Vintage Car Insurance

What does it come to mind when you think of an auto enthusiast? Fast cars, loud revving engines, performance spares and more. These are the fancies of new-age car aficionados, but the first generation car lovers will still prefer vintage cars over the modern-day miracles.  Be it for their style or for the pride of owning one. These cars are undoubtedly a head-turner in today’s day and age.   Maintaining these vintage cars isn’t easy, which is why only a handful of individuals own them, to be precise, 3000 of them. Unlike an ordinary car, vintage car ages like a fine old wine. The older it is, the more valuable it becomes.   Thus, it is utmost essential to keep this prized possession protected. The answer to it is simple - get it insured. A car insurance policy will help you cover for any financial costs that may otherwise burn a hole in your pocket. Being a vintage car, the spares and repair costs are sky-high.   What is the criteria for the classification of a car as vintage? For any car to be classified as vintage, it needs to be certified by the Vintage and Classic Car Club of India (VCCI). Let us look at the types of old cars -   Classic Cars: Cars that are manufactured between the 1940s to the 1970s is termed as a classic car. An additional condition is that these vehicles should not be modified or altered, and their conditions must be as close as the original vehicle.   Antique Cars: One step closer to being classified as a vintage car is an antique car. These cars are those which were manufactured during the 1930s and 1940s. As these cars get older, it is necessary to keep them running and in pristine condition at all times. For that, an antique car insurance policy will be useful. Not only routine maintenance cost but the financial burden of repairs where replacement spares or parts that are rare can be insured using antique car insurance.   Vintage Cars: The most valuable and expensive cars in the country are vintage cars. Any car manufactured between 1919 and 1930 is a vintage car. A point to note that the valuation of these cars does not change despite modifications. Financial backing can be created by using vintage car insurance for its upkeep and repairs.   Car insurance is a one-stop-solution to maintain your vintage pride. Let us look at some of the factors that impact the premiums for your vintage car insurance policy -   #1 Age of the car The age of the car is a crucial factor in determining the premium of your vintage or classic car insurance policy. The older the car, the higher is its insurance premium. The registration documents state the year of manufacture and make it clear for the insurance company to determine its premium.   #2 Current valuation of your car Unlike a standard policy, a vintage car insurance plan has a different method for determining the value of your car. Car insurance companies appoint a surveyor who assesses the value. In some cases, the insurer also accepts the valuation provided by the Vintage and Classic Car Club of India.   #3 Future cost of repairs It is the most significant cost for your vintage car. These timeless engineering marvels require nothing but trained professionals who specialise in the repair of these vintage cars. Also, the price of spares is exceptionally high and in some cars, requires more frequent replacement of consumable spares. Considering the above factors, buying the cheapest classic car insurance is not advisable. Instead, do a thorough research of which vintage car insurance policy provides adequate coverage for your specific requirements.   #4 Distance covered In the end, the insurance company checks for the kilometres driven at each renewal cycle. In case you have the same classic car insurance policy year over year, it can be found from their internal records. These numbers are essential as more the usage higher will be its upkeep costs. These cars require to be clocked a specific distance to keep its engine live and running.   Finally, it isn’t easy to maintain a heritage engineering marvel. It takes dedication and a hefty financial backing to source the spares, labour, and keep it running. A valid insurance policy with timely car insurance renewal can be handy to maintain the car and keep it running for many more decades to come.