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Is Your Collector Car Fully Covered?

Published on July 19, 2017   Tips

You spend hours working on your car and thousands of dollars making things just right, but what would happen if you wrote off the car? Are you confident you would be paid what the vehicle is actually worth? Unfortunately the answer to both of these questions is likely “no”. While MPI has made efforts to provide more value in regards to insuring collector vehicles with their Collector Vehicle Program, it still doesn’t deal with the major issue that in a write off situation you won’t receive full value for the vehicle.

The Collector Vehicle Program provides “superior year-round insurance coverage and reflects the infrequent use of collector vehicles and the extraordinary care and maintenance owners provide for them.” - as stated on the MPI website. The short version of what the program provides is full coverage year round at a reduced price. The type of coverage they provide doesn’t change, claims are still dealt with on an ACV (actual cash value) basis and subject to depreciation. So while the program takes the hassle out of insuring your collector in the spring and taking the insurance off in the fall, it stills leaves a major gap.

On MPI’s website they state the following about their program “As part of your enrollment, Basic Autopac and applicable/purchased Optional Extension insurance coverage will be provided year-round. That means there’s never any need to switch to Lay-up coverage in the winter months, resulting in fewer trips to your Autopac broker’s office. Vehicle registration will also be provided year-round and registration charges will not be seasonally rated – enabling you to take your vehicle for a spin regardless of the season.”

So now what? Fortunately there is an option to top up your MPI coverage with a secondary insurance policy. Hagerty Insurance is a great option to receive agreed value coverage on your vehicle, which gives you peace of mind coverage that you will know what you will receive as a pay out in the event of a total loss. Hagerty has grown to be the leading global provider of classic car insurance, but they’re still just a family business built on love for classics. Their passion drives them to keep improving their product and to give their clients the best service imaginable.

At Hagerty, they’re as passionate about classics as their clients are. Their deep knowledge of classic vehicles and their owners allows them to offer better coverage for less. They offer:

  • Agreed Value coverage - They’ll agree up front on a value for your classic, including applicable sales taxes that would be added in the province in which your policy coverage applies, and in the event of a covered total loss, you’ll receive that full amount, less any deductible or salvage value, if retained. Guaranteed.
  • Flexible usage - Classic and collector cars were made to be driven. Whether you’re going to a show or taking a cruise to an ice cream shop, you're protected.
  • Hagerty Plus® Roadside Service and Benefits - A comprehensive 24/7 full service roadside assistance program specifically for collector cars. It offers service for lockouts, battery jumps, tire changes, emergency fuel delivery and more. Includes guaranteed flatbed towing with soft straps.
  • Expert claims handling - Claims adjusters are trained in classic vehicle repair. In event of a claim, they offer stock original replacement parts and even have specialists on staff to hunt down rare and hard to find parts.
  • Low premiums - Because they only protect classics, they’re able to offer insurance at rates considerably lower than daily driver insurance.
Credits:
MPI - Collector Vehicle Program https://www.mpi.mb.ca/en/Reg-and-Ins/Ins...

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