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How Do You Buy Insurance For a Vintage Car?  

We all love the scenes whenever a vintage car cruises just in front of our eyes. Most of you would know even if you don’t own one that it requires some maintenance to keep a vintage car on its feet up and running. Insurance comes under the umbrella of maintenance and anyone who loves his car will always keep one no matter he has to buy one from Mexican auto insurance companies. Mexican auto insurance works when you need to cruise within the boundaries of Mexico while having insurance for the US or Canada.

Car insurance from Canada or the US doesn’t work in Mexico. So, you need to buy another one if you visit there. But, while on the topic of vintage cars, insurance companies use different guidelines to categorize a few of them. A vintage car can be defined as the one manufactured between 1919 and 1930. No matter how the car looks like, these cars are categorized as classic and antique.

Insurance for vintage cars

For obvious reasons, the scarcity of vintage cars makes them of high value. The higher value might lead to more cost of repair whenever any part gets damaged so the collector would have to buy appropriate insurance. Especially, when the car is driven more often, it’s more exposed to those damages.

Insurance is the best way to secure the value and that radiance of a vintage car. The insurance company takes every step to cover any mishappening.

Factors affecting the cost of vintage car insurance

The insurance policy of a vintage car is based on various factors combined to form one premium value. Let’s discuss each of them.

  • The first thing is how much depreciation has acted upon the car right from the day you bought it. It is because the company wants to determine the present value of the car as compared to the value when it was purchased. Depreciation has been a big determinant of insurance premium and policies and due to the car being old it has an even bigger role. Taking the car out of the showroom will rip off its value. The process of evaluating depreciation can be a bit complex.
  • The age of a car also determines the type of vintage car it is. Whether it is classic or an antique, the insurance company will distinguish between each of them to come up with a policy. It might differ from company to company on how they perceive a car as antique, classic, vintage or in any other category.
  • Another process included in compiling and insurance policy is computing the expected cost of the car. The high maintenance will lead to higher premiums and vice versa. Maintenance cost can be calculated by considering repair cost, brand, maintenance facilities, cost of spare parts, etc. It’s just like the normal car insurance but a bit more complex to estimate.

The above points are significant in determining a premium. Always go for different Mexican auto insurance quotes to choose the one best suited according to your requirements. Don’t just be satisfied with one company as there might be others which perceive the car differently reaching different conclusions.

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