Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Classic Cars Vs. Vintage Cars Vs. Antique Cars

    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.

    • Classic cars: Sometimes, classic cars and antique cars are put under the same tag by definition. But there is a thin line that separates them. Cars that lie somewhere within the range of 20 and 40 years of age are generally defined as classic cars. Classic cars are expected to be kept as close as possible to the stock manufacturer design and specifications. The cars suffer from a significant loss of value if they are modified. The same is applicable even in case of engine modifications, stock accessory replacement, and the paint job. Not just that, a car might lose its standing as a classic car in case it undergoes too many modifications.

    Another guideline suggests that cars built before 1925 cannot be considered as classic cars. Classic cars can include convertibles, muscle cars, sports cars, etc.

    • Antique cars: The definition for antique cars might differ from guideline to guideline. One of the most widely accepted guidelines for defining antique cars is that the car should be more than 45 years old. Like classic cars, antique cars are also to be kept close to the original production model, both in terms of technical and cosmetic features. But that also signifies that the owners might have to place special order for parts and spares, to keep the car running. An antique vehicle ranges from a car, truck, motorcycle, to even a farm tractor.
    • Vintage cars: Vintage cars and antique cars have an overlapping definition. Some vintage cars might qualify as antiques, but not all. Just like classic cars and antique cars, the definition of vintage cars also differ from guideline to guideline. One of the guidelines define vintage cars as the cars which were built between the time period of 1919 and 1930. Whereas, some consider the time period to be 1919 to 1925. However, unlike antique cars and classic cars, the vintage cars do not lose their value in case they are modified. Alterations made to the design or engine specifications do not make them any less of a vintage vehicle. Customised cars, street rods, and exotic cars fall under this category.

    Insurance Policies For Classic, Antique, And Vintage Cars:

    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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