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Second Hand Car Insurance

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Understand your vehicle registration number

Your vehicle registration number is the unique vehicle identification number issued by Regional Transport Office (RTO) and mentioned in your vehicle RC book. The vehicle registration number is printed on license plate and affixed to your vehicle.

Kindly note: While entering your vehicle registration number, please be careful about similar looking characters and number, like alphabet ‘O’ being used in place of number 0 or vice-versa.

  • 1 The first two letters together indicates the state in India where the vehicle is registered.
  • 2 The second group comprises two numbers, which represents RTO district code.
  • 3 The last group is usually a unique combination of a character(s) and four digits. If it’s 0001, please enter all the four digits and not just 1.
Car Insurance Policy Online

Second Hand Car Insurance

Car is among the most valuable purchases you would ever make. Regardless of whether it is a brand new or a used car, you want to make sure that you this prized possession is well-protected. A second hand car insurance policy is among the most economical ways to safeguard your car against any damages.

A third party liability insurance cover is mandatory for all motor vehicles plying on Indian roads, but it is recommended that you nevertheless get comprehensive used car insurance for your car for all-round financial protection. Remember that a third-party liability only insurance will not pay for any repairs that your car may need after an accident.

What is Used Car Insurance?

A used car insurance also called second hand car insurance is an agreement between an insurance provider and anyone with an insurable interest in a second hand car. The used car insurance policy itself does not change based on the age of the car. That said, some of the add-on covers may not be available for a car older than three or five years.

In consideration of a premium paid, the insurer promises to pay for any damage sustained by your car during the policy period. Any claims made by a third-party who has sustained damages due to an accident involving your car are also covered. The insurer would also provide legal support to contest any claims and file claims against third-party who may be at fault in an accident where your car sustained damages.

Car insurance for EVs

Why Should You Get Your Second Hand Car Insured?

According to the Motor Vehicles Act, 1988, it is an offense to drive a car without a valid third-party car insurance cover. This kind of insurance cover only pays for damages sustained by a third party involved in an accident with you, if you are found to be at fault or if fault cannot be established.

If you would like the insurer to pay for any damages that your car may sustain in an accident, you should invest in comprehensive used car insurance instead. You should insure your second hand vehicle as it is exposed to the following risks:

Third-party risk

If any damage is caused to a third-party in an accident involving your car, you will have to bear the cost of the repairs and also pay for any medical expenses needed by a third-party person injured. Your liability will be much higher in case of death/disability of the third-party. A car insurance would cover these risks.

Theft

Car theft and hijacking is a notorious crime that can lead to a total loss of your car. By setting the right insured declared value in your comprehensive second hand car insurance policy, you would be able to arrange the finances to buy a replacement car.

Natural calamities

Natural disasters like floods, earthquakes, rockslides and landslides can happen anytime. Your car may get damaged during such a calamity. A used car insurance would protect you from financial hit arising from such an event.

Man-made calamities

Your car may also be damaged due to a man-made calamity like riot, vandalism or fire. A comprehensive car insurance will provide you financial protection in such a scenario.

Benefits of Buying Used Car Insurance Policy

If you are still not convinced, here are a few more benefits of buying a comprehensive car insurance policy for your second hand car:

1

Protection against vandalism

Your car would usually be parked out on the road. A random passer-by may decide to scratch it out of some malice or there may be a protest on the road and your car may get damaged by the protestors. A comprehensive second hand car insurance will pay for repairs in such scenarios as well.

2

Cover against collisions with stray animals

If you are in a collision with a third-party and they are at-fault, then their car insurance will pay for any damages that your car sustains. But what if you collide with an animal on the road? Your car would still sustain damages and dents. A comprehensive used car insurance cover would pay for these damages as well.

3

Cover against car fires

Car fires are devastating and can even lead to your car being unrecoverable. With a comprehensive car insurance policy, you can at least be assured that the financial hit from such an incident would be contained.

You also get a cover against theft, third-party liabilities, and any damage sustained by the vehicle due to a natural or man made calamity. Some of these scenarios may seem a little far-fetched, but they are within the realm of possibilities. While you cannot predict when an accident may happen, it is best to be prepared for all eventualities when a large investment is involved.

