Greg discusses considerations for insuring antique vehicles in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.
Here's a full transcript of the episode.
Rob Carnie: You know, I think one of the best ways to protect your classic car or truck is to rent a crane and put it up on the roof of your business.
That's what Greg Marcyniuk does here at Heritage Insurance in downtown Moose Jaw. And that's the one with the red truck on the roof.
But, it's that time of season, Greg. Antique and classic cars are starting to hit the road again. Of course, we put them away in the winter to save them from the salt, and the snow, and collisions. But now, the folks are bringing them out. And there's some things they've got to keep in mind when it comes to insurance relating to their classic cars and trucks.
Greg Marcyniuk: That's correct, Rob. You know, when you're insuring a classic car, you must consider how you're going to be using that vehicle.
And the first thing would be, Are you only going to be using it to drive to the car shows? Or are you towing it there, or are you going into a few parades? So, you want to make sure you have that type of policy and you're not paying too much.
The other thing is, if you're using your vehicle on a regular basis, going to pick up groceries or just cruising on a Sunday afternoon. Again, the policy is going to reflect on the type of use that you're using. Typical classic car insurance policy will include an agreed value coverage, which pays for the car's full insured value with no depreciation in the event of a total loss (of course, less your deductible). And also, some of the policies do have inflation guard. So that'll compensate on inflation appreciation.
And the policy increases the vehicle's value yearly. So there's also spare parts coverage in the event that something does happen. There's some additional coverage options. We've actually got a brand-new company that we picked up here that will provide emergency towing in the case of breakdown. [And also] roadside assistance, emergency lockout, emergency travel expenses, in case your vehicle breaks down while you're away from home.
There's a theft reward. There's also car show expense that will pay for expenses associated with missing a card due to a breakdown. And personal effects. The policy will reimburse you for items that or vandalized or stolen when reported to the police.
Rob: Now, these policies come at all different price levels I'm assuming?
Greg: Well, that's correct. The more coverage you get, the more expensive it is. But the biggest thing is that you come in, sit down, talk to one of our qualified brokers here, and get what you want. Again, you can have bare-bones coverage or you can have [full] coverage.
Because I know a lot of these guys, they put a lot of time and effort. And it's their baby. And they do want to take care of it as such.
Rob: As I mentioned, your baby is on the roof. Tell us about that truck.
Greg: Well, it's a 1936 Chevy Maple Leaf. And it was actually manufactured in Regina. So it's built here in Saskatchewan, part of the home.
Rob: And do you bring it off the roof every now and then?
Greg: I haven't for a few years. But we're talking about it because it can be drivable.
Rob: And I'm guessing it's fully insured?
Greg: It is fully insured.
Rob: Way to go. Greg Marcyniuk. Heritage Insurance. If you have any questions at all about antique and classic car insurance, just drop in down here. Heritage Insurance. Downtown Moose Jaw. Corner of First Northwest and Fairford.
(Video transcription by Speechpad)