Saskatchewan Mutual Insurance

The name of the SMI coverage is the Antique Vehicle Insurance, however it should not be confused with the Antique plate that Autopac provides.

Why Do You Need It

This policy can provide (Stated) Agreed Value Coverage – which basically means that they will guarantee the amount that you get paid in the event of a total loss, based on the Appraised Value. You would purchase your “Basic Autopac” coverage from Autopac and purchase a separate policy through SMI.

How Much Coverage do you need?

Coverages are optional so you need to determine whether or not you want to purchase coverage and how much coverage you need for each type of coverage.

Description

Passenger vehicles and light pickups can be insured under SMI Antique Vehicle Coverage. You purchase the “Basic Autopac” coverage through Autopac and purchase a separate policy through SMI.

In order to qualify for this coverage, SMI is basically looking at “stock” vehicles so they will not cover street rods, kit cars, replica cars, homemade (u-built), prototypes, customized or racing vehicles or vans.

SMI will allow 1 major modification or 2 minor modifications.

The vehicle can be used in exhibitions, club activities, parades, hobby activities, and other functions of public interest, but will not be used for Regular Transportation Purposes.

Maximum of 8065 kilometres (5000 miles) per year.

Antique – Must be at least 30 years old

Classic or Special Interest – Must be at least 15 years old

Coverage is based on excess of any plate coverage provided by the Autopac policy.

What’s Covered?

You would purchase optional coverages on the SMI policy instead of with your Autopac policy, so you can purchase lower deductibles, higher liability, loss of use and the optional agreed value coverage.

 

How Much Coverage Do You Need?

The amount of coverage would be the amount of the appraisal. An SMI Appraisal Form must be completed by a reputable and qualified appraiser along with pictures of the vehicle, interior and motor. – see SMI Appraisal Form

A new appraisal may be requested every 5 years

If you intend to get Collector Vehicle Insurance (Plate) from Manitoba Public Insurance – Autopac, you need to get a Collector Vehicle Qualification Form completed by the Manitoba Association of Automobile Clubs (M.A.A.C) or Autopac, showing a minimum value of $5,000. SMI will not accept the appraisal from M.A.A.C., however they are willing to accept an appraisal from the Manitoba Classic and Antique Auto Club (M.C.A.A.C), as long as they complete the front page of the SMI appraisal Form. Since the Manitoba Classic and Antique Auto Club (M.C.A.A.C) is a member of the Manitoba Association of Automobiles Clubs (M.A.A.C), we recommend using them to complete both the Autopac Collector Vehicle Qualification Form and the doing an appraisal and complete at minimum, the front page of the SMI Appraisal Form.

 

 

Choosing the Right Deductible for you…

Storage Lay Up Coverage

The extension coverage will automatically provide storage coverage when the vehicle is not being driven. When the vehicle is being driven and Basic Autopac is provided for the vehicle, the SMI policy ONLY provides payment for any amount that is over and above the Basic Autopac coverage. If the vehicle goes into storage, the Basic Autopac policy can be cancelled and the SMI policy will automatically provide storage insurance but since no amount would be paid out by the Basic Autopac policy when cancelled, SMI will pay the total cost of the entire claim (up to the limits of insurance).

When purchasing a storage lay-up policy through Autopac, it does not provide Collision coverage, however the SMI policy will provide this coverage (for example a hit and run third party hits the vehicle that is stored in a parking lot). The SMI policy will pay for the entire cost of the damages as long as your vehicle was not being driven at the time.

Loss of Use

 

SMI does not offer loss of use for vehicles insured under the SMI Antique Vehicle Insurance Program

 

Liability 

 

Basic Autopac for most vehicles would include $200,000 of Liability coverage. Liability will cover if someone sues you as a result of your Vehicle ownership or use.

Reider Insurance recommends that clients purchase a minimum of $2,000,000 Liability if the vehicle will remain in Manitoba and recommend $10,000,000 if the vehicle will go outside the province. If the vehicle will go to the United States – even if it’s only one trip per year, we recommend the $10,000,000 limit.

 

 

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*  Please note all types of policies have exclusions, conditions and limitations.  This information is not intended to be a full explanation of coverages and in all cases the wording of the actual insurance policy will apply.