How Second Hand Car Insurance Premium is Calculated?

The process of calculating the used car insurance premium remains the same regardless of whether the car is new or used. The IDV of the car will be based on the age of the vehicle from the first ownership and not just based on when you get to own it. If the car is older than five years, the IDV is agreed upon based on mutual consent between the two parties.

The premium of your second hand car insurance policy depends on the following factors:

  • Insured Declared Value of the car
  • Cubic capacity of the engine
  • Age of the car
  • Geographical location
  • No claim bonus
  • Any other discounts
  • Whether the car is used for commercial or personal purposes

You can use the car insurance premium calculator to get a good estimate of the premium to be paid.

What are the Deductions Under Second Hand Car Insurance?

Second hand car insurance is subject to the same compulsory deductible as a new car insurance policy. The value is set by IRDAI based on the cubic capacity of your car. At present, it is set at ₹1,000 for cars with a cubic capacity up to 1500cc, and at Rs 2,000 for greater cubic capacity. You could also opt for a voluntary deductible to reduce the premium charged by your car insurance company.

Further, depreciation costs on car parts and accessories will also have to be borne by you. These are calculated according to the below guidelines provided by IRDAI:

  • 50% Depreciation on Nylon, Plastic Parts, Rubber Tyres and Tubes, Air Bags and Batteries
  • For Car paint, 50% Depreciation on the Material Cost of the paint
  • 30% Depreciation for Fibreglass

For other parts including wooden parts, depreciation depends upon the age of the car as per the table below:

Vehicle Age % Depreciation
Less than 6 Months Nil
6 Months - 1 Year 5%
1-2 Years 10%
2-3 Years 15%
3-4 Years 25%
4-5 Years 35%
5-10 Years 40%
Greater than 10 Years 50%

Things to Keep in Mind While Insuring With
Second Hand Car Insurance

  • Get the insurance policy transferred from the original owner. Along with the ownership of the car, the insurance policy that the previous owner had can be updated to reflect you as the new owner. Typically, you wouldn’t be able to change the type of car insurance mid-term but you can get add-on covers for your particular requirements, if needed.
  • You can choose to get a new insurance cover as well. In this case, make sure that the IDV in car insurance is calculated accurately. The lower IDV would mean that the car insurance premium that you have to pay would be lower as well.
  • Verify the claim history provided by the previous owner. All you have to do is call up the insurer and provide the insurance number. They would be willing to share the claim history with you.

How to Transfer Car Ownership and Insurance?

When you buy a second hand car, you must transfer the ownership. Equally essential is to get its existing insurance policy transferred. Follow these steps to transfer the ownership online:

  • Visit Parivahan’s official website
  • Choose Vehicle Related Services
  • Opt for the applicable Regional Transport Office
  • Provide the necessary documents to complete the process of ownership transfer

You can also visit the regional transport office and carry out the ownership transfer process. Once you get the registration certificate in your name, submit a form with the car insurance provider to transfer the insurance. Upon receiving the relevant documents and fee, the insurer will transfer the car insurance.

Documents Required to Purchase Second Hand Car Insurance

The following documents are to be presented when purchasing a second hand car insurance policy:

A proof of identity, which could be one among:

  • Passport
  • Driving license
  • Aadhar
  • PAN card
  • Government issued photo ID

A proof of address, which could be one among:

  • Passport
  • Driving license
  • Bank or post office passbook
  • Bank or post office passbook

Along with the above documents, you may also need:

  • A recent passport size photograph
  • Driving license
  • Registration certificate of the vehicle
  • The original purchase invoice of the car

Why ICICI Lombard for Second Hand Car Insurance?

When you buy a used car insurance cover from ICICI Lombard General Insurance, you join a family of over 4 crores satisfied customers. You can reach out to our team any time of the day, from anywhere in the country for assistance with your car insurance policy. You just make a call to our numbers and we would guide you through the simplified claims process to ensure that the settlement happens as soon as possible.

