[anjan_c2007]

We all insure our old dames with an insurer regularly.I prefer third party insurance for my old classic car as I use it less frequently and its seven years since I have owned this car and Touchwood! Nothing untoward has happened.
Let us discuss as to whether one should go for comprehensive or third party insurance for old vintage and classic automobiles.
If there is logic in comprehensive insurance I and many friends can have an insight into the debate and even change over in future.
Also let us discuss our insurance claim experiences here if any fellow member has done so for his old automobile.We can get an idea about the various semi government and private players in business and know more.
Mine is a simple third party insurance with M/s New India Assurance Ltd.
Mods,Just found that there is an existing thread on this topic by cannonball. If deemed fit this can be merged with the older thread.

[deutscheafrikar]

Harit,

One of my motorcycle insuarance expires next month. New India Assuarance co's. new rule is xerox of RC book with passing and xerox of driving licence. I asked them what if I can't drive so they replied that my chauffer's Driving Licence will do. Now comes the difficult part, Vehicle passing expired last year and I still haven't bothered to do it. Since the last two months, strict rule is bring vehicle, no passing without vehicle like in old days. The bike hasn't been ridden for a few years so whats to be don, forget the Insuarance and wait for another day in the future when the bike is restored? Or search arround and get another insuarance company to cover it and get the passing done when the coast is clear, rather when the rule is relaxed a bit?
Thanks in advance.

[deutscheafrikar]

So how much do Owners of Vintage vehicles have to pay?

http://www.team-bhp.com/forum/indian...harashtra.html
http://timesofindia.indiatimes.com/c...ow/6825211.cms

[SILVERWOOD]

I have a valid TPA for my 42GPW and 91 Trooper.

Never had any problems in getting one.I always get my vehicles insured from New India Assurance.

[star_is_here]

New India Assurance is the only provider for insurance for old cars/bikes. It really doesnt matter what the vehicle costs in terms of vintage value to them. In the end, we are satisfied that we have a valid insurance and can legally drive/ride our vehicles around.

[karlosdeville]

This article appeared in today's edition of 'Financial Chronicle'

[GTO]

@ Karl : Here's a link to the Tata-AIG thread.

[ruzbehxyz]

28-Jun-2021.

Good news for Vintage and Classic cars.



Source: WIAA, Churchgate, Mumbai.

Website: http://www.wiaacartraining.com/

[Jeroen]

I really can’t comment on insurance for vintage and classic cars in India. But as a point of reference let me explain how it works in most western countries.

In essence third party insurance is never an issue, on any car, any age. However, with comprehensive insurance it is different. Comprehensive insurance is supposed to pay out a sum resembling the value of the car. We have comprehensive insurances here that will pay you the full original price paid for the first 2-4 years. But at some point in time/age of the car, that maximum pay out starts to decrease. Essentially the pay out in case of total loss / theft is what is known as the residual value. Here is the thing, the residual value drops quite steeply, it is one of the reasons that fully comprehensive insurance on cars over 6-7 years of age, does not make much sense. Unless you have accumulated a lot of no claim discount.

Now a vintage / classic car (e.g. anything over 20 years of age) has virtually no residual value. It is more or less scrap value, from a comprehensive insurance point of view. (not sure how this works in India though).

However, the market value of a vintage / classic cars can be substantial!! Enter the specialised vintage / Classic car insurances. It will mean that car gets appraised by some sort of official classic car appraiser (e.g. such as my spanner mate Peter). The car gets insured against the value in the appraisal report. Most underwriter will charge a premium based on the value.

Fully comprehensive insurance, on the basis of an appraisal tends to be very very cheap. But that is because all the vintage / classic insurance will put restriction on the cars use: usually a 5000 km per annum limit, you need to store it in a locked garage, you need to have another car for your daily driving etc.

All my cars, get appraised by Peter, every three years, he sends the report to me and to my insurance company.

These vintage/classic insurance tend to have a few more special rules compared to your normal fully comprehensive insurance. For instance, in case of an accident the insurance company will send round an inspector to determine the damage. Once you agree on the amount, I can get the insurance company to pay the restoration directly and I have free choice of where I want the car fixed. Or I can ask for cash payment in my bank account. The latter can be interesting for owner who might want to do part of the work themselves, combine it with other work etc.

Also, what is really important to Vintage / Classic car owners, in case of total loss, you still get to keep the wreck. (So you can use it for parts etc)

Vintage/Classic car insurance is quite a specialised field and there are different rules in just about any country. But the appraisal and a subsequent guaranteed value, rather than residual value is something which you will find in many (western) countries.

Jeroen