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Home / Car Insurance / Old Car Insurance - Buy/Renew Used & Classic Car Insurance

Old Car Insurance - Buy/Renew Used & Classic Car Insurance
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In India, a car is not just a machine. It is a symbol of status and pride. That’s the reason why you find so many old and classic cars in the country. If you are someone who likes to maintain your old/classic car, then you might have insured your vehicle to cover the risk factors involved in owning an old car. If you own an old or classic or a vintage car, then read on as this article will provide all the information you need to know about Old Car Insurance.

What is Old Car Insurance?
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Old Car Insurance is nothing but car insurance for older cars which have depreciated value over the past few years. Used car insurance is similar to any other car insurance except for the fact that the insured vehicle is old and the risk factor is higher when compared to a new car.

Buying insurance for older cars is crucial due to the limited availability of spare parts and high risk of breakdown. For instance, if you own a car that was manufactured in 2000, then the spare parts might not be available, and you may have to spend a lot of money to source the spare parts. Apart from that, the chances of a component failure are high in older cars, which might lead to an accident. In such situations, second-hand car insurance is a must. The insurance will cover damages to your old car in case of any mishap.

Why is it Important to Insure Second-hand Cars?
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Whether it’s an old or a new car, insuring a vehicle is crucial in India. You cannot drive a vehicle on India roads without a valid insurance policy, and doing so will attract penalties. Now, when it comes to old cars, insurance becomes an even more critical factor. Below are the reasons for buying insurance for your old car:

Step by Step Guide to Buy/Renew Used Car Insurance Policy Online:
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Follow the below steps to buy/renew used car insurance policy online:

Points to Remember While Buying Second Hand Car Insurance:
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Insuring your old car is a must to cover the legal and financial liabilities arising due to damage to your vehicle as well as third-party property or life. But before buying insurance for your old car, you should remember the below points:

Note: You can ask the previous owner of the car to terminate the policy if you do not wish to transfer the insurance policy.

Things to look for when Buying Old Car Insurance:
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Owning and maintaining an old car can be an expensive affair, but with a Comprehensive Insurance Plan, you need not worry about financial liabilities in case of damages to your vehicle. But before buying insurance for your old car, you can consider the below points:

Know about the Insurer
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Before purchasing an insurance policy, go through the insurer's website to know about the after-sales services offered by the insurance company. Also, compare the insurance plans offered by the insurer with car insurance plans offered by other insurance companies.

Terms and Conditions
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Thoroughly go through the terms and conditions of the insurance policy before making the purchase decision. Also, go through other factors such as mandatory deductibles of the policy.

Insurance Cost
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Perform a thorough research on the pricing of the insurance policy as different insurers might offer different quotes for the insurance policy. Opt for a car insurance policy which offers maximum coverage at a low premium. Insurance policy is meant to reduce your financial burden, so be mindful about the cost of insurance.

Factors affecting the Used Car Insurance Premium:
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The used car insurance premium is calculated after accounting several factors. Below are the factors that impact the old car insurance premium:

Make and Model
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The make and model of the second-hand car has a huge impact on the car insurance premium. If the used car is a high-end model, the premium will also be high due to the high market value of the model.

Current Market Value
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The market value of the car is nothing but the Insured Declared Value of the vehicle. And depending on the IDV, the insurer calculates the insurance premium. The higher the value of the car, the higher the premium. So, always declare the correct market value of the car while buying old car insurance.

Mileage or Distance Driven
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Be it an old or a new car, one common factor affecting the Insurance premium is the mileage. The number of kilometres driven is one of the important factors which determines the old car insurance premium.

Tips to Save Big When Purchasing a Car Insurance Policy for an Old Car:
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When buying a car insurance policy for your old car, choosing the right insurance plan is crucial. Below are some tips to save big while buying old car insurance:

Transfer NCB Discount
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If you have purchased a used car, make sure that you transfer policy benefits such as No Claim Bonus. Even if you are switching the insurance company, the NCB discount benefits can be transferred, which might have been accumulated over the years.

Lower Market Value
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Because an old car has a lower market value, the car insurance premium will also reduce. That’s why it is important to declare the correct value of the used car while buying old car insurance. If you declare the value higher than the original worth of the car, you will end up paying a higher premium.

