It's Summer. The Toys Are Out. Here's the Call You Should Be Making First.
Private sales between collectors move fast — sometimes too fast for the insurance side to keep up. A conversation with Hagerty Canada on what protects a collector vehicle properly.
READING TIME: 6 Minutes
BRAMPTON, ON - A client calls from a parking lot. Cars and coffee, Saturday morning. He'd just shaken hands on a deal — six figures, cash, a vehicle he'd had his eye on for two summers, sold to him by a guy he'd known through the same circle of collectors for years.
No dealership. No financing paperwork. Just two guys who trust each other, a handshake, and an bank transfer that would clear by Monday afternoon.
He called to let me know he'd "probably need to add it to the policy at some point."
That phrase — at some point — is where the trouble usually starts.
This Is the Season It Happens
Every summer, the same pattern plays out across Ontario's private client community. The cars and toys come out of storage. Cars and coffee meetups turn into conversations. Conversations turn into offers. Offers turn into handshake deals between people who've known each other for years — sometimes settled before the vehicle even changes hands publicly.
This is how a lot of meaningful vehicle transactions actually happen in this world. Not through a dealership lot. Through a trusted network — people who know cars, know each other, and move quickly when the right vehicle becomes available.
“Private sales happen fast in this community — that's part of the culture. The best outcomes I see are when the buyer's broker is already in the loop before the deal closes, not scrambling to catch up after."
— Raymond Doobay, Senior Territory Manager, Hagerty Canada
The speed is part of the appeal. It's also exactly where the insurance conversation gets left behind.
The 14-Day Window Isn't a Strategy — It's a Safety Net
Every private auto policy in Ontario runs on the same standard contract, the OAP 1, approved by the Financial Services Regulatory Authority of Ontario. The newly acquired vehicle provision is direct: "Your newly acquired automobile(s) will be insured as long as you inform us within 14 days from the time of delivery and pay any additional premium required."
Fourteen days sounds like room to breathe. For a private sale between collectors — vehicle changes hands at a meetup, no dealership involved, sometimes no formal delivery date at all — figuring out exactly when that clock started can become its own complication.
“The 14-day extension exists for a reason, but it was never built to be a plan. I tell clients all the time — just because you technically have until day 14 doesn't mean you should wait until day 5 to call me. By then, the strategic part of the conversation is already gone."
— Bram Bains, Maverick Insurance Brokers
What Actually Protects a Collector Vehicle
This is where the conversation goes beyond the standard policy entirely — and it's a conversation worth having with a specialist, not a generalist.
We brought in Raymond Doobay, Senior Territory Manager at Hagerty Canada, to walk through what actually matters when insuring a collector vehicle properly.
Guaranteed Value over depreciation.“If your collector vehicle isn't driven daily and remains in excellent condition, a Guaranteed Value policy can help protect your investment by eliminating depreciation from your vehicle's insured value," Doobay explains. Hagerty offers this through the OPCF 19A endorsement — locking in an agreed value rather than leaving a collector vehicle exposed to standard depreciation schedules that were never built with a garage-kept classic in mind.
OEM parts, not aftermarket.“It's also worth seeking out a policy that covers OEM factory parts in the event of a partial loss. Many standard insurance policies default to aftermarket or reconditioned parts for repairs — a detail most clients aren't aware of until they're already in the middle of a claim." This is the kind of thing that doesn't show up until it's too late to negotiate. Whether the vehicle is a Ford Mustang or a Bugatti Chiron, repairing it with the right parts is what preserves both its authenticity and its value.
Cherished Salvage for vehicles over 11 years old. For older collector vehicles, Doobay points to a coverage most owners have never heard of. "In the event of a total covered loss, this endorsement allows you to retain ownership of your vehicle while still receiving the full insured value, rather than surrendering the vehicle to the insurer as is standard practice." For a collector, that distinction matters. A standard total loss settlement means the vehicle is gone. Cherished Salvage means the cheque clears and the car stays in the garage.
A buffer above guaranteed value.The collector market moves. A vehicle insured a year ago may be worth meaningfully more today. “Look for a policy that includes a buffer on the vehicle's value, above your vehicle's guaranteed value. This means that if your vehicle is written off and its market value has appreciated since the policy was issued, you may be eligible to receive up to that additional percentage on top of the guaranteed amount — helping ensure your settlement keeps pace with the collector market."
