance only covers your vehicle up to its actual cash value, equivalent to the replacement cost after depreciation is factored in. So, while there’s no guaranteed or agreed-upon value with your “regular” car between you and your insurance company, you’ll only receive the actual cash value of your vehicle. This is why many people simply purchase a new or different vehicle after their old one is totaled, as opposed to taking the loss and putting their insurance payout into fixing their old car. Of course, sentimental attachment can be a driving factor in these situations.
By their very nature, collectible, rare and classic vehicles generally increase in value over time – this is particularly true if they’re well-maintained, garaged, kept in near-immaculate shape, not driven too frequently, and so forth. Over time, parts become more difficult to locate and replace on classic cars, and the skills required by mechanics to actually work on these old vehicles tend to thin out over time. With these points in mind, it’s easy to see why certain collector cars only go up in value.
Guaranteed Compensation For An Agreed Upon Value
So who or what determines the precise value of a certain make and model? There are a few ways that the value of your classic car is determined and mutually agreed upon between you and your Ottawa insurance provider. For one, classic car insurance experts reference the tried-and-true Old Cars Report Price Guide, a respected authority in collectible car valuation. In-person appraisals by professionals can also be conducted, as well as research conducted by an underwriter or another form of documentation. After determining the value of your classic vehicle, should you experience a total loss, your insurer will compensate you the full, mutually agreed upon amount.
Conversely, and not to beat this point into the ground too much, but everyday automobiles that we use to commute and run errands with automatically lose their value over time and therefore don’t qualify for any sort of matching value coverage. In fact, even driving a brand new car off the dealership lot after your purchase results in a near-instant value ding. That’s just how car valuation works.
For one, most insurers require that the collectible vehicle in question is not the primary driving vehicle. Generally, there are also annual mileage restrictions of 7,500 miles per year or less, but this depends on what you own and who’s working with you. Ideally, your classic car is covered based on how you should be driving it—occasionally and for leisure purposes like a nice Sunday drive or visiting a car show. Think twice if you plan on commuting with it!
Learn More About Classic Car Insurance and Home and Auto Insurance In Ottawa Today!
To get more specific information about protecting your classic investment, visit Hagerty’s website. If you’re seeking an honest and reliable Ottawa home and auto insurance provider, look no further than Bradley’s Insurance. Get started by contacting us today!