With conventional car insurance, your car is typically covered only up to its actual cash value, which is equivalent to its replacement cost minus depreciation.
Conventional car insurance in South Africa is generally offered in three main ways:
This is the most expensive type of cover. You are able to get cover for theft, hijacking, accidents, fire and natural disasters, like hail and floods. It also covers you against claims by third parties where you are responsible for damage to their vehicle.
Third Party, Fire and Theft Insurance:
This type of cover does not provide cover for accidental damage to your vehicle. You get cover for theft, hijacking or fire.
This is the cheapest form of insurance. It provides cover for any damage you may cause to someone else’s vehicle.
Vintage car insurance usually covers your vintage vehicle car for an agreed (often called “guaranteed”) value that is mutually agreeable to you and the insurance company.
Vintage car insurance works much like traditional car insurance. However, many insurance companies recognise that owners of vintage cars are unique individuals with specific insurance requirements.
“With so much time, money and effort invested into making these old cars look amazing, it makes sense that insuring them shouldn’t be a rushed decision,” says Indwe Risk Services MD, Peter Olyott.
Collectible cars generally increase in value, especially if they are well-restored.
There are various types, such as:
Classic car insurance – usually 19 to 24 years old
Antique car insurance- over 25 years old
Modified car insurance – this is for significantly altered engine, body, chassis and interior aspects.
Indwe Risk Services has been insuring vintage and classic cars for over twenty years. According to Olyott,“Cover can be arranged on a full comprehensive basis, balance of third party, fire and theft as well as on a laid-up basis should the vehicle be on permanent display.”
When you are looking for vintage car insurance it’s important to have the car property and independently assessed so that there are no doubts about the value and condition. Make sure that you take your vintage car through a risk review.