Used Car Insurance
Get up to 80 % Discount on Your Car Insurance!
If you are looking for excellent insurance for your four wheeler, you have come to the right place. At Tata AIG, we offer a wide range of used car insurance policies that can provide you with extensive coverage for your second-hand vehicle.
What Is Used Car Insurance?
As its name suggests, a used car insurance policy is an insurance policy for a car that is not brand new. Such a car can either be a second hand car or an old car. If you have purchased a second hand car, you must immediately buy a car insurance policy to protect your new driving companion against a wide range of adverse events.
If you have a car that is old, the car insurance plan you buy for it is referred to as old car insurance. It is legally mandatory to have valid car insurance for all car owners in the country, and this rule applies to an old car and a second hand car as well. Therefore, you must select a suitable car insurance plan for your old car or second hand car.
At Tata AIG, we offer an excellent selection of car insurance policies for second hand cars and old cars alike. You can visit our website and get our car insurance quotes online by using our online car insurance premium calculator. After assessing and comparing various car insurance plans, you can carry out car insurance policy renewal or new policy purchase by following a seamless and swift process.
By choosing our car insurance for old cars or second hand cars, you choose the security of a TATA promise and quality service delivery. Go to our official website and pick your Tata AIG car online insurance plan now!
Why Should You Get Your Second Hand Car Insured?
Buying car insurance is an important aspect of the safe and legally compliant ownership of a car. Whether you purchase a new car or a second hand car, you must opt for a comprehensive car insurance policy. Immediately following a used car purchase or second hand car purchase, you must select a car insurance policy for your four-wheeler and ensure complete protection for it.
Here are the main reasons why you should get a second hand car insured:
1. Compliance with India's Motor Laws: The first and foremost reason for buying a car insurance policy for your second hand car is that it is mandatory under the motor laws applicable in India. If you own a car in the country, you must have at least third-party insurance for it. Failure to do so will make you vulnerable to penalties. However, it is advisable to purchase a comprehensive car insurance policy in order to have a high degree of protection for your car.
2. Coverage for your car : A second hand car is just as prone to accidents and other damages, if not more, than a new car. Therefore, it is important to opt for a car insurance policy and have financial protection for your vehicle. Such a policy offers coverage for damages from accidents, fire, theft, natural and man-made calamities, etc.
3. Personal Accident Insurance for you : All car insurance policies in India comprise an in-built Personal Accident Insurance Cover for the owner-driver. In the unfortunate scenario of you getting injured in an accident involving your insured second hand car, you get a Personal Accident Cover to the tune of ₹15 lakhs. This cover also includes your death due to an accident-induced injury.
4. Protection against Third-party Liabilities : A car insurance policy for your second hand car protects you against the financial and legal ramifications of any third-party liabilities that may arise as a result of an accident involving your car. This includes any damages to third-party property and injuries to third-party persons, including their death.
Things To Remember While Insuring Your Old Car
Before selecting a car insurance policy for an old car or a second hand car, there are certain important factors you should keep in mind. Here are the things you ought to remember while buying used car insurance:
1. Your Car Insurance Requirements : In order to select the most optimal used car insurance plan for yourself, you must first have clarity on your car insurance requirements, including the insurance coverage you want for your used car, the premium you are willing to pay, and the type of policy you wish to buy. You can choose a third-party liability car insurance policy, an own-damage car insurance policy, and a comprehensive car insurance policy.
2. The Coverage Offered by a Car Insurance Policy : After determining your car insurance requirements, you must assess and compare car insurance plans online and weigh them against said requirements. If you find a plan that is in alignment with the coverage you are looking for and the premium you are comfortable paying, you can shortlist the plan.
3. The Claim Settlement Ratio of the selected insurer : One of the most important factors to be considered whilst purchasing car insurance for your used car is checking the claim settlement ratio of the selected insurer. An insurer's car insurance claim settlement ratio is representative of their commitment to the settlement of the car insurance claims submitted to them during a particular financial year. The higher this ratio, the better and more reliable the insurer.