These are all coverages and endorsements available through Hagerty Canada — purpose-built for exactly this category of vehicle and exactly this kind of owner.
“This is why I bring in a specialist like Raymond for collector vehicles specifically. A standard private client auto policy is excellent for daily drivers and even most high-value vehicles. But a true collector car — something appreciating, something with provenance, something that isn't replaceable off a dealer lot — deserves a carrier that was built around that exact scenario."
— Bram Bains, Maverick Insurance Brokers
Why a Private Sale Deserves Extra Diligence
A vehicle bought off a dealership lot comes with a paper trail by default. A private sale between collectors often has none of that built in. Which means the things that protect both parties need to be handled deliberately, not assumed.
The Government of Ontario requires specific documentation for any private vehicle sale: a Used Vehicle Information Package, a signed Bill of Sale with both names, the purchase price and date, and a completed Application for Transfer from the back of the ownership permit. For a collector vehicle changing hands between two people who know each other, that paperwork matters even more — it's the foundation everything else, including a properly bound and properly valued policy, gets built on.
“When it's a private deal between two people who trust each other, the paperwork sometimes feels like a formality nobody wants to slow down for. I get it — momentum matters in those moments. But the insurance side needs the same diligence as the transaction itself. That's not me being cautious. That's me making sure the deal you just made actually holds up."
— Bram Bains, Maverick Insurance Brokers
Call Before You Shake Hands, Not After
The clients who get this right call earlier than they think they need to. Not after the deal is done. While they're still deciding whether to make the offer.
That earlier conversation changes what's possible. An advisor who knows a vehicle is coming can flag valuation expectations before a number is agreed upon, confirm whether the vehicle qualifies for Guaranteed Value or Cherished Salvage coverage, and make sure OEM parts coverage is in place before it's ever needed.
“The clients I work best with treat insurance as part of the acquisition, not a step that happens after it. If you're already circling a vehicle, even before the offer is made, that's the right time to call. By the time it's in the driveway, most of the important decisions have already been made for you by default."
— Bram Bains, Maverick Insurance Brokers
The Quick Version
If you're in the market this summer — at a meetup, in a group chat, hearing about something through your network — call your advisor while you're still deciding, not after you've agreed on a number.
If the vehicle qualifies as a true collector car, ask specifically about Guaranteed Value, OEM parts coverage, Cherished Salvage if it's over 11 years old, and a value buffer above the guaranteed amount. If the deal is already done, get the documentation right — UVIP, signed Bill of Sale, completed Application for Transfer — and call before day ten, not day thirteen.
The handshake is the easy part. The diligence afterward is what protects it.
This article is for informational purposes and does not constitute legal or tax advice. Speak with a licensed broker and your accountant to confirm the right structure for your household or business vehicles. Special thanks to Raymond Doobay, Senior Territory Manager at Hagerty Canada, for his contribution to this piece.
About Hagerty Canada
Hagerty is the world's largest membership organization for automotive enthusiasts and the leading specialist insurer for classic, collector, and exotic vehicles. Hagerty Canada offers purpose-built coverage designed specifically around how collector vehicles are actually owned, driven, and valued — including Guaranteed Value policies that eliminate depreciation, OEM parts coverage to preserve authenticity after a claim, and the Cherished Salvage endorsement, which allows owners of vehicles over 11 years old to retain their vehicle after a total covered loss.
Hagerty works alongside a network of trusted brokers across Canada to ensure collector vehicles are insured by people who understand their value extends well beyond the odometer.
for more information visit - hagerty.ca
About Maverick Insurance Brokers
Maverick Insurance Brokers is an independent private client advisory based in Brampton, Ontario. Founded by Bram Bains, Maverick serves entrepreneurs, business families, and community leaders across Ontario — providing direct access to a trusted advisor across home, auto, high-value assets, and commercial insurance. Maverick is a member of the MIB Broker Distribution Network and an official partner of the Brampton Honey Badgers (CEBL).
Maverick works with Canada's leading private client carriers — including Chubb, Intact Prestige and Hagerty— to deliver insurance programs built around the assets, lifestyle, and risk profile of each client.
Maverick Insurance Brokers has been recognized by Insurance Business Canada and Canadian Underwriter as a voice in the private client advisory space in Ontario.
for more information visit - maverickinsurance.ca
Interested in working with Bram Bains? Learn more about the Maverick Private Client Group or Book a Call.
