Complete Guide to Vintage Car Insurance in UAE

By Kapil Dwivedi
  | Published: 09 February 2021

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For every auto-enthusiast vintage cars are enticing with their antique aesthetics and rustic charisma. Those unique, attractive beauties are not only eye-catching but also very costly. Furthermore, it not only costs a lot to buy these classic cars but their maintenance is another concern.

It is quite clear that these cars have a separate and limited customer base which includes aficionados who are in love with these super-machines. If you are one of those connoisseurs who are willing to spend a hefty amount to own one of those classics, it is extremely vital to get vintage car insurance to protect your beloved vehicle against the strokes of uncertainties.

All of us are aware of the fact that every car owner must have valid car insurance in UAE. However, when it comes to vintage cars it becomes necessary to get a specialized insurance plan that takes special care of your vintage car. Now, if you are looking forward to insure your vintage car with the right insurance plan it becomes important to understand the difference between classic and vintage cars. Before we dive deep into the nuances of vintage car insurance, let us take a quick look at the categorization of these crafted machines.

Classic Cars vs. Vintage Cars

The first thing that is common for both vintage cars and classic cars is their pricing. These vehicles will cost way too high than regular cars due to their anatomy, age, and mechanics. Typically, any car that was manufactured from 1919 to 1930 is classified as a vintage car. On the other hand, cars that are manufactured from 1940 to 1970 are considered classic cars.

The general categorization is based on the mentioned timeline. However, different car insurance providers may have different categorization criteria based on their products and services. Both classic and vintage cars are quite different from each other but one thing both need is the right insurance.

Reasons to Purchase Vintage Car Insurance

If you are an auto-enthusiast who invests loads of time to stay up to date it is equally important to be aware of the nuances of vintage and classic car insurance. As mentioned earlier vintage cars are quite expensive and their maintenance cost is very high. Therefore, to make sure your lavish vintage beauty remains maintained and performs well it is crucial to opt for the right vintage car insurance in UAE.

Another reason behind purchasing vintage/classic car insurance is the right service and assistance. Vintage and classic cars are crafted machines that have very different anatomy in comparison to regular cars. Considering the anatomy, and arrangement of the vehicle only specialized mechanics are truly capable of working on these cars. With the right old car insurance, you can make sure that your vehicle is handed over to the right hands that are specialized in repairing and servicing vintage cars. Most of the car insurers that offer vintage car insurance have partnered workshops that specialize in working on vintage cars.

Factors affecting Premium of Vintage Car Insurance

A very common question asked by people willing to buy vintage car insurance in the UAE is that how actually is the premium of vintage cars decided? Are there any specific factors that affect the price of vintage car insurance?

In this section, we will take a close look at the factors that affect the premium of vintage/classic car insurance not just in the UAE but globally. Here’s a rundown-

The current value of the Vehicle

The first and foremost factor that plays the most important role in determining the premium of vintage car insurance in the UAE is the current value of the vehicle. Determining the price of a vintage or classic car is a daunting task in itself as numerous factors are to be taken into consideration to evaluate the correct which is not the case with normal cars.

Age of the Vehicle

The second most important factor that is crucial in determining the premium of vintage car insurance in the UAE is the age of the vehicle. The value analysis of vintage and classic cars is usually carried out on the basis of age which makes it a detrimental factor. An important point to be kept in consideration here is that the price and value evaluation process might vary from provider to provider based on their guidelines and methodologies.

Average Maintenance Cost of the Vehicle

Technically this is the most important point from the insurer’s perspective as maintenance is the part that is taken care of by the insurer. In most cases, the average maintenance cost is directly proportional to the premium of a vintage car insurance plan. The insurer will check your vehicle extensively both physically and mechanically to determine the maintenance cost.

Cost and Availability of Spare Parts

One of the most difficult tasks in repairing or restoring a vintage car is the availability of spare parts. Since vintage cars are rare and expensive their spare parts are even rare to find and expensive which turns out to be another crucial factor that determines the premium of vintage car insurance. The easier the availability and cost of spare parts of vintage cars, the lower will be the premium of the plan.

In a Nutshell

For every vintage car owner, the vehicle is not just a machine it is an extremely prized possession that is beyond money. In order to make sure your possession remains maintained it is important to get the right vintage car insurance. With the above factors in consideration, you are just a step away from protecting your vehicle from unforeseen events.