Insurance for Vintage Cars
Your vintage car is the crown of your car collection but finding insurance for vintage cars can be an uphill battle.
The difference between classic and vintage cars
Vintage cars are defined as cars that were manufactured between 1919 and 1930. These cars are very rare and restoring or fixing them can be a nightmare. Original parts are scarce and difficult to find. A classic is a car that is between 30 and 49 years old. The age differences between these two types of cars are quite big.
In addition to monetary value, vintage types usually have lots of memories and sentiment attached to it. Sadly, you cannot insure the memories or emotions that come with the car. The problem with vintage and classic cars and their insurance is the high replacement and value costs.
Why is it so difficult to find insurance for vintage cars?
Vintage cars are often compared to art and antique collectables; because they are scarce, they are extremely expensive. The value of these cars increases year by year. Most insurance companies find it too much of a hassle to keep track of how these values change. In addition to these changing values, these cars are often overpriced because of their novelty value. Most of the insurance companies in South Africa do not even offer car insurance quotes or packages for these types of cars.
Where can I find insurance for vintage cars?
There is no need to worry that you will not find insurance for your rare and very old car. Companies like Hollard insurance AA insurance, New wheels and FNB do offer insurance packages designed for these types of cars. Insurance for these vintage motor cars are often quite expensive.
Why is insurance for cars of this type so expensive?
Insurance of vintage type cars is expensive because these cars have extremely high replacement costs. To add to the high costs the companies need vintage vehicle specialists to assist them with valuing and insuring the cars. These specialists do not come cheap. Another big issue is finding replacement parts and the mixing of specific paint colours should repairs be required
The equations might seem simple but it is quite difficult to determine the value of the car. There are special grading systems used to determine the class and value of these cars, and these grading’s affects the price of insurance for vintage cars.
Where can I find insurance quotes for cars?
You have three possible options.
1) Use a vintage specialist insurance broker. These brokers have all the contacts and knowledge to help you find insurance for your vintage vehicle.
2) Call the companies that provide the insurance. Direct contact with the companies will provide you with the most accurate quotes, as you are the person with all of the particulars needed to insure the vehicle.
3) Use an agency. There are agencies available that will do all the work on your behalf and provide you with more than one quote.
Getting insurance for vintage cars can be a problem but it is not impossible to obtain.
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