Worried about Corona virus spreading in India? Buy Health Insurance and get coverage now. View Plans
Take informed decisions with IIFL Insurance:

Are Vintage Car Insurance Available Today? What Benefits are Covered?

Rishav thinks that a car is not just a machine. Instead, it is a source of pride and status for him. This is why he has a huge hobby of finding as many old and classic cars as he can. Over the years, Rishav has also come across some other people who have the same hobby. And for most of those people, the one worry they often run across is how can they find vintage car insurance with ease

If you also like collecting classic cars, then we are pretty sure that you must be facing the same problem. And we don’t want you to continue this way anymore. This is why we are going to guide you regarding everything that you need to know about old car insurance. We will also look at how you can select the best antique car insurance for yourself.

Buy Classic Car Insurance in India

In India, you can find so many old and classic cars on the street. Whether you are doing this as a hobby or for sentimental reasons, the fact remains that if you are driving a vintage car, then you need classic car insurance.

A classic car or vintage car insurance is nothing but car insurance that you get for older cars that have depreciated value over the past few years. In some ways, used car insurance is similar to classic car insurance. However, the exception here is in terms of the fact that the insured vehicle is old and there is a higher risk factor in comparison to a new car.

Beyond this, another reason why one should get classic car insurance is due to the limited availability of spare parts and the high risk of breakdown. A good example of this is how Rishav owns a car manufactured in the 1990s and when it broke down a few months ago he had a lot of difficulty in finding the spare parts.

There is also a greater chance of component failure in classic cars. This leads to an increased risk of accidents. This is why if you want to protect yourself from all these dangers, then you should get vintage car insurance.

Steps to Follow for Buying a Vintage Car Insurance

Rishav understands the importance of having classic car insurance. Hence, he is very eager to learn about the steps that he needs to follow for purchasing vintage car insurance. You can go over those steps with Rishav by going through the list mentioned below.

  • Log on to the official website of the insurance provider
  • Enter the details of your vehicle, including model, variant, registration date, city in which the car is driven, registration number, and make of the car
  • Choose the insurance plan that you want to buy. It is better to always get a comprehensive insurance plan in comparison to just a third-party insurance
  • Enter the details of your previous insurance policy like claims raised, policy expiry date, and No Claim Bonus (NCB) details
  • Go through the quotes mentioned by the insurance provider. Pay special attention to the premium amount
  • You can enhance the cover of your policy by opting for additional covers or riders. These benefits are available at an additional price to the policyholder
  • Complete the payment process through different digital payment modes
  • After the payment is complete, the policyholder can download the certificate of insurance which will be emailed to him or her

The same steps can also be followed by the policyholder for renewing the policy.

Things to Remember While Buying a Classic Car Insurance

You know that buying and insuring your classic car is done to cover all legal and financial liabilities. These liabilities could be caused due to damage to the vehicle as well as the third-party life or property. However, there are some additional points that you should also keep in mind while buying a classic car insurance policy. These points are:

  • Always Compare the Insurance Plans

It is never a good idea to buy the first car insurance plan that you come across. This is because there are many insurance policies available online. So, you should buy the policy that is the most suited to your needs. And you can only find that policy by comparing it to other policies.

  • Determine the Value of the Car

Determine the current market value of your car before purchasing a car insurance policy. This is because the IDV is calculated on the value of the vehicle and with every passing year this value might depreciate. The IDV is the main factor that would determine your insurance premium.

  • Depreciation Rate

It is a good idea to be aware of the rate of depreciation for your car before purchasing a car insurance policy. This is because, during the claim settlement, the depreciation value will be deducted from the final claim settlement amount.

  • Additional Covers

It is a commonly known fact that the more covers and benefits you have with your policy, the better coverage it will provide to you. This is why you should ask for additional covers and rides that are available with the vintage car insurance policy. If you end up selecting some additional covers, then it will be beneficial for you in the long run.

  • Claim History of the Insurance Provider

Before switching your vintage car insurance policy or buying a new insurance policy, you should look at the claim history of the insurance provider. The better the history of the insurance provider, the more likely you would have a good experience with the insurance provider in case of any requirement.

  • Extra Discounts

Beyond the No Claim Bonus discount, there are other extra discounts that one can get on the insurance policy. Some of these discounts can be availed of by installing an anti-theft device on the old car or by getting more comprehensive coverage.

  • The Claim Settlement Process

All customers need to go through the claim settlement process of the insurance provider before making any purchase. This is done to make sure that it would be easier for you to purchase the vintage car insurance or renew the policy whenever required.

The Best Vintage Car Insurance in India

Rishav has followed everything that we have mentioned in this article meticulously. He has done the work and he has been able to find the best classic car insurance policy that suits him completely. However, he is still wondering about one thing. And that is: Have you found the vintage car insurance that you needed too?

Buy Insurance - 18002101330