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Understand Car Insurance for Vintage And Classic Cars

Published On Oct 23, 2020, Updated On Oct 24, 2020

How car insurance for vintage & classic cars does work?

In India, it is mandatory by law to ensure that your car is insured at least up to the level of Third Party Liability or otherwise known as Liability Only car insurance. The same is applicable to vintage cars as well as classic cars. Plus, vintage or classic cars are more valuable than new cars and are not only used on roads but are often collectors’ items. Therefore, not only is it illegal as well as risky to go without properly insuring your vintage or classic car, it is also extremely valuable to insure it even if it is not in use as it would protect against theft or other mishaps.

Types of Car Insurance for your Vintage or Classic Car

While Third Party Liability Insurance is mandatory by law in India, comprehensive car insurance or Standalone Own Damage car insurance is not. However, it is advisable to insure your vintage or classic car up to comprehensive car insurance as Third Party Liability insurance would not cover the damages that come to your car itself. A comprehensive insurance policy would insure your car itself and protect it from damages such as theft, natural calamities, or accidents such as construction accidents that do not involve the car of any third party.

Factors Affecting Insurance Premium For Vintage or Classic Car

Your vintage or classic car would have a variety of factors that would impact the insurance premium that you would have to pay in order to avail of car insurance. As it is different from a new car in a variety of ways, these factors would be unique to vintage and classic cars and reflect the age, condition, and other factors of it that would impact its accident or theft risk.

  • Age of Car

The documents concerning the manufacturing date and age of your car are a must when seeking insurance for it. The age of the car is the most important thing considered by your insurance company when determining the insurance premium to be paid by you.

  • Current Value of the Car

IDV (Insurance Declared Value) refers to the current market value of your car. Its calculation for a vintage or classic car will differ from insurer to insurer and you would need to reach a mutual agreement on it, as the insurance company would be liable to compensate you that amount in case of total damage occurring to your car.

  • Expected Repair Cost

This cost is the assessed amount that it would be required to pay in case of damage to your car, as your insurance company would be liable to pay it in case of any accident or damage from flooding or other natural calamities that may occur. The regularity of maintenance required will also be assessed and will contribute to determine the insurance premium.

  • Number of Kilometres Driven

As vintage or classic cars are likely previously used or owned, it is important to check the amount of kilometres driven in it in order to assess its longevity. This is also a factor in determining the premium amount.


While a classic or vintage car is extremely valuable, it is possible to protect yourself from liabilities arising from it by procuring insurance. The nature of insurance and the factors determining the premium differs slightly, but with the correct knowledge it is possible to properly insure your vintage or classic car.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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