[DWC]

Originally Posted by mithun

Belated reply...

Online insurance renewal is only possible for cars which is upto 5 years old.

Hope you might have renewed it ? (But this info will be useful for others)

Yes, tried in vain to renew the insurance online. Eventually had to physically go with the car to Oriental Insurance Company and get it done.

They managed to screw it up by getting details like the cubic capacity and car model wrong! Unbelievable! Had to go back for an endorsement on the insurance policy.

[slicvic]

Originally Posted by wanderernomad

I have purchased a 1984 Mahindra through an auction. It is going to be restored and put back on road. The last policy on the jeep was in 2005. The papers have been given to me. Now I understand that I should get it insured, TP preferably, but would it be possible? If not what are my options?

IMHO for vehicles above 15 years it is Third Party only. You will need to take the vehicle for an inspection too.

[thoma]

Guys, anyone in Kerala knows of getting insurance for 14 year bike easily? I was sent off by Reliance quoting that they do not do such old vehicles! There had been some time lapse from the previous insurance term as the bike is sparingly used.

[S_U_N]

Our 1996 Zen is restored and now without insurance.
I called up Bajaj Allianz (head office is very close to my residence) and they politely told me that for such an old vehicle I have to visit their branch office which is 45 minutes drive from my house.

So, now, I have to look for some other option.

So far, I have been buying TP insurance from National and that is always an option, though a bit far.

[manishk123]

Is there any update on insurance for classic and vintage cars? I'm now told that insurance premium is linked to engine capacity. For my 1947 Dodge I was quoted a whopping Rs.7000+ by VCCCI. Can someone confirm the best way to go about this.

[techcoze]

Do companies double own damage insurance charge when car cross 10 years age limit?

[BowMan]

Originally Posted by kb100

You are better of taking third party cover for any vehicle over 7 yrs old. Comprehensive insurance is just not worth it for any vehicle older than 7yrs

Please can you explain this further? I have a vehicle that is 7 years old now and am weighing between comprehensive vs third party.

[//HB]

Hello all, I'm a few months away from renewal for a 10-year old car (currently covered by Future Generali). Suggestions please in terms of having a comprehensive cover at renewal (I know 3rd party is always available as a last resource).

[Jeroen]

I just came across this thread. I thought I would just share how old and or classic cars insurance works in some western countries.

Obviously, getting third party insurance is rarely a problem. You can get that for just about any car, mostly simply on line as well.

When it comes to Classic cars (25 years and older) and or what these days are called young timers (sort of 10-25 years), there are different options. Again, third party is always an option. But often the owners would like to have a fully comprehensive insurance as these cars might be worth a lot. The problem is under normal insurance rules any car over 10 years old is worth zilch, as it looks more at depreciation rather then market value.

So what is on offer tends to be special insurances based on a formal valuation report from an officially appraiser. My spanner mate Peter who I have mentioned in a few other threads is such an official appraiser.

The appraisel will be done on market value. So the appraiser looks over your car and estimates what it would cost to buy a similar car from the market.

The underwriter or insurance company will pay out the full value as per the valuation report in case of theft or total loss. The premium various a bit. As a rule of thumb, for most classics its 0.75-1% per year of the value. For youngtimers the premiums tend to be a bit higher. (1-1.5%).

In essence, a very, very low premium for a fully comprehensive insurance.

Most of these insurances come with restrictions. They want to make sure you are not using these sort of vehicles for your daily driving. So some will demand proof of having a regular car. Most come with limited mileage per year. For the classics 5000km, for the young timers 7500 km per year. Usually you can up the mileage for a slightly more expensive premium.

The reason they can offer these sort of insurances is that these type of cars are typically well looked after, driven only on weekends, mostly outside cities. So the claims under these insurances are few compared to regular vehicle insurances.

My 1982 Merecedes W123 and 1986 Alfa Romeo Spider have classic insurance, fully comprehensive. My 2002 Jaguar XJR is on a young timer policy. Depends a bit per insurance, but most will require and updated valuation report every three years. Certain classic cars are prone to ridiculous value increases. So Peter actually spends quite a bit of time on certain models of Porsches and some owners want an adjusted appraisel every 6-9 months as the value increases very sharply.

In case of damage to the car, the insurance company will sent their own damage assesor and together with the repair centre they will agree on the total cost. Classic insurance nearly always allow the owner to have the final call. You can just agree to have the car repaired, or you will have them pay the damage to yourself. You can repair the car yourself, or whatever.

Jeroen

[WanderinNomad]

Originally Posted by Jeroen

I just came across this thread. I thought I would just share how old and or classic cars insurance works in some western countries.

Obviously, getting third party insurance is rarely a problem. You can get that for just about any car, mostly simply on line as well.

When it comes to Classic cars (25 years and older) and or what these days are called young timers (sort of 10-25 years), there are different options. Again, third party is always an option. But often the owners would like to have a fully comprehensive insurance as these cars might be worth a lot. The problem is under normal insurance rules any car over 10 years old is worth zilch, as it looks more at depreciation rather then market value.

So what is on offer tends to be special insurances based on a formal valuation report from an officially appraiser. My spanner mate Peter who I have mentioned in a few other threads is such an official appraiser.

The appraisel will be done on market value. So the appraiser looks over your car and estimates what it would cost to buy a similar car from the market.

The underwriter or insurance company will pay out the full value as per the valuation report in case of theft or total loss. The premium various a bit. As a rule of thumb, for most classics its 0.75-1% per year of the value. For youngtimers the premiums tend to be a bit higher. (1-1.5%).

In essence, a very, very low premium for a fully comprehensive insurance.

Most of these insurances come with restrictions. They want to make sure you are not using these sort of vehicles for your daily driving. So some will demand proof of having a regular car. Most come with limited mileage per year. For the classics 5000km, for the young timers 7500 km per year. Usually you can up the mileage for a slightly more expensive premium.

The reason they can offer these sort of insurances is that these type of cars are typically well looked after, driven only on weekends, mostly outside cities. So the claims under these insurances are few compared to regular vehicle insurances.

My 1982 Merecedes W123 and 1986 Alfa Romeo Spider have classic insurance, fully comprehensive. My 2002 Jaguar XJR is on a young timer policy. Depends a bit per insurance, but most will require and updated valuation report every three years. Certain classic cars are prone to ridiculous value increases. So Peter actually spends quite a bit of time on certain models of Porsches and some owners want an adjusted appraisel every 6-9 months as the value increases very sharply.

In case of damage to the car, the insurance company will sent their own damage assesor and together with the repair centre they will agree on the total cost. Classic insurance nearly always allow the owner to have the final call. You can just agree to have the car repaired, or you will have them pay the damage to yourself. You can repair the car yourself, or whatever.

Jeroen

I am in a strange situation with a Honda city ZX 2006 model. The RC was renewed this year till 2021 and the car has been with me since the beginning and is in excellent condtion. I plan to hold on to it till it doesn't give any reliability or legal problems. The insurance is due and last year I had an Acko comprehenive insurance poloicy bought at Rs 7500. This is the money I have been paying for insurance for the past few years

Strangely, this year the prices are showing Rs 9500 for a comprehensive policy and Rs 3500 for a third party. I got the windshield changed through insurance lasy year as a branch fell on a stationery car.
Is that the reason ?
Or the increase is due to the car crossing 15 year mark?
At such a difference, it makes sense to opt in for third party which I don't want to do . Any solutions?


With the Delhi NCR rule of not allowing 15 year old cars to run, higher insurance premium and other such hassles, our policies surely make it tough to retain a 15 year old vehicle even if it is reliable.