4. The Premium of the selected plan : The premium of a car insurance policy is the price to pay for the insurance coverage you get for your car. It is an important differentiator in comprehensive car insurance policies, in particular, and depends on your car's age, make, model, geographical location, Insured Declared Value, etc. You must only shortlist car insurance plans whose premium fits your car insurance budget.
5. The Garage Network of the chosen insurer : The wider the garage network of a car insurance provider, the higher is the degree of flexibility you have in availing of cashless insurance. Therefore, you must check out the garage network of an insurer before selecting them as your used car insurance partner.
6.The Age of your car and the accumulated depreciation : Before selecting a car insurance policy for your used car, you must assess the depreciation accumulated on its components as a result of age and usage. With the passage of years, the Insured Declared Value of a car keeps decreasing, and so does its car insurance premium.
The following table offers a quick glimpse at how much the value of a car depreciates every year from the year of purchase:
|The Age of A Car||Percentage of Depreciation Declared Value of a Car|
|0 to 6 months||5%|
|6 months to 1 year||15%|
|1 year to 2 years||20%|
|2 years to 3 years||30%|
|3 years to 4 years||40%|
|4 years to 5 years||50%|
7.The available discounts : Whilst selecting a used car insurance plan, you must check whether there are any discounts available on the premium. Buying car insurance online can enable you to benefit from substantial discounts and other promotional offers.
Why Choose Tata AIG For Your Used Car Insurance?
If you are looking for a used car insurance plan, you must look no further than Tata AIG. With our wide range of car insurance plans offering extensive coverage at feasible prices, you can get old car insurance at pocket-friendly rates. Here is why you must purchase a car insurance policy for your used car from Tata AIG:
1. A TATA Promise : By selecting Tata AIG as your car insurance partner, you get the security of the ever-reliable TATA promise. Over the past two decades, Tata AIG has established and reiterated a continuous commitment to transparency, integrity, and high-quality customer service.
2. Extensive Coverage at Feasible Rates: Our car insurance plans offer extensive coverage at feasible rates. You can choose our comprehensive car insurance policy and get a high degree of financial protection for your used car.
3.Discounts Galore: If you buy our car insurance policies online, you can get up to an 80% discount on your car insurance premium.
4.High Claim Settlement Ratio: Our Car Insurance Claim Settlement Ratio bears testimony to our consistent dedication to the delivery of a seamless claims process to all our customers. During the financial year 2020-2021, we have recorded a claim settlement ratio of 98.00% for our car insurance policies.
5.24x7 Support: At Tata AIG, we are 'With You Always'. Should you need any assistance during the purchase or renewal of your car insurance plan, you can reach out to our support team via email, phone, or WhatsApp.
6.Wide Network of Garages : With a network of over 5,400+ garages across the country, we provide you with the option to avail of cashless insurance. Wherever you are, a Tata AIG network garage is likely to be nearby.
What To Look For While Insuring Your Old Car?
While insuring your old car or used car, you must adhere to a checklist for a few important parameters. The main components of this checklist have been discussed below:
1.Choose the Right Insurer: You must choose a car insurer that has a high claim settlement ratio, a seamless claim settlement ratio, and a record for quality customer service. At Tata AIG, we fulfil all these criteria.
2.Choose the Right Type of Policy: Decide which type of car insurance policy you want to opt for your second hand car or old car, namely a Standalone Own Damage Car Insurance Policy, a Standalone Third-party Car Insurance Policy, and a Comprehensive Car Insurance Policy.
3.Check The Policy Coverage:Inclusions and Exclusions : It is important to check the extent of the coverage of your used car insurance policy. You must, therefore, carefully study a plan's coverage, including its inclusions and exclusions, before selecting it.
4.Check Your Car's Insured Declared Value: Your old car's Insured Declared Value plays an instrumental role in the determination of your car insurance premium. Thus, you must arrive at this value after deducting your car's accumulated depreciation from its market value.
