Being an automobile enthusiast, you might find it tough to resist the urge to own a classic car. Maybe your aesthetics are subtle, or you fancy owning one of the older models along with your regular car. Interestingly, insuring your classic car would be way cheaper compared to the new vehicles. In some provinces, you might be shelling out just 50% of the premium for your classic vehicle compared to your regular car.
If you are looking for classic cars for sale in Nova Scotia, let’s explore the pros and cons at the outset. Besides, you can reach out to the insurance brokers at Surex to purchase low-cost insurance policies and secure your asset.
You can visit https://www.surex.com/Insurance/auto-car/nova-scotia to learn more about your options for car insurance in Nova Sotia.
What is a classic car?
Before moving on to the material value of classic cars, let’s understand the conditions that define these vehicles.
- A car is considered classic if it’s more than 25 years old. A car manufactured in the early 90s would now be considered classic.
- Cars manufactured between 1930 and 1976 in Canada are considered antique cars.
- Your vehicle would be “vintage” if it was manufactured between 1911 and 1930.
Why do people purchase a classic car?
Here are two of the reasons why people purchase classic vehicles:
Investment – Many Canadians consider purchasing classic cars as an investment. These cars can fetch impressive returns, especially if you invest in a limited edition model.
Restoration and resale – You might be fascinated with collecting old cars. How about purchasing one of these old vehicles and restoring them for occasional use? Classic car enthusiasts often invest in these vehicles as they expect better returns, as some limited-edition models fetch higher resale values. However, restoring classic cars takes a lot of time and investment.
What should you look for while comparing classic cars for sale in Nova Scotia?
As an investor, you would be hunting for an in-demand classic car. Whether you list the car on a website or auction, you must be looking for a decent sale value.
- Choosing the right trim, model, and colour can help you capitalize on its returns. Investors buying classic cars wish to go for vehicles in proper functioning conditions.
- You would appreciate a classic car with the original paint, minor rust, and mechanically sound performance. Aside from the performance and beauty of pristine classic cars Nova Scotia drivers can take advantage of the increased selling value as it ages.
- Check out the vehicles that aren’t modified and come with the actual factory specifications.
- Besides, look out for cars with proper documentation. When you sell a classic car, having proper papers will help you get higher returns.
How can you choose the right classic car in Nova Scotia?
If you consider acquiring a classic car as an investment, consider these aspects before making your purchase.
- Budget – Decide your budget and fix how much you are comfortable spending on it. Don’t overlook the restoration cost of the vehicle, and explore your car loan options.
- Car’s value – Take time to do your homework on the car’s value. Compare the price trends over the last few years and determine whether the price would appreciate in the next few years. It would be wise to settle with a classic car that can fetch you a higher value.
- Limited edition cars – Look out for historically eminent models and trims. This will require you to look into the vehicle’s production records. Some cars are made in small batches and are tagged as limited-edition makes or unique vehicles. With these vehicles, you can benefit from the price appreciation.
- Inspection – Before purchasing a classic car, hire a certified mechanic and get it inspected. They should guide you about the common mechanical issues that might bother you. Some problems like pitting or rust might be a matter of concern.
- Insurance – Arrange a safe garage for the car and proceed to purchase it. Don’t forget to consult insurance brokers to purchase affordable policies for classic cars in Nova Scotia.
How to purchase an insurance policy for your classic car in Nova Scotia
It makes sense to explore the insurance options for your classic car before purchasing it. Not all insurance providers in Canada would be willing to cover old cars at affordable rates. So, consulting an insurance broker can help you get reasonable quotes.
Qualifying for the insurance
Your driving record must be clean, and insurers won’t consider more than a couple of minor convictions. Other provinces have their own norms when it comes to qualifying for classic car insurance policies. As a regular vehicle, you must also own another car under a different insurance policy in Nova Scotia.
Desired use of the classic car
Insurers expect classic car owners to use these vehicles for leisure only. It’s okay to drive the car to parties, events, or club meetings. However, you should not use your classic car as frequently as your other vehicle.
Consider the restrictions
You cannot drive your classic car to shop, school, work, or run everyday errands. It shouldn’t replace your daily car under any condition. This explains why insurers charge lower premiums while covering classic cars. Since the owners would use classic cars less, the chances of accidents are fewer.
Besides, some policies in Canada also come with restrictions on mileage. Also, the owners cannot use the vehicle for family vacations or long rides. Insurers also impose restrictions on activities like taking cars off the roads or racing.
Guide to buying classic cars in Nova Scotia — Endnote
So long as you respect the insurer’s requirements and use your classic car intelligibly, owning these vehicles would be a privilege.
Once you check out classic cars for sale in Nova Scotia, reach out to a reputable insurance broker.
The professionals will help you find affordable quotes that are much lower than regular car insurance premiums. While restoring a classic car can weigh heavy on your wallet, insuring it under the right coverage can be easy!