Vintage cars are of great historical value. You would often see that the car owners driving the vintage cars have a proud smile on their face. Therefore it is very important to value to car correctly while getting the vintage car insurance.
These types of cars are categorized into three types:
The cars manufactured before 1903 are called Veteran cars
The cars built between 1903 and 1933 are called Vintage Cars
The cars built between 1933 and 1973 are called classic cars.
As a thumb rule, all cars which are more than 35 years old can be termed as classic cars. It is very important to insure your vintage car against all kinds of mis-happenings. Even though all car insurance companies will be ready to give you an insurance policy for you vintage car, it is recommended that you get the policy from a reputed company who specializes in vintage car insurance.
Finding the right insurance company is important since they will be able to value the car in a much better and professional way. This value is called agreed value of the car. In case of theft and non recovery or total loss, you should be getting this amount from your insurance company.
The insurance company will consider a few things while deciding the value and premium amount for your car. Some of these include:
- The age and make of the car
- The driving history of owner
- The cost of repair and spare parts
- The way the car is kept and maintained. Since these are vintage cars, they are expected to be kept nicely in a garage instead of pavement or road.
- Type of insurance being applied by the owner
- Usually, the mileage of these cars is very low since these cars are not expected to be the primary mode of transportation.
Usually, the mileage of these cars would be limited by insurance companies between 1000 to 5000 miles per year. Since vintage cars are very close to their owner's heart, they should make sure that they do whatever is required to get a comprehensive insurance.