My grandfather has a Morris Minor, which is in working condition and used sporadically. I was trying to check insurance on the car, but could not find one. Is there any motor insurance for vintage cars?
For a car to be categorised as vintage, it needs to be manufactured before December 31, 1940
My grandfather has a Morris Minor, which is in working condition and used sporadically. I was trying to check insurance on the car, but could not find one. Is there any motor insurance for vintage cars?
Suraj Nambiar, Palakkad
For a car to be categorised as vintage, it needs to be manufactured before December 31, 1940 and should also be certified by the Vintage and Classic Car Club of India. This certification is necessary to get the care insured as a vintage car. The third party or liability only insurance is linked to the car’s cubic capacity, which you can opt for to legally ply the car on roads. However, if you are looking to insure the car for a comprehensive cover including theft and damage; it will be based on the agreed economic value of the car between you and the insurer. As parts for repairs or replacement would be difficult to source, the value of the car is necessary to be agreed between you and the insurer to get a policy for this car. The importance of agreed value can be understood if you consider a situation that leads to the total loss of the vehicle due to an accident, in which case you, as the policyholder is entitled to receive the full sum which is agreed upon as the agreed value of the car.