Like every year, most agencies put their most innovative models on sale, so cars from previous years are losing their value. In this article we show you the four insurance policies for old cars that exist in Mexico and how to request it.
Index: In this article you will find
Every year cars depreciate
What are the best insurance for old cars?
The insurers you can quote with
Coverage for this type of car
Basic coverage or civil liability
Limited coverage
Requirements to insure your old car
Every year cars depreciate
For some the “new year” is the best opportunity to renew oneself, but for many others this is not the case. Your car is one of them since as time passes it loses its original value, that is, it depreciates when it leaves the dealership.
And what do we owe this for? If we go back in time a little, from the 19th century the concept of “depreciation” emerged for trains and according to The Economic Times it is the monetary value of an asset that decreases over time due to its use, wear or obsolescence. This same concept applies to your cars, electronic equipment, among others.
Do you insure old cars?
Cars can be considered old or antique depending on their state of conservation. This car insurance offers protection to vehicles against the main threats that may affect them and their occupants.
In fact, in Mexico there are car insurance companies dedicated exclusively to protecting those faithful adventure companions that have been in existence for more than 15 years.
What are the best insurance for old cars?
It is ideal to hire the most complete packages that provide support at all times, but in cases where the car is more than 10 years old, a basic package is recommended, as it is much cheaper and even easier to obtain a policy.
The insurers you can quote with
It may be difficult to find an insurer that will protect an older vehicle. However, currently, there are many insurers that focus on covering this type of car up to 20 years old, some of these are:
HDI: provides specialized care for classic cars from 1927. It provides protection and support to face and cover the expenses generated by the affected party’s claim.
Quálitas: depending on the model, a unit from 1981 can be compared. In addition to the coverages that can be added to create the perfect policy tailored to the needs of each insured.
GNP: offers packages for cars with a year of 1998. Due to the depreciation of cars with respect to their age, broad and limited coverage insurance usually costs much less.
AXA: also offers insurance for discontinued vehicles. Giving the possibility of including first risk own damage coverage. However, it is not the only optional coverage offered to make your insurance even more complete. It also gives the option of contracting the return of the car at home.
We must not forget that insurance for this type of car is designed to cover all the needs that it may present.
It is of vital importance, especially because since 2019, it has been mandatory for any vehicle that travels on the streets to have some type of insurance policy , such as civil liability insurance.
visit : best insurance for old cars
Coverage for this type of car
What does old car insurance cover?
The most essential coverages and services that exist in insurance for old cars work to guarantee the safety of the occupants of the unit and its replacement in the event of total loss, whether due to material damage or theft.
1Basic coverage or civil liability
It protects material damage that the insured causes to another individual, both to his unit and to his person.
The insured sum, or the maximum that the company will pay for the incident, for damages to people is 100 thousand pesos and for damage to the car it is 50 thousand pesos, but each institution can change this amount and includes:
Civil liability
Medical expenses for occupants
Legal defense
2Limited coverage
old car insurance
In this case, the coverage will protect you in the event of Total Theft of the unit and will compensate depending on the value of the vehicle.
It also includes among its benefits civil liability, medical expenses for occupants and legal defense, but it additionally has:
Partial or total theft
Roadside assistance
What insurance is for classic cars?
The coverage offered by insurance for old cars is equivalent to basic coverage insurance or civil liability insurance for damage to third parties, this protects you against damage caused to people outside the vehicle.
Requirements to insure your old car
You will be asked for different requirements, starting with the owner of the car being over 25 years old, but in addition to this, keep the following requirements in mind:
Official identification.
Payment of holdings or endorsement.
Have the original papers.
Have 85% of the original parts.
Preferably with their first plates.
Take into account that each insurer may give a different value to the car depending on its guidelines, in order to quote approximate costs.
Now that you know everything about insurance for old cars, we invite you to make a quote with one of our SOC advisors to provide you with personalized attention and the contracting of the best product to protect your car. Together, we make it real!
