Vintage Car Insurance Guide: Eligibility, Costs, Claims

Posted on: Jun 18, 2025 | 3 mins | Written by: HDFC ERGO Team

Vintage Car Insurance Guide: Eligibility, Costs, Claims

It's exciting to keep automobile history alive

Unfortunately, even one scratch on a concours-ready body shell can ruin years of work. So, getting the right vintage car insurance India coverage is just as crucial as finding original carburettors. The global market for classic cars reached USD 39.7 billion in 2024 and will almost double by 2032.

It shows that investors are willing to put money into these cars. Because of this change, transportation officials now require full coverage vehicle insurance for your safety.

What Makes a Car Vintage, Classic or Antique?

Classic car insurance rates and benefits are categorised by age and originality, despite fans frequently grouping them all together.

• Vintage: 50 years or older; the original engine and frames must still be in use.
• Classic: 30-49 years; only minor changes are allowed if they are accurate to the time period.
• Antique: Models from before 1930 often exhibit pieces.

The registration fee is ₹20,000 for a 10-year license, and it costs another ₹5,000 to renew it every five years. VA-series plates are given out all over the country.

Why Special Insurance Matters?

Standard rules lower the value of uncommon parts and limit payouts. Specialised covers combine passion with caution, letting owners find the right mix between cost savings and display distance limits. When the car shows up at protests or movie sets, affordable car insurance in India also helps to protect responsibility.

For engines up to 1000 cc, IRDAI's base third-party rates for 2024–25 begin at ₹2,094. Though it's only a small part of an item's value, customised own-damage covers are necessary.

Important risks:

• Theft of parts that are hard to find
• Risks of fire during repairs
• Damage in transit on the way to shows
• Claims for public responsibility at events

Eligibility Criteria & Valuation Process

The majority of companies that provide antique vehicle insurance demand the following:

• FIVA, which stands for the Vintage & Classic Car Club of India.
• An unbiased appraisal that takes into account the item's state, rarity, and history.
• The photographic and chassis number proof is changed every time the insurance is renewed.
• Accurate "agreed value" agreements stop arguments over assets that are going up in value after a loss.

Documentation and Certification

Before giving rates, insurance companies usually need to see:

• VA-series license document and proof of age
• The original bills for purchases or repairs
• Before the move of NCB, if there were any policy papers
• Letters of membership to a club that lets you get discounts

Your vehicle insurance amount guaranteed matches the market fact with the help of these records, which also streamlines underwriting.

Coverage Types & Add-Ons

On top of the required liability coverage, specialised classic car insurance plans add several extra defences. It really gives the impression that collectables need more than just regular covers.

• Agreed Value Cover: This type of insurance pays claims for the amount already evaluated without considering the loss of value that comes with age.
• Protection for Spare Parts: This covers the loss or theft of rare mechanical or decorative parts kept in vaults, sheds, or display boxes.
• Salvage Retention Option: This option lets owners keep broken originals after getting paid, which is essential for finding trends for future repairs.
• Nationwide Flat-Bed Assistance: Pick up broken-down vehicles 24 hours a day, seven days a week, and hoist them onto low-loaders without putting stress on the frame from rope pulling.

Club-certified cars often get up to a 25% discount on their own damage premiums from motor carriers, which is a way of praising proven authenticity.

Premium Calculation Factors

IDV's underwriters figure out the first part of the cost of car insurance. For collectables, that's usually 1% to 2% of the agreed-upon value. For daily drives, it's more like 2% to 3%. Then, premiums change based on:

• Limits on Usage: Strict annual kilometre caps mean less contact time and lower rates.
• Conditions of Storage: Climate-controlled and dehumidified sheds cut down on claims for fire, flood, and rust.
• Profile of the Driver: Responsible adults who have never filed a claim earn No-Claim Bonus points, which lower their own damage charges by up to 50%.
• Security Upgrades: If you add ARAI-approved alarms or GPS immobilisers, you can get an extra 2.5% off.

Reviewing IDV every two years ensures coverage stays in line with how auctions are going and stops people from not having enough insurance.

Steps to Buy the Right Policy

If you stick to a strict plan, getting special car insurance for an antique is not hard. Get proof of where the item came from and its state, and then use competition to your advantage.

• Gather pictures of the inspection, official appraisals, and bills for repairs so that insurers can confirm the item's authenticity and agree on its value.
• When looking for the best total deal, compare the premiums and coverage from at least three expert insurance companies. Be sure to keep in mind the limits on spare parts and breakdown benefits.
• For example, most insurance companies won't pay claims if the car is used for weddings or photo shoots, so make sure you tell them about any business use.
• To avoid shocks about depreciation, pick an endorsement with an agreed-upon value and a reasonable mileage cap.
• Review add-ons every time you renew your policy because risks change and the car's value increases. Do this once a year to protect your pride and your investment.

Maintaining the Policy & Compliance

When you have car insurance in India, staying claim-worthy means:

• Registering the VA series again every 10 years for ₹5,000 and keeping track of changes.
• Only using it for authorised events like rallies or shows; driving every day doesn't count.
• Keep track of odometer numbers to support discounts for low miles.
• Changing the values every two years to keep up with bidding trends.

Claims Process & Restoration Scenarios

This is how a loss under antique vehicle insurance works differently than with current cars:

• Tell your insurance company within 24 hours; many will send an inspector who knows about old cars.
• Keep broken parts for a forensic examination.
• Source period-correct parts; they cost more, but you can get your money back if your insurance covers them.
• Pick FIVA-approved workshops; insurance companies like specialised garages better than general ones.
• Settlement usually upholds the agreed value minus the fee, so restorers can keep the item's validity.

Conclusion

Heritage driving is more than just a hobby; it's a promise to keep the art of making alive. You can protect both your feelings and your investment with careful maintenance and vintage car insurance India plans that respect agreed value, limited mileage, and real repairs.

Pick specialised coverage, fix your documents, and recheck your values as markets change. Knowing that history will be safe for future generations makes every race lap and Sunday spin a party.

Are you ready to keep your rolling treasure safe? Get free quotes on car insurance right now!

FAQs

If you modify an old car, is it different from protecting a car that hasn't been modified?
Yes. Any changes made outside of the time, like disc brake swaps or speed remaps, can take the car out of the vintage category, which means insurance has to reevaluate its value and usage terms. To keep the strategy in effect, you must always report changes ahead of time.

Can I drive my registered old car every day?
Rules say that old cars can only be used at parades, displays, or upkeep runs. Using them for daily travel can get you in trouble with the government and lose your coverage under speciality insurance.

How does the accepted value change when prices on the market go up?
Most insurance companies let you add an endorsement in the middle of the policy term or suggest that your policy be reevaluated every two years. One way to change the covered amount without cancelling the insurance is to provide new appraisal papers.

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