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Vintage Car Insurance – What You Need to Know

Published on June 25, 2019. EST READ TIME: 5 MIN

Have you ever been to a vintage car museum? Those old, classic cars with their rustic charm can entice anyone. And if you are among the few people (less than 3000) in India to own a vintage car, you are indeed lucky.

Vintage cars are a rare sight and quite naturally they cost a bomb. They are probably the only type of vehicles that are priced so high despite their age. Only car enthusiasts know the real value of such cars. A select few individuals with high disposable income can afford vintage cars because not only is it expensive to the vehicle but the maintenance costs are sky-high as well!

That is why people who own a vintage car are increasingly opting for vintage car insurance. However, before you proceed with buying vintage car insurance, it is important to understand which category of vintage your car falls under.

Types of vintage cars

For a car to be considered as vintage or classic, it has to be certified by the Vintage and Classic Car Club of India (VCCCI).

Classic Cars: A car manufactured after 1940 but before 1970 falls in the category of classic cars. These cars should not be modified and must remain as close to its original make and specifications as possible. Any car that goes through too many modifications loses the categorization of being a classic car

Antique Cars: Cars manufactured between 1930 and 1940 are called antique cars. Just like classic cars, even antique cars should be low on modification and must remain close to its original make.

Vintage Cars: As per VCCCI, cars manufactured between 1919 and 1930 are called vintage cars. Unlike the above two categories, the valuation of the vintage car doesn’t change much even after going through modifications.

When it comes to insurance, there are only two categories of cars i.e. classic cars and vintage cars. Antique cars are classified intothe classic category as well.

Factors Affecting Vintage Car Insurance

Current value of the car:

The value of the car in its present condition plays a very big role in determining the insurance value as well. Unlike current models of cars that have a set value, determining the current value of a vintage car is a difficult task.

Age of the car:

Insurance companies follow the VCCCI guidelines to determine the value of the car based on its age. Also, the criteria for determining thecategory of cars may vary from one insurance company to another.

The expected maintenance cost of the car:

If the condition/make of the car is such that the owner has to invest regularly forthe repair of the car, then it will definitely increase the premium for the car insurance. In order to determine this, the insurance company will do a thorough check of your vehicle.

Price of the spare parts of your vintage car:

Getting spare parts to repair a vintage car is very difficult as well as costly. Sometimes, the spare parts need to be imported from a different country. Therefore, it plays a very important role in determining the insurance premium.

Vintage Car Insurance

To be eligible for vintage car insurance, it is important to get your vehicle certified and evaluated from the VCCCI.

Based on the evaluated value, the owner and the insurance company can agree on a mutual sum insured. Also, do not forget to read the policy terms and conditions to understand the aspects it covers.

Vintage cars often take part in rallies, exhibition programs, or public events. It is important that the insurance company covers any damage incurred during such events. This can be done by insuring the car separately for every event or by including insurance for such events in the policy terms itself.

The Bottom line

A vintage car is a prized possession, the value of which goes beyond money. It is crucial to safeguard something that is so highly prized and what better way to do your due diligence that than buying vintage car insurance. It is suggested to go for comprehensive car insurance to get more risk coverage.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

Mr.S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process."


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