Classic (Vintage) Car Insurance
Owning a classic car (vintage car), or a fleet of classic cars is a lifelong dream for many car lovers. When the day comes to take your classic car for a joy ride, you’ll want to make sure your investment is protected. At Petra, we have a deep appreciation for exotic, luxury, and antique cars. We understand that not only are these vehicles a significant investment, they are also a source of great pride for collectors. Our love for cars and their owners drives our team to provide the best classic car policies to protect your investment. Classic car insurance is part of our Personal Insurance policies and is specifically designed to cover higher valued cars and trucks 20 years and older. This category of cars can include high-value collectable cars, antique trucks, and luxury SUVs, as well as sports cars that require special protection compared to regular or standard vehicles.
What is Classic Car Insurance?
Classic car insurance provides specialized coverage for vintage and collectible vehicles, offering protection beyond standard auto insurance. It considers the unique value and limited use of classic cars, ensuring they are covered appropriately.
What Do I Need to Know About Classic (Vintage) Car Insurance?
Classic car insurance is designed to meet the specific needs of collector car ownership, which are often different compared to standard car ownership. In particular, classic car policies allow you to increase your coverage as the value of your car increases over time. This type of policy also considers specialized repairs and parts needed in the event of damage, as such parts will likely be more expensive than standard vehicle repairs.
Classic car policies often require that the car not be used as the primary driving vehicle. They can also place a maximum annual mileage restriction on its use. However, this is not a problem as most drivers use their classic car for pleasure driving, as a hobby, or for parades and antique car shows.
Typically, drivers need to meet the following criteria to qualify for classic car insurance:
- At least 30 years old.
- Valid driver’s license.
- A great driving record with at least five to ten years of experience.
- Zero violation or at-fault accident in the past three years.
- Store your car in a fully enclosed garage, carport, or storage facility.
- Own and use another vehicle as your main source of transportation.
- Own a vehicle that is in good condition.
Types of Cars Covered under Classic Car Insurance in the UAE
Classic car insurance typically covers:
- Vintage Cars: Vehicles manufactured over 30 years ago that retain original specifications.
- Classic Cars: Vehicles that are 20-30 years old, well-maintained, and used primarily for exhibitions or limited leisure driving.
- Collectible Cars: Special edition models with historical or cultural significance.
- Restored Cars: Vehicles that have undergone professional restoration to maintain or increase their market value.
What Does Classic (Vintage) Car Insurance Cover?
- Agreed Value Coverage: Protects the full insured value of the car, agreed upon at the policy’s inception.
- Spare Parts & Restoration Coverage: Covers rare parts and restoration costs after an accident.
- Limited Usage Protection: Insurance tailored for cars used for exhibitions, shows, and occasional leisure drives.
- Theft and Fire Damage: Compensation in case of theft, fire, or natural disasters.
- Third-Party Liability: Covers damages to others in case of an accident.
What Does Classic (Vintage) Car Insurance Not Cover in the UAE?
- Regular Daily Use: Most policies do not cover vehicles used for daily commuting.
- Unauthorized Modifications: Unapproved customizations may void coverage.
- Wear and Tear: Normal aging, mechanical breakdowns, or depreciation are typically not included.
- Racing or Track Events: Damage sustained during competitive events or track days is generally excluded.
- Unregistered or Uncertified Vehicles: Vehicles without proper registration or historical certification may not qualify for coverage.
Classic (Vintage) Car Insurance Claims Process
Steps to File a Claim:
- Report the Incident: Notify the insurer immediately after an accident, theft, or damage.
- Provide Required Documentation: Submit photographs, repair estimates, and a police report (if applicable).
- Assessment and Verification: The insurer evaluates the claim based on the agreed value and policy coverage.
- Approval and Compensation: Upon approval, the payout is processed according to the policy terms.
Petra Classic (Vintage) Car Insurance
You’ve worked hard to locate and purchase your luxury vehicle. The best way to protect your interests is to invest in comprehensive classic car insurance. As Dubai’s premier classic car insurers, we’ll not only protect your financial investment, but we’ll also ensure your coverage increases as the value of your car increases over time.
If you are interested in learning more about what auto insurance policy best suits your needs, contact a member of our team to learn more.
UAE Classic (Vintage) Car Insurance FAQs
Classic car insurance usually restricts usage to limited leisure drives, exhibitions, and car shows rather than daily commuting.
Yes, most policies allow value reassessment and coverage adjustments based on market appreciation or restoration.
Yes, drivers typically must be over 25 years old, though some insurers may have different requirements.
If the policy includes event coverage, damages sustained at exhibitions or auto shows will be covered under agreed terms.
In most cases, insurance policies for collectible vehicles are almost always less expensive than standard automobile insurance. How can this be? Lower costs are due to the fact that you typically drive your antique car less frequently than your standard vehicle, and that you are more likely to keep your antique car sheltered and in pristine condition. Ultimately, classic car insurance premiums are calculated based on standard industry factors, such as the make, model, age, and condition of your vehicle
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