Owners of collector cars in North Bay and Northern Ontario will be able to have a new specialist car insurance policy geared towards their rare vehicles. Chubb Insurance Company of Canada has unveiled the new policy that will also be rolled out in Quebec and Alberta in the coming weeks.
“Collector vehicles are unique investments that require unique insurance protection,” said Paul Johnstone, senior vice president of Chubb Canada. “Our new Masterpiece® Collector Vehicle policy addresses the more complex coverage needs of collector vehicle owners.”
The policy provides:
• no kilometer restrictions;
• a $0 deductible;
• stolen vehicle reward coverage;
• coverage for newly acquired vehicles (up to the purchase price for 30 days prior to reporting a purchase to Chubb); and
• Choice of body shop for restoration and repair.
A classic or vintage car may require special coverage as they are subject to different rules compared to a daily driver. One of the leading insurance providers in Canada creating a new specific collector car insurance will give owners of such vehicles a chance to have big business backing. Many similar policies often come with usage restrictions, but Chubb says its policy will let drivers use their vehicle as much as they want.
The policy will also cover cars to an agreed cash value, meaning owners will not lose money in the event of a claim after a total loss. Johnstone says that the company has successfully developed this policy around the world, including the United States and United Kingdom, so collector car owners in North Bay will be getting a ready to go service.
Chubb Insurance has not confirmed which vehicles will be eligible for the policy, and what the exact criteria is, although it is unlikely to be available to any classic or vintage car. In the province of Ontario a classic car is one that is over 10 years old, while vehicles over 25 years old are classed as vintage. However, not all autos of that age are actually collector items, which are usually cars that are rare and need to be preserved.
