If you have an old car or a vintage vehicle then you might find that car insurance can be quite pricey for your wheels. Comprehensive car insurance may not be an option but nevertheless your vehicle is still worth something, if not much in the market then at least to you. It needs to be covered. Some providers offer car insurance specifically for old cars and vintage motor vehicles. Others may only offer third party cover for very old cars. It still a useful, if not essential, cover if you drive the vehicle on a regular basis. Remember that once you are on the road, you can still be held liable for the damage caused to a third party’s car if you are at fault.
Insurance for Old Cars
You may have a 20 to 30 year old clunker that may not be much to look at but it still needs to be insured. Third party car insurance on its own only will pay for damage to the other party’s car in an accident. You will still have to repair your vehicle from your own pocket. This should not discourage you from settling for third party cover at the very least. Imagine if you smash into one of the latest high performance sports cars worth close to a million rand. Or even worse, a supercar that is over a million rand. You are going to be broke if you have to settle the owner out of your own pocket but third party insurance has you covered in these cases.
For a little more you can top up on third party cover with theft and fire loss for your own vehicle. While you are still not covered for accident damage and need to repair your car at your own cost, you at least know that you will be reimbursed should the car be stolen, hijacked or burned to the ground. Of course, since it is an old car you may not receive as much as you originally paid for it because its book value and replacement value is comparatively small. Nevertheless it is better to have some reimbursement than none at all. Remember that criminals will take any opportunity to steal or hijack a car, even an old car that does not seem to be of much appeal.
Insurance for Vintage Cars
Vintage cars are a priced possession that has much more value than just an old car. It is not only of interest to collectors and dealers but may also have significant sentimental value to you as the owner. It may have been the first car you inherited from your parents, a classic car that you restored or a one-of-a-kind that is just for special occasions. Whatever the case, you do not want to leave your vintage car uninsured but at the same time you do not want to cough up monthly in expensive car insurance premiums. Once again third party car insurance may be the better option, and at times the only option.
You may be quite disappointed to discover that what the car insurance companies are prepared to reimburse you is not the same as what you value the car. Maybe not even remotely the same price as what collectors and dealers would pay for your vintage car. Nevertheless this should not detract from the fact that car insurance is somewhat a necessity in South Africa. Basic car insurance options will cover you for both third party repairs and loss of your vehicle.
Even if you are not going to get back the money that your vintage car is truly worth, car insurance with third party cover is necessary in the event of an accident that is your fault. It may cost you more by not having insurance in these cases. Whether you are looking for car insurance for an old car or car insurance for a vintage car, make sure that you fully understand the policy at the outset.