Benefits of Having an Adequate Insurance Coverage for Your Vintage Car


Vintage cars are a special sight for many. Due to their rarity, the value of vintage cars is also on the rise. But no matter how valuable the car is, it cannot be without a fair share of liability. Vintage cars require periodic restoration and tune-ups and a lot of care. So, the best thing for you to invest in as a proud vintage car owner is car insurance.

Insurance for your car is the furthest from a new concept. Most people have covered their car with an insurance policy. In fact, third-party insurance is mandatory by law in India. Third-party insurance is a type of insurance that covers third-party losses, but not the cost of repairs for the policyholder’s care damage.

Vintage car insurance is not a mainstream financial insurance product in India. However, there is an understandable reason for that. According to experts, there are only 1,000-3,000 vintage cars in India. This means there are aren’t enough vintage cars to be covered. Before we get into the financial aspects of buying four wheeler insurance for your vintage car, you need to know what vintage cars exactly are.

What are vintage cars?

Usually, vintage cars is used as an umbrella term to describeany car which is older. However, that is not truly the case. Vintage cars are part of the root of modern age vehicle performance. In general, cars made between 1919 and 1930 are classified as vintage. They are very rare and being in working condition is a testament to the wonder of time and engineering. Purchasing car insurance for vintage cars is necessary to keep them in the best shape possible.

How is vintage car insurance different?

By law, all cars require a thirdparty liability cover. Hence, vintage car insurance includes third-party liability coverage. The major point of difference between regular car insurance and vintage car insurance is the comprehensive coverage under the policy. This type of policy protects the owner from theft, weather damage, fire, etc.

* Standard T&C Apply

The two types of policies also differ when it comes to covering own damages. With regular cars, the insured declared value of the policy is the value of the car after you have removed the depreciation. The maximum amount you will receive in a claim will be the IDV. While car insurance prices for vehicles can be calculated with the help of an online car insurance calculator, the same cannot be said for vintage four wheelers. Premiums of such vehicles are decided post a mutual agreement between the insurer and the insured.

When it comes to vintage cars, everything changes. Insurance companies hire an expert surveyor to write a report on the valuation of the vintage car, potential cost of repairing the car and availability of the spare parts along with the cost of parts themselves. Due to the uniqueness and the fact that they were produced a long time ago, spare parts for vintage cars are not so easy to find. This means that they would likely have to be custom-made. This means that the premium of the policy will increase. * Standard T&C Apply

Vintage cars often enter rallies, exhibitions or public events. In such cases, it is necessary to insure the car against damages. This is done by insuring the car for a specific event. Unless the coverage is included in the policy already, you should ensure that you cover your car for any event that you take it to.Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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