Used Car Insurance
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According to the Motor Tariff Act, after buying a used car, it is necessary for the new owners to get the insurance policy transfer to their name within the next 14 days of buying the car by contacting their respective insurance provider. It is important to note that only the third party section of the car insurance policy gets automatically transferred in the next 14 days of buying the car. While, for transferring the ‘Own Damage’ section, it is necessary to register the insurance policy under the name of the new owner.
What is Used Car Insurance?
Used car insurance coverage policy is a sort of motor insurance policy intended to protect second-hand cars. It protects a car from some erratic threats and adversities that might possibly cause major damages or loss. It gives exactly the exact same degree of policy a fresh car gets under a motor insurance plan. Therefore a second-hand insurance coverage insures the used-car from the third party obligations and has damage risks.
Why Is It Important to Get Your Used Car Insured?
A car insurance policy is a must-have policy for all car owners, be it for a new or an old car. Some of the reasons to get an old car insured have been highlighted below:
1. Mandatory Requirement For All Cars
According to the Indian Motor Tariff of India, all cars that are commuting on public roads are required to be covered by a credible car insurance policy. It is applicable for both the new as well as old/second-hand cars and in case if you wish to avoid paying the penalty, then it is significant to get your car insured.
2. Third Party Legal Liabilities
In case your car causes damage to a third person or their property, in that case, you are liable to pay for the loss. However, if you have insurance for your old/used car, your third-party liabilities will be taken care of by the car insurance company.
3. Own-Damage Risks
The primary purpose of getting your car insured is to protect it from all kinds of risks like fire, accident, haphazard, natural calamities, etc.
4. Theft of Car
Standalone-own damage and comprehensive car insurance policies keep you insured against the risk of your used car getting stolen.
Insurance Scenarios When You Purchase A Used Car
While purchasing a Used/Old car, typically two scenarios arise as follows:
CASE 1: Existing Insurance
CASE 2: Need to buy a new insurance
Let us understand what needs to be done at the time of purchasing a second-hand car when the aforementioned scenarios arise.
Case 1: Existing Insurance
When policyholders purchase a used car with already existing insurance, then they are required to get the existing car insurance policy and ownership of the car transferred to their name. Mostly, the second-hand car comes with an insurance policy that needs to be renewed after a while. In such cases, it is required for the present car owner to get the insurance policy transferred within two weeks to their name. You can follow the below steps to transfer the ownership of your existing car insurance policy:
Car Insurance Policy Transfer Process
Within the next 14 days of buying a second-hand car, make sure the car insurance policy is transferred to your name from that of the previous owner.
- Begin by filling a new proposal form along with the transfer of RC. A previous copy of policy, forms 29 and 30 signed by the previous owner, alongside a transfer fee. All of these needs to be given to the insurance company, after which the endorsement of the transfer shall get passed.
- After the RTO has issued the new RC copy, submitting it would be of great help in setting out the matter during the time of claim settlement.
- if the change of ownership is not there in the RC copy even after the transfer of insurance policy or a similar proof is not submitted, then at the time of claim settlement, you need to give the proof of RC transfer to your insurance provider.
- There will be no claim rejection in case the transfer process is still going on. However, claim settlement will be done once the proof of RC transfer has been submitted to the insurance provider.
Case 2: Need to Buy a New Insurance
If you are purchasing a used car without any existing insurance policy, then you are required to buy a new second hand car insurance policy for your vehicle. Buying an insurance policy for a second hand car is very easy and quick. You can buy a new insurance policy by following the below steps:
Step 1: Go to InsuranceDekho and enter your car’s registration number.
Step 2: Click on ‘Get Your Quote’.
Step 3: Enter the details as required such as your car’s brand, model, fuel type etc.
Step 4: Provide your personal details like name, mobile number etc. Then click on ‘Submit to get quotes’.
Step 5: Afterwards, compare the premium amount of different plans and select a plan based upon your budget and coverage requirement.
Step 6: You can also customize your insurance policy by choosing add-on covers to extend your coverage.
Step 7: Make payment online and once the payment is made, you will get your second hand car insurance policy issued within a few minutes.
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Points To Remember While Insuring A Used Car
Before you purchase insurance for an old or a second-hand car, keep in mind a few key things like:
1. Get Sufficient Insurance Coverage
There are a lot of insurance companies in India offering different policy limits. After doing thorough research of the plan offered by the different insurance companies based upon your individual requirements you select an optimum plan.
2. Ease of Claim Settlement Process
It is of great significance to know beforehand how long it takes for the insurance company to settle the claim. The claim settlement process offered by the company should be easy and hassle-free.
3. Right Insured Declared Value
Since the value of a car decreases by some percentage every year, therefore, it is important to know the total worth of your car during the time of insurance. So, before spending any money on the premium amount, it is important for you to make a note of the benefits that you will reap from that insurance.
4. No Claim Bonus
If there are no claims from the policyholder in case of small accidents or mishaps, then they are eligible to get a bonus each year. Moreover, if you want to sell your old car or buy a new one, then in such a case your NCB can be transferred to the new car.
5. Check For Discount Offered
Besides the No claim bonus, the car owner is entitled to get an additional discount if they install ARAI-approved anti-theft devices in their car or have a membership of any automobile association.
6. Add-on Covers
During the time of insurance for an old/used car, do not forget to get necessary add-on covers. Some of the covers that you can expect include medical covers, zero depreciation cover, engine protection plan, etc. Even if it requires you to pay an additional premium amount for these covers yet they would prove to be beneficial for you.
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Used Car Insurance FAQ
Why should I need an insurance policy for used car?
You should buy an insurance policy for a used car as according to the Indian Motor Tariff, it is a mandatory requirement for every car owner for being able to drive the vehicle legally in the country. Besides legal compliance, a car insurance policy also provides you with financial stability if your car meets an accident in the future.
How is the second hand car insurance premium calculated?
The car insurance premium of a second-hand car mainly depends upon the Insured Declared Value of the car which is further dependent upon the car's age. If it is more than 5 years old, then the IDV is set based upon the mutual consent between the concerned parties.
How do I renew my second hand car insurance?
A second-hand car owner has two choices either they can continue with the existing policy or purchase a new policy. In case they wish to continue with the existing plan, they need to transfer the ownership to their name. On the other hand, if they wish to buy a new plan, then it is the same as buying a new car insurance plan. The process is as follows:
- Step 1: Visit InsuranceDekho. Compare the car insurance plans online and get the quote.
- Step 2: Choose the insurance plan you want i.e Third party or comprehensive or standalone own-damage car insurance policy.
- Step 3: Choose the additional benefits to enhance your coverage.
- Step 4: Make the payment using a debit/credit card or net banking facilities.
Why should you get a second hand car insured?
You should insure your second-hand car due to the following reasons:
- Third-party liabilities.
- Damage to your car due to manmade calamities.
- Damage to your car due to natural calamities.
- Damage to your car due to theft or hijacking.
What will be the ncb for second hand car insurance?
No Claim Bonus (NCB) is attached to the car and not the policyholder. Thus, in case of purchase of a second-hand car, if you are continuing with the existing car insurance policy, the NCB will remain the same.
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