A vintage car is often passed down generations in a family as an heirloom. It would thus hold a very special place in your heart. You would want to care for it just right to ensure that you too may someday leave it to your progeny.
Now, maintaining a vintage car can be pretty heavy on the pocket. With the car being several decades old, finding spare parts and a mechanic who can fit them just right can be truly trying and costly. Plus, there is always the risk of the vehicle getting stolen due to its high resale value. The best way by which one can secure their vintage ride is by taking adequate car insurance. A comprehensive car insurance policy will protect you from own and third-party financial and legal liabilities in the event of an accident. It will also cover your vehicle against man-made calamities like riots and theft and natural disasters like landslides, earthquakes, and floods.
So, if you have a vintage vehicle, it does make sense to get adequate car insurance immediately. To help you out with the right information, we have listed a few things that you should know about insuring a vintage car.
- VCCCI certification is necessary
In order for your vintage vehicle to qualify for car insurance, it needs to be registered with the VCCCI (Vintage and Classic Car Club of India). The VCCCI will also conduct any required evaluation that can help determine the IDV of the vehicle in question.
- Premiums are higher
A vintage car’s parts are often no longer in production. Thus, if a part is needed, chances are high that it will have to be specially made or even imported. Thus, repairing a vintage car would cost far more than what it takes to fix a more recently manufactured automobile. Additionally, a vintage car is highly valuable and might be at risk of theft. These factors naturally cause the premiums of car insurance for vintage vehicles to be higher than the normal range.
- IDV calculation
The IDV (insured declared value) for a vintage car is calculated differently. The process of calculation might vary between insurance providers. In most cases, the final IDV figure is arrived at on mutual agreement between the vehicle owner and the insurance provider.
- Third-party insurance is mandatory
Now, you might feel like you don’t need coverage as you never drive your vehicle out of its heavily secured garage. But, you must note that third party insurance is mandatory for all cars. As per The Motor Vehicles Act, 1988, you do need to take at least basic third-party motor insurance for your vintage vehicle to be legally compliant as a car owner.
This is an overview of what you must know about insurance for a vintage car. We would recommend that you research well and select an insurance provider who can truly cater to the unique needs of your vehicle. Make sure to ask sufficient questions and sign up for a car insurance policy only when you are satisfied with the answers you receive. We hope this article has helped you.