How to Get Insurance for Your Vintage or Collector Car in India

What are Vintage, Collector, or Antique Cars?

Before going any further, let's understand the difference between vintage and classic cars.

The Vintage and Classic Cars Club of India (VCCCI) defines them as follows:

Collector or Classic Cars

Cars aged 30 to 49 years, which are typically manufactured between 1940 and 1970, are referred to as Classic or Collector Cars.

Vintage Cars

These refer to cars that are 50 years or older. Cars manufactured between 1919 and 1930 are called vintage as per the VCCCI standards.

Antique Cars

These are the really old ones, manufactured between 1930 and 1940.

Types Of Vintage Car Insurance:

Here are some common insurance options for Vintage cars.

Agreed Value Policy

With this type of insurance, the car value is mutually agreed upon between the insurer and the beneficiary. This is not based on market depreciation.

Stated Value Vintage Car Insurance

This type of insurance considers the depreciation. The same is based on the car's worth estimated by the owner.

How to Buy Insurance for Your Vintage or Collector Car in India?

Here is how to buy car insurance for your vintage or collector car in India.

Get Your Car Evaluated

You might get car insurance for a regular car without an inspection. However, things might be different for vintage or collector cars. For instance, your vehicle might need a professional inspection before you can get insurance.

You might need to present the photograph inspection report, repair bills, official appraisals, and other documents. This confirms the authenticity of your vehicle and helps conclude the agreed value.

Compare Your Options

Next, make sure you compare your options. Grab the best deal by comparing different insurers, premiums, coverage, and other features. Also, make sure to cross-check the policy inclusions, exclusions, limits, and benefit breakdown. Jio Insurance Broking allows you to do this seamlessly. Here, you can compare several insurers and choose the one that best fits your requirements and budget.

Opt for an Agreed Value

Always choose an Agreed Value for your collector car. You can also pick endorsements to eliminate the depreciation shocks.

Pick Suitable Add-Ons

Check for suitable riders such as zero-depreciation cover, consumable cover, engine protection cover, and more. This makes your car insurance more comprehensive and tailored to your vehicle's needs.

Keep Documents Ready

To complete your car insurance purchase, you might need to keep a few documents handy. This includes valuation certificates, vehicle photographs from all angles, restoration records, and more.

Top Factors Affecting Your Vintage Car Insurance

The insurance rate of your vintage car may vary. This depends on a variety of factors. Here are some factors that affect the premiums of your car insurance policy.

Maintenance Charges

Typically, vintage cars require regular maintenance. This increases their premiums. This is why insurers conduct a thorough inspection of your vehicle. It helps them calculate the expected maintenance charges. Based on the same, the insurer determines the premiums for your car insurance.

Age of the Car

Several insurers also consider the car's age when estimating insurance premiums.

Cost of the Spare Parts

Vintage car spare parts are quite costly and scarce. Meaning, they are typically imported. This also affects the premium for car insurance.

Top Mistakes to Avoid while Buying a Car Insurance for Vintage or Collector Cars

Buying car insurance for vintage cars is a strategic decision. Consider comparing and choosing the best for your vehicle. Further, here are some common mistakes to avoid to make your policy purchase smoother.

• Avoid going for standard car insurance policies. These are for everyday cars and might not offer adequate coverage for vintage cars.
• Avoid accepting the market value for vintage cars instead of the agreed value.
• Don't hide, declaring the car restorations or modifications, if any. This may lead to hassles during claim settlements.

Wrapping Up

A vintage or collector car is not just a vehicle. For some, it's a memory, some see it as a legacy, or an investment. This makes it more important to get insurance for your vintage car. It offers adequate protection to your vehicle in case things go south.

While buying car insurance for your vintage cars, make sure you agree on a proper valuation. Additionally, compare different types of coverage options available, premiums, and prices. This way, you make an informed choice. Lastly, add suitable riders to make your policy more comprehensive.