What are the measures to insure a Vintage Car?

Posted on January 05,2023

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    A person who owns a vintage is most probably the one who loves the antiques. A car with more than 80 years needs more care, as we can compare a 20-year-man and an 80-year-old man. These cars are rare to see, as they cost as rare bombs. They are the only vehicle which cost despite their age.

    Are you the one who is obsessed with antique cars? Or do you own one of the limited rustic charms? Then believe it or not but you’re one of the luckiest. Less than 3000 own vintage cars in a country of 1.3 billion.

    As these old age vehicles have many lovers, who want a single glance, for them these vehicles are kept in museums, have racings, rallies, public events, etc. The vehicle with a rare presence needs to be insured and safeguarded with the best insurance. To insure antique rustic charm, you must know about the factors affecting the insurance.

    As we all know there are two types of insurance:- Third-Party insurance and Comprehensive insurance.

    Third-Party Insurance- This is mandatory insurance by the government of India. This insurance protects you from the liabilities of a third party. It compensates you for financial and legal consequences.

    Comprehensive Insurance- In this insurance Own damage and third-party insurance are covered. In this insurance, if your vehicle got damaged by any means of man-made or natural calamity then the insurance company is liable to compensate for your damage.

    As Comprehensive insurance covers your own damage insurance so, it becomes critically important for you to opt for the insurance. This insurance will ensure your vehicle’s safety from legal and financial issues. This is the best and a suitable way for your vintage vehicle, as your vehicle may cost a huge price for repairing, maintenance, and recovery from any kind of accident. 

    What Factors Affect Premium of the Vintage Car

    Firstly, you must know about different categories of antique cars. The association of Vintage and Classic Car Club of India (VCCCI) has divided the cars into 3 categories. All vehicles that come under the category of VCCCI should be certified by the association. The three categories in which a vintage car can be placed are: –

    Vintage Cars: – The car which are manufactured between 1919 to 1930 come in the category of Vintage cars.
    Antique Cars: – The vehicle that was built in the era of 1930 to 1940 will be considered as Antique Cars.


    Value of car

    Initially the insurance company hire an expert surveyor who can calculate an approx. value of the car. This is a must and important factor which will affect the premium of the vehicle. The value of the car depends on the age of the car. This value of the car may vary from one to another company. 

    Availability of Spare Parts

    As these cars are rare, so their spare parts are difficult to find. In case you find the right part then it may create a huge hole in your pocket. So, the insurance company may collect a high premium as the spare parts are rare to find, sometimes you have to order the manufacturer to rebuild the part.

    Expected Maintenance Cost

    The present condition of the vehicle will tell about the maintenance of the vehicle. The lesser maintenance cost the lesser amount for the premium. The insurance companies keenly look at the maintenance of a vintage vehicle. So, it’s a suggestion to maintain your vehicle in a good condition.

    Average Miles

    The premium of your vintage car directly depends on the miles it has covered. If you compare the insurance, the normal car insurance doesn’t cover the miles but in this case, the company also focuses on the KM it has traveled. 

    Now you have come across why and what are the major factor where insurance can benefit your vehicle. The very next step will be to find a suitable and reliable insurance company for the vehicle. Some factors should be kept in mind at the time of picking an insurance company.

    Firstly, you should focus on the company’s history in the field of vintage vehicles. What is the status of the company in the case of a vintage vehicle? How many insurances have been done by the company in the past?

    Compare the premium of the companies. It is very much obvious that the premium may differ from one another. Choose the best option among them.

    Add-ons are one of the most important for your vehicle. As this is a different product from the regular one, so please check that and work accordingly.

    Sum insured is the maximum amount that will be paid by the company in case of total loss. As vintage is a rare part of the piece, so this should be focused and undermined.

    Last but not the least, the claim process. The process of claim should be hassle-free and easy. As all the indemnity cost is recovered by this process, so this must be relaxing for you. This must not make any trouble for you.

    In the end, we would like to say to you that, you own a very critical and beautiful piece of work. Please keep it safe and secure, so please insurer your vehicle for the betterment of that antique piece.


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