Reports suggest very few vintage cars are in the country, only around 3000. Are you one of those who are the owner of one of them? This is the right place for you to know the best way to ensure comprehensive coverage for your car.
Vintage cars are those that were manufactured before 1930. Maintaining such old timeless engineering marvels takes a lot of technical and monetary resources. Any damages or repairs to these cars can be expensive and burn a hole in your pocket. At such times a car insurance policy can come in handy. Not only can you be assured of repairs, but you also have mental peace knowing a safety net is available if required.
Know the difference between vintage, classic, and antique cars.
When buying an insurance cover, the first is to know whether your vehicle is vintage, classic, or antique. Many times they are used synonymously; they have some differences. As mentioned above, a vintage car was manufactured before 1930. Modifications to these cars do not affect their valuation. On the other hand, a car manufactured between the 1930s is classified as antique, and its valuation impacts are based on the modifications. Lastly, classic vehicles are manufactured from 1940 to 1970 and must be as close to the original condition as to maintain their valuation. Now, let us look at some of the factors that you should consider when buying an insurance cover for a timeless piece of engineering-
#1 Current valuation of your car
The current valuation of your car has a major role in determining the insurance valuation. Vintage and Classic Car Club of India (VCCI) is one authority whose valuation is accepted by insurance companies for determining the valuation. On the other hand, the insurer can appoint an independent valuer to assess its value. The higher the valuation per the insurance company, the greater its coverage.
#2 Age of the car
The car’s age is a key factor in determining how much coverage shall be required. As the vehicle gets older, it increasingly becomes expensive to maintain, increasing car insurance prices. At these times, having adequate insurance coverage shall keep financial worries at bay.
#3 Expected cost of maintenance
When purchasing a car insurance policy, knowing the expected cost of maintaining it is essential. On average, a vintage car requires a specified expenditure for its upkeep. Insurance coverage less than this amount will require you to incur out-of-pocket spending. Thus, consider the expected maintenance cost and then purchase a suitable insurance cover.
#4 Cost of spares
The cost of spares for your exquisite automobile should make you select between the different coverage options. At such times, purchasing third-party car insurance may not be appropriate, and you must buy comprehensive coverage. Comprehensive plans include scope for third-party injury and damages and own damage. This way, any expensive repairs can be handled using comprehensive car insurance for your vintage car. Remember the above tips when buying an insurance cover for your timeless vehicle. They will help you choose the right policy based on the above factors to get the most out of your insurance policy.