Old Car Insurance

Protects Against Risks: A Comprehensive Car Insurance Policy provides coverage against damages to your old car in case of mishaps such as an accident, fire damages or damages due to natural/manmade disasters.

Mandatory for All Vehicles: It doesn’t matter if you own an old or new car. Purchasing at least a Third-Party Car Insurance Plan is compulsory to comply with the Motor Vehicles Act. Driving a vehicle without a valid motor insurance policy is an offence, and you can be penalised for doing so.

Third-Party Liability Coverage: The Old Car Insurance Policy covers damages to third-party property or life. If your old car causes damage to a third party or injures a third party in an accident, the insurance policy will cover such damages/losses.

Personal Accident Coverage: An Old Car Insurance Plan not only covers your car but also provides coverage against injury/accidental death of the owner/driver. For instance, if you are injured in a car accident, then the insurance policy will cover the medical expenses incurred due to the treatment of the injury. Note that this is a mandatory cover that needs to be purchased separately.

Theft of the Insured Car: Car theft is one of the most notorious crimes which is on the rise in our country. An old car insurance policy is the solution to protect yourself from this crime. Setting the correct Insured Declared Value (IDV) while buying insurance enables you to receive the right amount from your insurer in case of theft.

Visit your respective RTO (Regional Transport Office) and submit the application for vehicle ownership transfer.

Submit all the relevant documents and pay the fees.

Once the RC transfer is done, you can contact the insurer for the insurance transfer.

Submit the new proposal form along with the relevant documents.

Pay the insurance transfer fees, and the insurance company will transfer the policy to your name.

Compare Insurance Plans: Before buying second-hand car insurance, compare insurance plans offered by different insurers. Also, read the terms and conditions of the car insurance before making the purchase.

Determine the Value of Your Old Car: Before buying a car insurance policy for your old car, determine the current market value of the vehicle. The value depreciates with each passing year, and depending on the value of the vehicle, the IDV is calculated. The IDV is the main factor which decides the insurance premium.

Depreciation Rate: The value of a vehicle depreciates with each passing year. During the claim settlement, the depreciation value is deducted from the final claim settlement amount. So, you should be aware of the rate of depreciation for your car before buying an insurance policy.

Add-on Covers: While buying a motor insurance policy for your old car, you can ask the insurer about the available add-ons. You can ask for some important add-ons such as Engine Protect cover, Passenger cover, and consumables cover. You will end up paying a slightly higher premium, but it will be beneficial in the long run.

Claim History: Know the claim history of the previous insurance policy if you are switching insurance companies or renewing the existing policy. If you have made zero claims, you can avail of the No Claim Bonus discount offered by the insurer. You can get up to 50% discount depending on the number of claim-free years.

Additional Discounts: Apart from the No Claim Bonus discount, you can also get an additional discount on the insurance policy by installing an anti-theft/security device on your old car. With the reduced risk of theft, the insurer might reduce the insurance premium.

Check Claim Settlement Process: Before buying an insurance policy, thoroughly go through the claim settlement process of the insurance company. Make sure that the process of raising a claim is simple and hassle-free, and always choose an insurer which has a quick turnaround time for claim settlement.

Transfer the Policy or Buy a New One: If you have bought a second-hand car, you must transfer the car insurance policy within 14 days of purchase, or else you can buy new car insurance as per your requirements.

Determine the current value of your vintage/classic car.

Make sure that your vintage/classic car is certified by the VCCCI.

Share all the details of the vehicle with the insurer, along with the required documents.

Come to a mutual agreement with the insurer on the Insured Declared Value or sum insured amount.

Choose your insurance plan and add-ons.

Get the classic car insurance policy quote from the insurer.

Pay the premium and collect the vintage car insurance policy certificate.