If you are looking for a car insurance plan for your second hand car, you must check out the second hand car insurance prices in India to ascertain the optimal cost of insurance for second hand cars.
5.Check Policy Premium: The next step is to check the premium of a car insurance plan. You can use our car insurance premium calculator to easily compute this value.
6.Check Garage Network: It is advisable to check the cashless insurance garage network of an insurer before you choose them as your car insurance partner. With a network of 5,400+ garages across India, Tata AIG has got you covered on this parameter.
7.Compare Different Plans: Before finalising your used car insurance policy, you must compare different plans on the basis of coverage, cost, the claim settlement ratio of the insurer, the prevailing discounts, etc.
How To Transfer Car Ownership And Insurance?
When you buy a second hand car, you need to ensure that you get its ownership legally transferred to you. In addition to the ownership of your second hand car, you must also get its existing car insurance policy transferred to you, provided the said policy is valid. It is not advisable to purchase second hand cars with a lapsed four wheeler insurance plan.
Here is the process for the transfer of the ownership of your second hand car.
- Visit the official website of Parivahan
- Choose 'Vehicle Related Services'
- Choose the applicable Regional Transport Office
- Submit the necessary documents and fee and complete the process of ownership transfer.
Alternatively, you can visit your Regional Transport Office and carry out the process of the ownership transfer of your second hand car through the offline mode. The fee for car registration transfer fee is between ₹300 to ₹500 in most Indian states in the case of the online transfer process and ₹500 to ₹2,000 if you opt for the offline mode of this process.
Once you are issued the Registration Certificate of your second hand car in your name, you can fill and submit a form for car insurance transfer with the relevant car insurance provider. Ideally, you should get this process completed within a fortnight of buying your second hand car. The insurer shall complete the aforementioned process upon the receipt of the necessary documents and fee.
In case the car insurance policy of your second hand car gets lapsed before you can renew it, you must buy a new car insurance policy for your car at the earliest. You can check out car insurance prices online. If you find the car insurance rates and coverage of a plan feasible for you, you can go ahead and purchase it for your second hand car.
Documents Required To Transfer a Used Car Insurance Policy
Immediately following a used car purchase, you must get its four wheeler insurance policy transferred to your name. In order to carry out this process, you require certain documents pertaining to your used car.
Here are the documents required for the transfer of used car insurance:
- The new Registration Certificate of the used vehicle (in original)
- A copy of the car's existing four wheeler insurance policy
- The proof of the legal transfer of the Registration Certificate of the car and the payment of the associated fee
- Form 29 and 30 signed by the previous owner of the used car
- The proof of the legal sale of the used car
- An application form duly filled and submitted to the relevant car insurance company
- No Objection Certificate from the previous owner of the used vehicle
- The proof of identity and address of the new owner of the used car
You can carry out the transfer of used car insurance on the official website of Vahan.
How To Buy New Car Insurance For Your Second Hand Car?
If the four wheeler insurance policy for a second hand car is not valid at the time of purchase, you must refrain from going ahead with the purchase process. Since all cars in India are legally required to have at least third-party car insurance, a car with a lapsed insurance policy is not an ideal buy for you.
However, if you end up buying a second hand car with a lapsed policy, you must buy a car insurance policy for the vehicle as soon as possible. Not only is having a valid car insurance policy legally mandatory in India, but it is also a prerequisite for safe ownership and driving experience. The process of buying second hand car insurance is similar to buying car insurance for a new car.
You can buy car insurance online and save on time, premium, and effort. Here is how you can buy/renew Tata AIG car insurance online for your second hand car.
- Visit our official website and go to the car insurance page.
- Enter your second hand car's new registration number (this registration number must be in your name).
- If you are buying a car insurance policy for your second hand car for the first time, click on 'Get Price'. If you are looking to renew an existing Tata AIG car insurance policy (at a later stage when the renewal is due), click on 'Renew'.
- On the page that follows, enter the necessary personal details, including your email address, mobile number, etc.
- Submit the accurate 'Insured Declared Value' for your second hand car.
