Which insurance is better for old car?
A comprehensive insurance plan is better for an old car as it offers coverage against third-party liabilities and own damage.
2.Can I insurance a 15 year old car?
Typically, most insurance providers do not offer package insurance plans (third-party and own damage cover) as the risk factor is higher. However, you can check with the insurer about your requirements to find out more information.
3.Can we do insurance of expired car?
You can insure a car with expired car insurance. You can renew the policy within the 90-day grace period after the policy expiry. After the grace period, you must purchase a new policy.
4.Which insurance is best for second hand car?
A Comprehensive Car Insurance policy is best for a second hand car as it provides coverage against own damage and third-party liabilities.
5.What type of insurance policy should I buy for my old car?
A Third-Party Car Insurance Policy is mandatory, be it a new or old car. But you can consider buying the Comprehensive Insurance Policy for your old car as it provides all-round coverage for your car.
6. Is it worth it to buy a Comprehensive Insurance Policy for a vintage car?
Yes, it is worth it to buy a Comprehensive Insurance Plan for your vintage car. The Comprehensive policy covers repair costs and parts replacement costs, and a vintage car is prone to damages or components failures.
7. How much will it cost to insure my old car?
If the car is more than 5 years old, then the insurance premium depends on various factors such as the condition/value of the car, geographical location and the insurance plan and add-ons you choose. You have to come to a mutual agreement with the insurer for the sum insured, and depending on IDV, the premium is calculated.
8. How can I lower the cost of old car insurance?
If you have purchased a second-hand car, make sure that you transfer the NCB discount benefits, if any. You can avail the NCB discount while purchasing a new policy or renewing the existing policy. Apart from that, you can also install an anti-theft/security device on your old car to reduce the cost of insurance. With the reduced risk of theft, the insurer will give some discount while purchasing/renewing the policy.
9. Is the premium of used car insurance less when compared to new car insurance?
Yes, generally, the current market value of a used car is less when compared to a new car. So, the insurance premium for old car insurance will be less when compared to new car insurance. But it also depends on various factors. The old car insurance premium depends on the make and model of the vehicle. For instance, if the used car is an exotic high-end model, then the insurance premium will be high.
10. What happens if I do not transfer the insurance policy of my second-hand car?
If you have purchased a used car and did not transfer the insurance policy, then you cannot make any claims in case of any mishaps. The insurance company will reject your claim as you have not transferred the insurance policy. Ideally, you should transfer the insurance policy within 14 days of purchase of a second-hand car. Also, you will face legal issues if you fail to get used car insurance transfer.
11. I have purchased a second-hand car. Will the third-party insurance cover automatically get transferred to my name?
As per the rules, you have to transfer the insurance policy within 14 days of the second-hand vehicle purchase. Now, for 14 days, the third-party liability cover will get automatically transferred. Post the 14 days, if the policy is not transferred, the insurance company will not bear any losses incurred by you due to third-party or own damage.
12. How do I know if my vintage car is eligible for vintage car insurance?
If your vintage car is certified by the VCCCI (Vintage and Classic Car Club of India) and you have all the documents of the vehicle, then your vintage car is eligible for vintage car insurance.
13. Is it mandatory to buy a Third-Party Cover for my vintage car?
Yes, similar to new cars, vintage cars should also have mandatory Third-Party Liability coverage.
14. How does claim settlement work for vintage cars?
The claim settlement for vintage cars works similar to new car insurance claims. If your vintage car is damaged in an accident or stolen, you can raise a claim with the insurer. After verifying the damaged vehicle and submitted documents, the insurer will pay-out the claim settlement amount.
