Our Aviva claims adjusters know how special collector cars are to their owners and have seen the impact of the right insurance coverage time and again.
“For a lot of collectors, their cars are like their children. This is their hobby and a big part of their life. That’s why we have specialized coverage that considers what a loss means to these customers,” said Kim Johnston, Senior Technical Specialist in Lifestyle Claims.
She says two popular endorsements that many collector car owners deeply appreciate are:
- Cherished Salvage—In the event of a total loss, it allows the policyholder to retain their vehicle without buy back and receive the full payout for the loss.
- Value Added—This wide-ranging endorsement offers features like automatic value appreciation adjustments, coverage for spare parts, and post-loss vehicle trailering.
Johnston recalls two recent weather-related collector car claims that demonstrate the impact of these endorsements.
Roof collapse damages 10 collector cars
Never underestimate the weight of accumulated snow on a rooftop. An Ontario collector car owner discovered that the hard way when his garage roof collapsed—on top of his entire fleet of 10 collector cars.
Among the vehicles damaged were two Mercury Cougars, two half-ton trucks, a Mercedes, and two Mustangs. Altogether, the losses totaled $168,233.86.
“As a modest collector, this customer had insured each vehicle for about $25,000 even though some of them were worth more. He had also purchased the Value Added endorsement which offers market value protection,” Johnston.
“For the total loss claims, the inflation protector part of the endorsement provided up to 125% of the insured value of the car when we determined that the value of the vehicle was more than what it was insured for.”
For example, he received more than $6,000 for a vehicle that was determined to be worth $31,310.
“This customer also had the Cherished Salvage endorsement, which ensured he was able to retain the remains of all vehicles. No salvage value is deducted from a final payment if they choose to keep it to restore or use the parts for a future project,” said Johnston.
Although the snow load wasn’t anything they could predict, Johnston says the incident does provide a cautionary tale about housing all collector cars in one building. “It may be a good idea to have multiple storage spaces.”
Hailstorm damages 5 collector cars
Another collector car customer in Alberta experienced a devastating loss in a 2024 hailstorm. Before he had a chance to get his vehicles inside, a 1978 Mercedes, 1957 Mercury Montclair, 1968 Mustang, 1972 Thunderbird, and 1971 Daimler were all damaged beyond repair.
“It was unfortunate timing. The customer had taken the vehicles out of storage for cleaning and detailing and the hailstorm hit suddenly,” said Johnston.
Fortunately, all vehicles were insured with the Value Added and Cherished Salvage endorsements, so he was able to get market value for each and keep the total losses.
“The Cherished Salvage coverage is extremely popular among collector car owners because, even if they aren’t able to restore a vehicle back to its original condition, they can hold onto parts for memorabilia or to repurpose,” said Johnston.
“The Value Added endorsement was also important here because some of the vehicles damaged by the hailstorm were insured for only $14,000. It doesn’t take long for the cost of labour and parts to add up to repair them. The inflation protector makes sure they get the true value and the customer can decide if they want to restore it or not.”
Johnston stresses the importance of ensuring collector car owners have the right coverage, including these common endorsements.
“Whether they have one collector car or many, these vehicle owners have never failed to be grateful that they added the Cherished Salvage and Value Added endorsements when they have a claim.”