Installing Anti-Theft Device
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You can reduce the premium of old car insurance by installing an anti-theft or security device on your car. The reduced risk of theft will reduce the car insurance premium.

Benefits of Buying Used Car Insurance:
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Below are the advantages of purchasing old car insurance for your used car:

Benefits of Buying ACKO Car Insurance Policy for Your Old Car:
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ACKO Car Insurance Policy comes with a host of benefits. Below are the advantages of purchasing insurance for your old car from ACKO:

Digital Process
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ACKO is a digital-first insurance company, and you can buy car insurance online without any paperwork. Whether you are buying or renewing a car insurance policy, the entire process can be completed online. Moreover, the digital payment modes make the process even simpler.

Quick and Hassle-Free Claim Settlement
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Raising a car insurance claim at ACKO is super-easy! Just log on to the website and apply for a claim online. The best part is that minor claims will be settled instantly. While major claims will be settled in a few hours/days, depending on the severity of the damage to the insured vehicle.

Expert Advice and Assistance
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Just log onto ACKO’s website for any information regarding car insurance for your old car. Further, if you have any queries, the car insurance experts will clear your doubts and assist you in purchasing the right car insurance plan and add-ons for your used car.

Best Car Insurance Plans
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ACKO provides insurance plan quotes depending on the ideal Insured Declared Value for your old car. You can compare different insurance plans and add-on covers for your used car before purchasing the insurance policy.

What is Classic Car Insurance and How Does it Work?
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Classic Car Insurance is a separate category of motor insurance, which is available to old/vintage/classic cars. The cars certified by VCCCI (Vintage and Classic Car Club of India) are eligible for Classic Auto Insurance Plan. If you have a vintage car, which is in good condition and certified by VCCI, you can purchase the Classic/Vintage Car Insurance Policy.

Classic Car Insurance works similar to a new car insurance policy. You can purchase a Third-Party or a Comprehensive Insurance Policy for your classic car. Buying a Third-Party Insurance Policy is compulsory while the Comprehensive Policy is optional. The fundamentals of the Classic Auto Insurance is similar to any other new car insurance plan.

A Comprehensive Classic Auto Insurance provides coverage against damages to your classic car. On the other hand, the Third-Party Insurance Plan for classic cars provides only the mandatory coverage against damage to third-party property or life. Comprehensive Insurance Plan costs more than a Third-Party Policy, but it covers the expenses incurred due to vehicle repair works or replacement of parts.

Difference Between Vintage, Classic and Antique Cars:
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The terms vintage, classic and antique might sound similar when it comes to old cars. But technically they are not the same. The primary criteria for differentiating vintage, classic and antique cars is the manufacturing date. The VCCCI (Vintage and Classic Car Club of India) has the authority to categorise such old cars, based on several factors including the manufacturing year. Below are the differences between Vintage, Classic and Antique cars:

Vintage Cars
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The definition of a vintage car varies as per different guidelines. But in general, any car, which is manufactured between 1919 to 1925 (some consider it as 1919 to 1930) is categorised as a Vintage Car. The value of a vintage car does not depreciate even if the car is modified.

Classic Cars
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A car is categorised as Classic if it’s age is 20 to 40 years. Usually, cars manufactured between 1940 to 1970 are considered as Classic cars. A Classic car has to be kept in its original condition. Any modification to a classic car will depreciate its value. A classic car might lose its ‘Classic’ tag due to modifications to the exterior and internal components.

Antique Cars
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Antique and Classic cars might seem almost similar, but there is a thin line separating both the car categories. The definition of Antique varies depending on different guidelines. But generally, cars that are more than 45 years old are categorised as Antique Cars. As Vintage Cars, Antique Cars should be kept in its original condition with original exterior design and engine specifications.

The below table will give you a clear picture of the key differences between Vintage, Classic and Antique Cars:

Vintage Cars Classic Cars Antique Cars
Manufactured between 1919 -1925 (Or 1919 -1930) Manufactured between 1940 - 1970 Vehicles that are more than 45 years old
Do not lose value if modified Loses value if modified Loses value if modified
Example: Old customised cars, street rods and exotic cars Example: Sports cars, convertibles, muscle cars, etc. Example: Cars, trucks, motorcycles, old farm tractor, etc.

