Long-term insurance policy is compulsory only for new vehicles

My car insurance will be expiring next month. When I renew it, will I have to buy for three years at a stretch? Can I pay the premium in instalments if it is a huge amount? 
– Kamlesh Mohile

Long term policy is compulsory only for new vehicles. Since your car is already having a policy and due for renewal, you can opt for an annual policy. You also can go for a long term if the insurer has such a product. However, the premium has to be paid in one go.

My grandfather has an old Mercedes in our village in UP. The model has been discontinued. I want to bring it to Mumbai because it may now have some vintage value. I want to participate in the vintage car rally. But it has no insurance. Can I buy insurance for the car even though the model is old? How much will the premium be? 
– Suraj Arora

Yes, you can get insurance for your car. Your car premium may differ from insurer to insurer as all insurance companies will charge premium basis their loss experience for the said segment.

Shreeraj Deshpande, principal officer and CEO (officiating), Future Generali India Insurance

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