Buying a second-hand car helps you save costs, but it still requires proper protection. No matter how old the car is, unexpected events like accidents, floods, or theft can still happen, and you would have to pay for the repairs from your pocket. That is why it is important to protect it with used car insurance. It will not only help you stay legally compliant but also give you peace of mind knowing that you are financially secure.
Renew policy in 2 minutes*
21+ Insurers to choose
1.2Cr+ Vehicles Insured
Used car insurance (or second-hand car insurance) is an insurance policy that financially protects pre-owned or second hand cars. Like policies for new cars, it covers damages from road accidents, natural disasters, theft, and third-party legal or financial liabilities. Insurers decide the premium based on the used car’s age, condition, and usage. Since the vehicle has already depreciated, its Insured Declared Value (IDV) and premium is lower.
Generally, you do not need to buy a fresh insurance policy for a used car. The existing policy is transferred from the previous owner to the new one. However, it is important that the car insurance is transferred within 14 days to ensure continuous coverage and avoid claim rejection. Additionally, before issuing or transferring the policy, insurers may also require a vehicle inspection of the used car (depending on its condition & policy status) to check for any existing damage.
Buying car insurance is important for all car owners, whether it is a new car or a second-hand one. Here is why you should buy a used car insurance plan:
The basic purpose of a comprehensive car insurance policy is to keep an insured car safe from all kinds of damages and losses. With the help of a second-hand car insurance policy, your used car will be secured from all kinds of unforeseen risks, such as fire, accidents, natural calamities, manmade hazards, etc.
As per the Indian Motor Vehicle Act 1988, all cars plying on public roads should be covered under valid car insurance. The law applies to both new cars and second-hand cars. Therefore, if you don’t want to be penalised for using your second-hand car without insurance, you must get it insured under a used car insurance policy.
If your second-hand car causes damages to a third-party property or bodily injuries to a third party person in an accident, you will be liable to pay for it. But if you have a second-hand car insurance policy, your insurance company will take care of your third-party liabilities and pay for them on your behalf.
A used car insurance policy not only covers your second-hand car from uncertain risks but also protects the owner-driver of the car from any accidental injuries as well as death. Thus, in case you suffer an injury in a car accident, you can get it covered with a Personal Accident Cover.
When buying a second-hand car, you need to transfer the ownership of the car and the existing car insurance policy to your name. Since car insurance is mandatory in India, the used car that you are buying will likely have an insurance policy unless it has expired.
Here are the steps to transfer the ownership and insurance:
Visit the Regional Transport Officer (RTO)
Fill up an application to transfer the ownership of the car by transferring the RC of the car on your name
Submit all the documents required
Once the RC has been transferred to your name, fill up the fresh proposal form
Submit the policy form along with all the required documents
Pay the policy transfer fee
The motor insurance company will transfer the policy to your name
Make sure to cross-check your name and details on the RC and the motor insurance policy after the transfer has been made.
Take a look at the list of documents that you need to submit to transfer the insurance for a second-hand car:
Follow these steps to buy used car insurance online:
Buying a car insurance policy is an effortless and speedy process if purchased online at Policybazaar.com. It is one of the most popular insurance brokers in India, offering a variety of insurance plans, including used car insurance. If you are wondering why you should buy second-hand car insurance policy from us, take a look at the reasons below:
Policybazaar.com is a user-friendly website that values the time of its customers. As a result, the whole procedure of buying second-hand car insurance is very quick and simple. You just have to provide the required information and follow the step-by-step process and you will be issued with a second-hand car insurance policy instantly.
One of the most attractive benefits of buying insurance from Policybazaar Insurance Brokers Private Limited is that you can compare used car insurance plans offered by different car insurance companies. Plans can be compared based on the coverage offered and the premium charged so that you can objectively decide the plan you want to buy. Thus, it helps you make an informed decision.
Buying a second-hand car insurance online saves both time and money. Besides, online plan comparisons help to find a second-hand insurance plan that provides the coverage of your choice and fits within your budget. Thus, you end up saving a lot of money.
You need to ensure the following things before buying a used car and its insurance so that you don’t face any troubles later:
Ans: Buying a second-hand car has the following benefits:
Car Insurance Companies
View more insurers
Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
When it comes to car insurance, most people are familiar with
Read more
Yes, your car insurance may cover ECU (Engine Control Unit) damage
Read more
Changing a car's engine directly affects your car insurance. It
Read more
India moved from Bharat Stage 4 (BS4) to Bharat Stage 6 (BS6)
Read more
No, your insurance company cannot reject your car insurance claim
Read more#Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc
*Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.
+Savings are based on the maximum discount on own damage premium as offered by our insurer partners.
^Lowest Price Guaranteed is based on certifications shared by insurers with us. Policybazaar will facilitate price matching subject to the terms and conditions of select insurers.
##Claim Assurance Program: Pick-up and drop facility available in 1400+ select network garages. On-ground workshop team available in select workshops. Repair warranty on parts at the sole discretion of insurance companies. Dedicated Claims Manager. 24x7 Claim Assistance.
Insurance
Calculators
Payment Methods
Secured With
Follow us on
