If you are a vintage car owner then you should know about vintage car insurance

For most people, vintage cars are an unforgettable scene. Due to its rarity, the value of vintage vehicles often increases by the year. Aging vehicles require a lot of care and regular restoration. So what is the best investment of a proud vintage car owner? Car insurance!

Insurance for your car is not new. Most people insure their vehicles; besides, third party insurance required by law in India. Third-party insurance is a type of insurance that covers the cost of damages to the third-party but is not incurred to the first party until it is included in the policy.

What about vintage car insurance? Vintage car insurance is hardly a significant financial convenience policy in India. Here makes sense, as according to experts, there are around 1,000–3,000 vintage cars in India.

Is this the same as insurance for any other car? Not this!

But first, make sure that "vintage" is the right category before we bring it all into the financial aspect.

Is your car classic or vintage?

Let's see what makes a car vintage or classic. People habitually interchange the words 'vintage' and 'classic' for cars. This difference is significant because auto insurance companies will offer different insurance packages based on this factor.

Before you go and apply for insurance, you need to know in which category your car falls.

Technically, they are two different car groups.

Vintage Cars: Any car manufactured between 1919 and 1930 is a vintage car. The Vintage and Classic Car Club of India (VCCCI) is India's supreme authority on vintage vehicles. The car is accepted as vintage only if certified by VCCCI.

Classic Cars: The car from 1940 to 1970 is a classic car.

Nevertheless, note that while classifying cars as vintage or classic, other motor insurance companies may have their guidelines. Make sure that you are checking this part of any company.

Make sure you are contacting a reliable and reputable car insurance company. Not only in terms of insurance, but this vintage car has an excellent and robust track record in the insurance market. After careful consideration, they should decide the best possible vehicle plan. These firms will undoubtedly have specialist vintage car insurance plans.

Vintage and regular motor insurance plans are different

The two are different, but they also share similarities. After all, a car is a car, but what sets them apart is their age difference.

You wouldn't want an 80-year-old father to follow the same 25-year son workout routine. Both men need different habits according to their needs.

Similarly, regular cars and vintage cars require different types of car insurance policies. Both have different needs, so they are judged differently.

What's the difference?

All cars covered by third party liability insurance required by law. Under the comprehensive coverage policy, the most critical difference between the two comes. This type of policy protects the owner from theft, weather damage, fire, etc.

As far as owner-loss expenses are concerned, the two policies will differ. The insured declared value (IDV) is the value of the car after depreciation of regular vehicles. The maximum amount of car insurance is IDV.

However, everything changes when it comes to vintage cars. Insurance companies will appoint an independent surveyor to write a report on the cost of vintage cars, future maintenance and availability expenses as well as the cost of spare parts. Spare parts are not readily available, as you can imagine, and may need to be custom-made, which means an increase in insurance premiums.

Vintage cars often take part in rallies, exhibits, or public events. In such situations, it is necessary to insure the vehicle for the damages. That is achieved by insuring the car for that particular event unless it is included in terms of the policy.

Conclusion: Vintage vehicles are insured in specialized markets and sold by agencies specializing in vintage autos. Their names are readily available in old and collector magazines. Your auto policy would expect it to be incompatible with a Vintage car and would be expensive for a reduced annual mileage, which would take good care of the vehicle.