Factors Affecting Vintage Car Insurance Premium:
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Similar to new car insurance, several factors affect Vintage Car Insurance premium. Below are the factors that affect the premium of a Vintage Car Insurance Policy:

Classic/Vintage Car Insurance Eligibility:
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First and foremost, any vintage or classic car must be certified by the VCCCI (Vintage and Classic Car Club of India) to be eligible for classic car insurance. You need to submit the required documents to the insurer, which proves the exact age of the vehicle. Age of the vehicle is one of the main criteria for a classic or a vintage car.

Since vintage cars are very old vehicles, the IDV or the sum insured is calculated as per the actual worth of the classic car. You and the insurer should mutually agree for an IDV which matches the current value of the vintage car. But note that the vintage car insurance premium could be higher depending on various factors.

How to Buy Insurance for Classic Cars?
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Buying classic car insurance is not as simple as purchasing new car insurance. Not all insurers offer classic car insurance. So, you have to conduct thorough research on vintage car insurance and then choose an insurance company. Once you have figured out which insurer to go for, then you can follow the below steps to buy insurance for your vintage car:

Frequently Asked Questions:
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You should be aware of the fundamentals of classic car insurance before buying the policy for your vintage car. Below are some of the most commonly asked questions about old or classic car insurance:



1. What type of insurance policy should I buy for my old car?

A Third-Party Car Insurance Policy is mandatory, be it a new or old car. But you can consider buying the Comprehensive Insurance Policy for your old car as it provides all-round coverage for your car.

2. Is it worth it to buy a Comprehensive Insurance Policy for a vintage car?

Yes, it is worth it to buy a Comprehensive Insurance Plan for your vintage car. The Comprehensive policy covers repair costs and parts replacement costs, and a vintage car is prone to damages or components failures.

3. How much will it cost to insure my old car?

If the car is more than 5 years old, then the insurance premium depends on various factors such as the condition/value of the car, geographical location and the insurance plan and add-ons you choose. You have to come to a mutual agreement with the insurer for the sum insured, and depending on IDV, the premium is calculated.

4. How can I lower the cost of old car insurance?

If you have purchased a second-hand car, make sure that you transfer the NCB discount benefits, if any. You can avail the NCB discount while purchasing a new policy or renewing the existing policy. Apart from that, you can also install an anti-theft/security device on your old car to reduce the cost of insurance. With the reduced risk of theft, the insurer will give some discount while purchasing/renewing the policy.

5. Is the premium of used car insurance less when compared to new car insurance?

Yes, generally, the current market value of a used car is less when compared to a new car. So, the insurance premium for old car insurance will be less when compared to new car insurance. But it also depends on various factors. The old car insurance premium depends on the make and model of the vehicle. For instance, if the used car is an exotic high-end model, then the insurance premium will be high.

6. What happens if I do not transfer the insurance policy of my second-hand car?

If you have purchased a used car and did not transfer the insurance policy, then you cannot make any claims in case of any mishaps. The insurance company will reject your claim as you have not transferred the insurance policy. Ideally, you should transfer the insurance policy within 14 days of purchase of a second-hand car. Also, you will face legal issues if you fail to get used car insurance transfer.

7. I have purchased a second-hand car. Will the third-party insurance cover automatically get transferred to my name?

As per the rules, you have to transfer the insurance policy within 14 days of the second-hand vehicle purchase. Now, for 14 days, the third-party liability cover will get automatically transferred. Post the 14 days, if the policy is not transferred, the insurance company will not bear any losses incurred by you due to third-party or own damage.

8. How do I know if my vintage car is eligible for vintage car insurance?

If your vintage car is certified by the VCCCI (Vintage and Classic Car Club of India) and you have all the documents of the vehicle, then your vintage car is eligible for vintage car insurance.

9. Is it mandatory to buy a Third-Party Cover for my vintage car?

Yes, similar to new cars, vintage cars should also have mandatory Third-Party Liability coverage.

10. How does claim settlement work for vintage cars?

The claim settlement for vintage cars works similar to new car insurance claims. If your vintage car is damaged in an accident or stolen, you can raise a claim with the insurer. After verifying the damaged vehicle and submitted documents, the insurer will pay-out the claim settlement amount.