The allure of vintage vehicles is self-evident; it fulfils a part of us that is enthralled by the enduring appeal, ground breaking technology and design directions of the day. These vehicles also refer to a particular way of life, which has now largely been consigned to history books and museums. In a way vintage vehicles bring the past back to life.
It stands to reason that owners of vintage vehicles 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.
“We’ve been insuring vintage and classic cars for over twenty years and are well aware of the risks involved in insuring these particular vehicles”, says Olyott. “Owners should consider various factors , such as ensuring that the cover does not fall away during rallies and motorsport events, extending cover for components and accessories to guarantee they are covered when on display and cover in the event of theft.”
The most sensitive of all the challenges to bear in mind when insuring vintage vehicles is the question of the market value of the vehicle. “It’s well worth having the vehicle properly and independently assessed so that there are no doubts about the value and condition in the event of the loss of the vehicle. 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”, says Olyott.
When insuring a classic or vintage car, it is important that a thorough risk review be done, which will leave both the owner and the insurer with fewer unpleasant surprises should there ever be a claim.
Is your oldie properly insured? For more information about Indwe Risk Services, visit www.indwerisk.co.za or speak to our experts today. Contact Jacqui Venter on 012 471 1100 or email jacquiv@indwerisk.co.za
About Indwe Risk Services (Pty) Ltd
Indwe Risk Services first came into existence in 2006, the product of a merger between Thebe Risk Services and Prestasi Brokers, both of which had a formidable history in insurance.
The company’s excellent service, innovative products and timeless values are borne from decades of experience garnered by South Africa’s insurance leaders and trailblazers. Indwe is an independent broker and deals with all registered and approved insurers in South Africa.
The company has some of the most experienced and respected brokers in the market.
Their expertise ranges from pioneering solutions in personal lines insurance and innovation in commercial insurance solutions through to creative and effective problem solving for the larger and more complex businesses.