How Does Car Insurance Premium Vary For a Vintage Car?

Automobile insurance is nothing new. In India, third-party insurance is required by law. Hence the majority of drivers carry coverage. Third-party insurance covers the cost of damages to the third party but not the expenditures spent by the first party unless the policy specifically covers them.

What about insurance for classic automobiles? After all, experts estimate that there are between 1,000 and 3,000 old vintage automobiles in India.

Is it the same as insurance for any other vehicle? It is not! So, look it up on a car insurance app. Download now.

But Is Your Automobile A Vintage Or Classic?

Now, let’s examine what defines an automobile as vintage or classic. People sometimes confuse the phrases “vintage” and “classic” when referring to automobiles. The difference is crucial because motor insurance providers will offer various insurance packages based on this element.

When contacting an insurance provider, you must know the car’s group. Strictly speaking, there are two distinct categories of automobiles.


Every automobile made between 1919 and 1930 is considered a vintage automobile. Only after receiving certification from the VCCCI is a vehicle considered vintage.

Classic Automobiles

A classic automobile is one made between 1940 and 1970.

But remember that some auto insurance companies may have their criteria for classifying vehicles as antique or classic. Check this feature of each firm you visit.

Ensure you approach a trustworthy auto insurance provider – not just in terms of insurance, but also one with an excellent reputation in this specialised insurance market for classic automobiles.

After a thorough review, they will choose the best potential coverage for the vehicle in issue. Some businesses undoubtedly provide specific insurance policies for classic automobiles.*

Vintage and Standard Automobile Insurance Policies Differ

You wouldn’t expect an 80-year-old guy to follow the same exercise programme as a 20-year-old man. Similarly, conventional automobiles and historic cars require a different car policy. The two are assessed differently since they have distinct requirements.

What Is The Difference?

Third-party liability coverage is required by law for all vehicles. The most notable distinction between the two is the comprehensive coverage policy. This coverage protects the owner from theft, weather damage, fire, etc.*

When it comes to paying owner-damage charges, the two plans will also differ. A standard automobile’s Insured Declared Value (IDV) is worth after depreciation.

Yet when it comes to classic automobiles, everything changes. Insurance companies will engage an experienced surveyor to provide a report on the valuation, possible cost of repairs, availability, and cost of spare parts for historic automobiles. Spare parts are scarce and may need custom-made, resulting in higher insurance costs.

What Will Features Of Your Vintage Vehicle Determine The Premium?

The premiums of vehicle insurance companies are based on a variety of criteria.

  • Worth of the automobile in its current state: Initially, the owner and the vehicle insurer agree on the car’s worth. Thus, it is recommended that an impartial expert conduct the appraisal on behalf of the owner.
  • Your classic car’s age: Age and vintage go hand in hand. Thus, it is vital to hold all needed documentation establishing the vehicle’s date of manufacture in the issue.
  • Possible repair costs: For older vehicles, repair and maintenance expenditures are rather significant. This factor will also influence the insurance premium. So, keep up with your car insurance renewal online.*
  • Auto parts: With classic automobiles, finding replacement components might be difficult. If components are unavailable, they import or manufacture them, notably for automobiles. Before insuring the vehicle, the firm will take this into account.*
  • Mileage: The common element of the antique car’s total mileage will also be examined. This is a standard procedure in auto insurance.

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*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.