Everything you need to know about vintage car insurance

Everything you need to know about vintage car insurance

Because of its scarcity, the value associated with a vintage car rises annually. However, this cherished possession comes with a fair share of responsibilities. Thus, the smart investment that a proud old car owner must certainly make is to secure their car under the old car insurance plan.

A vintage car is an occasional sight and it is quite clear that it is very expensive. Perhaps, they are the only vehicles that are priced very high regardless of their age. The actual value of these cars can only be determined by car enthusiasts. Only a few highly earning individuals can afford to own a vintage car not only because it is an expensive car but also because of the high cost of maintenance. That's why individuals who own a vintage car prefer to get their luxury car insured under the vintage car insurance plan.

Old car categories

It is mandatory to adopt the car by VCCCI (India's Classic and Classic Car Club) to be considered classic or vintage.

Antique cars: All cars manufactured between 1930 and 1940 are said to be antique cars. These cars need to be low on moderation and should remain close to making the original for them to be considered antique.

Classic cars: All cars that are manufactured after 1940 but before 1970 fall under this category. One should not modify these cars much, and they should remain close to making original specifications.

Vintage cars: According to VCCCI, cars manufactured between 1919 and 1930 are known as vintage cars. Unlike the above categories, the old car does not lose rating even after going through different modifications.

Vintage car insurance

An individual for parking eligible to buy vintage car insurance must get their car evaluated and certified by the Vintage and Classic Car Club of India or VCCCI. Depending on a resident value, the car owner and the insurance provider can decide a mutual amount insured. Moreover, be sure to read the policy document carefully to see the different aspects it covers. Often, an old car participates in public events, exhibition programs or gatherings. It is important that the insurance provider provide coverage against damage to the car at such events.

What factors can affect vintage car insurance?

Some of the factors that can affect vintage car insurance are as follows;

The age of the car

Insurance companies follow VCCCI guidelines to determine the value of the vehicle depending on its age. Furthermore, the criteria for determining the vehicle category may vary from insurance company to insurance company.

Cost of vintage car parts

Getting spare parts for a vintage car at the time of repair is very difficult and expensive. Sometimes, spare parts may need to be imported from abroad. Thus, it plays an important role in determining the amount of the premium.

Current car value

The current value of the car in its current condition serves an important role in determining the value of the insurance as well. Different from current car models that have a certain value attached, determining the current value of a vintage car is not an easy task.

Expected maintenance cost of the car

In the current case of the car it is such that the owner of the car may have to invest on a regular basis to repair it, then this would undoubtedly increase the payment premium for car insurance. To decide this, the insurance provider will thoroughly check your car before giving the insurance.

In brief

A vintage car is a valuable possession one can have. Thus, it is only wise to protect something very expensive and dear and the most appropriate way to do this is by getting it insured under a vintage car insurance plan. It is also recommended to choose a comprehensive car insurance plan for enhanced risk coverage.

Read also: 

How to reduce your car premium?

The most important factors that determine your car's premium

Disclaimer: This article is published in the public interest and is intended for public information purposes only. Readers are advised not to rely on the contents of the article as crucial in nature, and further research or expert consultation should be conducted in this regard.