Can You Buy Car Insurance For Vintage Cars?

Have you ever been on the road and gasped in awe at seeing a 1935 Dodge Bros Limo 7-Seater? Such vintage, classic car owners are regarded as fortunate and wealthy. It is driven with great pride and prestige by those who own it. After all, it isn’t easy to find vehicles from that era today. There are reportedly only 3,000 vintage cars in the nation today. This also implies that the cost of these cars is increasing daily.

For the average person, seeing one of these cars is like witnessing a scene from a movie. Still, only car enthusiasts and collectors know such vehicles’ true worth, specifications, and features.

Let’s first define a few fundamental terms before going into more detail – how many of you are familiar with the various kinds of vintage vehicles? These vehicles fall broadly into one of three categories: classic, antique, or vintage.

• Classic Car: A car is typically considered classic if it is between 20 and 40 years old. Classic vehicles are those produced after 1940 but before 1970, according to the Vintage and Classic Car Club of India (VCCCI).
• Antique Cars: According to most accepted definitions, cars classified as antiques must be at least 45 years old. Antique vehicles are expected to resemble the original design as closely as possible, just like a classic car.
• Vintage Car: Regarding vintage cars, the most widely accepted definition is a vehicle produced between 1919 and 1925 or even 1930. Even the Vintage and Classic Car Club of India (VCCCI) agrees that vehicles built between 1919 and 1930 can be considered vintage. The value of vintage cars doesn’t decrease after modifications, unlike the other two.

The following criteria, in general, form the basis of your vintage car insurance cover for such antique vehicles:

Depreciation: You’ve probably heard the term “depreciation,” which refers to the car’s value in its current state. Depreciation determines a car’s value, significantly impacting your old car insurance policy. A car insurance premium calculator is an easy-to-use tool to determine the premium you would need to pay.

Age: As previously stated, all three categories of old cars have widely accepted definitions. However, to distinguish between them and develop insurance policies based on that, your insurance company might also adhere to other rules.

Expected Costs Of The Car: A high-maintenance vehicle or one whose owner must continually pay for repairs will undoubtedly affect the type of premium the car insurance policy requires. Thus, the vintage car insurance provider would thoroughly examine the frequency of necessary maintenance and its related costs.

Various Vintage Car Insurance Options

Many companies offer policies for vintage cars, even though it’s less common than new vehicles. Before choosing your vintage car insurance policy, there are many factors to consider, such as the types of damages it covers and the premium it requires. Your vintage car must be certified by the Vintage and Classic Car Club of India, along with the age proof of the vehicle, before it qualifies for a vintage car insurance policy.*

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.