- Select a car insurance plan: you can choose from our Standalone Own Damage Car Insurance Policy, Standalone Third-party Car Insurance Policy, and Comprehensive Car Insurance Policy.
- Click on 'Get Price' to receive a car insurance premium quote.
- If you find the above quote feasible, you can make the premium payment online and complete the policy purchase process.
- The new car insurance policy for your second hand car will be delivered to your email inbox and your WhatsApp inbox (if you request the latter).
If you buy Tata AIG car insurance online, you can save up to 80 per cent on your car insurance premium. So what are you waiting for?! Go and check out our car insurance plans now.
Disclaimer: The car insurance discounts mentioned above are subject to change. It is advisable to check the prevailing rates of discounts, if any, before purchasing a car insurance policy from Tata AIG.
Frequently Asked Question
1. What is Own Damage in Car Insurance?
Own Damage cover or standalone own damage insurance in car insurance is a type of insurance policy that provides protection against various damages to your own insured vehicle and yourself.
2. Is Own Damage Car Insurance Mandatory for Your Car?
No. A standalone own damage insurance or own damage cover is not mandatory. While it is important for protecting your car and you against financial losses, it is the third-party insurance cover that is a mandatory cover and helps you avoid legal fines.
3. Can You Get Add-ons for Stand-Alone Damage Policy?
Yes, you can include add-ons to the own-damage cover to enhance the insurance coverage. We, at Tata AIG, offer a set of 12 unique add-on covers like Zero Depreciation, Roadside Assistance, Engine Secure and more, on our standalone own damage insurance for your car.
4. Are standalone own-damage car insurance policies optional?
Yes, a standalone own damage insurance policy is an optional insurance cover. However, it is necessary to buy an own-damage insurance policy so that your car can be protected at all times against any type of accidental damage, theft, fires or damage arising from natural disasters and human causes – something that the mandatory but basic third-party insurance does not cover.
5. Is own-damage cover a component of basic car insurance?
The meaning of basic car insurance refers to third-party car insurance. Having at least a basic third-party car insurance cover is a legal mandate as per the Motor Vehicles Act of 1988. However, this basic car insurance does not have an own-damage cover. Instead, you can choose and buy an own-damage insurance policy on our Tata AIG website.
6. What is the policy term of standalone own-damage car insurance policies?
A standalone own damage car insurance policy is valid for a year and has to be renewed each year. As per a recent directive by the Insurance Regulatory and Development Authority of India (IRDAI), a standalone own damage cover can be issued for a year and then renewed annually. This is applicable in the case of new cars as well as old cars. If you have a Tata AIG standalone own damage cover, you can quickly renew it in a few easy steps by visiting our car insurance page on our website.
7. How is standalone own-damage car insurance premium computed?
To calculate the own damage car insurance premium, it is necessary to consider the Insured Declared Value (IDV) of the car, the type of vehicle, the purchase year, as well as the geographical area of the car and the policy.
9. Why should I have a standalone own damage car insurance?
If you only need to protect your own car against financial losses and damages and don’t feel the need for third-party insurance, you can simply opt for Tata AIG’s standalone own damage cover. Our own damage car insurance policy enables you to customise your car insurance policy as per your insurance needs and budget.
Also, after September 01, 2019, having a standalone own damage car insurance means that your third-party liability and the own damage policy are independent of one another, and you can buy them both separately.
10. How do I file an own damage car insurance claim for my car?
You can file an own damage insurance car insurance claim for your car on our website by following a few simple steps:
In case of a mishap or accident in which there is damage caused to your four-wheeler, inform us about the damages immediately. You can send us an email at firstname.lastname@example.org or call us on our toll-free number – 1800 266 7780.
To file a claim with us, visit the “Claims” section on our website. We will appoint a surveyor to examine the damages to your car and also send you a self-inspection link on your registered mobile number. You can fill up the online form based on your inspection
Lastly, you can choose if you would like to opt for cashless claims and have your car repaired at our network garages or select a garage of your preference and receive reimbursement for the repair costs.