Should I buy comprehensive car insurance for my old car?

Owning a classic or vintage car tends to get expensive with all the maintenance costs. Since these cars are manufactured a long time back, the chance of component failure is inevitably higher. And, in that case, it becomes way too costly to source the spare parts. Keeping this in mind, to minimise your financial liabilities, it is always better to invest in a comprehensive car insurance plan.

However, before availing insurance plans for your old car, there are certain things a car owner needs to consider.

Aspects to consider before investing in a comprehensive insurance plan for old cars

Here are some important factors you need to pay heed to before you avail a motor insurance policy for your old car:

Insured Declared Value (IDV): Knowing the market value of your old car while availing the insurance plan should be the primary thing to do. The value of old cars automatically depreciates over time, and the IDV gets calculated depending on this aspect. Since your insurance premium will also be dependent on IDV, make sure to evaluate that beforehand.
Claim settlement process: Purchasing a vintage car is definitely easy if you are not too picky! However, when it comes to investing in a comprehensive car insurance plan, you need to be well aware of the claiming procedure first. Make sure to go for an insurance aggregator that offers a quick turnaround time.
Add-on covers: While availing of a motor insurance plan, one should acquire information regarding the add-ons available. Some car owners look for a passenger cover, engine protection cover, consumables cover, etc. However, note that going for these add-ons inevitably increases the premium amount.

One should also learn about the No Claim Bonus (NCB) facility available with comprehensive car insurance plans. You get this discount if you have not made any claims previously. Also, go through the list of deductibles or exclusions of the insurance policy you have picked for your old car.

Also Checkout:- How to renew a car insurance policy online?

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