Know the Difference: Classic vs. Vintage vs. Antique Cars—Age, Authenticity & Value Explained. Insure Your Treasured Ride Right—Check If It’s Vintage, Antique or Classic Before Buying a Policy.
We often mistake classic cars, vintage cars, and antique cars to be the same. But in reality, there are certain differences between the three. Their definitions often overlap with each other to some extent and thus it gives rise to a lot of confusion. Their definitions have different approach from different guidelines. The following discussion will throw some light on of each of the types of cars.
Another guideline suggests that cars built before 1925 cannot be considered as classic cars. Classic cars can include convertibles, muscle cars, sports cars, etc.
It is very important to buy an insurance policy to provide coverage to your classic, antique, or vintage vehicle, especially if the vehicle is driven. In most cases, the comprehensive insurance policy premiums for these vehicles are quite high and thus owners of these cars often go for the third-party liability insurance coverages.
Classic cars are insured under antique cars insurance plan. But it is to be kept in mind that different insurance companies might have different guidelines for defining classic cars. Guidelines that decide the qualification of a car as an antique vehicle are varied. So, before buying an insurance policy for your antique car get a copy of the regulations to have a clear idea about the definition and coverage. Along with the proof of age, a car has to be certified by the Vintage and Classic Car Club of India to be eligible for a vintage car insurance.
It is mandatory to have at least a third party liability insurance plan for a car to be driven on the roads. The third-party liability insurance policies are dependent on the car's displacement. Nevertheless, if you want to cover your car against loss or theft or other damages, you have to choose a comprehensive plan. The comprehensive insurance plans are generally based on the value of the car. The owner and the insurance company has to agree to a particular monetary value of the car, as the insurance company is liable to pay off the agreed sum of money in case of total loss of the vehicle.
GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017.
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