You also get access to our vast network of cashless garages, allowing you to get your car repaired without having to shell even a single rupee from your pocket. The claims are settled in a completely hassle-free manner and the payment made directly to the garage. Our strong online presence allows you to not just buy and renew policies online, but you can also file claims completely online making the process much simpler than ever before.

ICICI Lombard General Insurance also offers a large bouquet of add-on covers through which you can customize your coverage to your specific requirements.

Tips on How to Reduce Premiums for Second Hand Car Insurance

To lower premiums for used car insurance:

  • Opt for coverage that matches your needs. Avoid unnecessary add-ons
  • Use comparison tools to find the best deals. This helps you choose a policy with affordable premiums
  • Adding security features like GPS trackers or steering locks reduces the risk of theft and lowers premiums
  • Avoid accidents and traffic violations. A clean record can lead to lower premiums
  • Agreeing to pay a higher amount during claims reduces your premium. Ensure it’s an amount you can afford to pay

Frequently Asked Questions on Second Hand Car Insurance

What Things Do I Need to Consider Before Buying Second Hand Car Insurance?

How to Claim Second Hand Car Insurance?

The claim process remains the same regardless of whether the car is brand new or pre-owned. The steps involved are:
  • Initiate the claim process by calling the claim intimation number provided by your insurer
  • File an FIR, if applicable, and get a copy of the same
  • Take the damaged vehicle to a car garage for the repair
  • The insurer would assign a surveyor to assess the damage
  • Make sure to keep all original invoices in case of a reimbursement claim
  • The insurer would confirm the damage and initiate the reimbursement process/ inform the garage to carry out the cashless services.

How to Transfer Second Hand Car Insurance?

  • Submit a duly filled proposal form with evidence of sale including transfer of RC and Forms 29 and 30. A copy of the existing policy should also be attached to the form
  • Submit the new RC as soon as it is issued by the RTO
  • After verifying the documents, the insurance would be transferred to the new owner
  • If a claim is made while the transfer is in process, it will be processed once the transfer is complete.

How to Renew Second Hand Car Insurance?

The renewal process remains the same regardless of the insured car being new or preowned. All you have to do is to visit the portal of your insurer and fill in the requisite form. You can also add or remove any add-on covers at this point in time. A quote will be generated for you and on payment of the premium charges, the policy would be emailed to your id.

What will be the NCB for Second Hand Car Insurance?

The NCB in car insurance is based in the owner-driver’s record and not on the car. If you have any NCB built up at the time of purchase, you can use the same when purchasing your second hand car insurance.

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Frequently Asked Questions on Second Hand Car Insurance

What Things Do I Need to Consider Before Buying Second Hand Car Insurance?

How to Claim Second Hand Car Insurance?

The claim process remains the same regardless of whether the car is brand new or pre-owned. The steps involved are:
  • Initiate the claim process by calling the claim intimation number provided by your insurer
  • File an FIR, if applicable, and get a copy of the same
  • Take the damaged vehicle to a car garage for the repair
  • The insurer would assign a surveyor to assess the damage
  • Make sure to keep all original invoices in case of a reimbursement claim
  • The insurer would confirm the damage and initiate the reimbursement process/ inform the garage to carry out the cashless services.

How to Transfer Second Hand Car Insurance?

  • Submit a duly filled proposal form with evidence of sale including transfer of RC and Forms 29 and 30. A copy of the existing policy should also be attached to the form
  • Submit the new RC as soon as it is issued by the RTO
  • After verifying the documents, the insurance would be transferred to the new owner
  • If a claim is made while the transfer is in process, it will be processed once the transfer is complete.

How to Renew Second Hand Car Insurance?

The renewal process remains the same regardless of the insured car being new or preowned. All you have to do is to visit the portal of your insurer and fill in the requisite form. You can also add or remove any add-on covers at this point in time. A quote will be generated for you and on payment of the premium charges, the policy would be emailed to your id.

What will be the NCB for Second Hand Car Insurance?

The NCB in car insurance is based in the owner-driver’s record and not on the car. If you have any NCB built up at the time of purchase, you can use the same when purchasing your second hand car insurance.

Popular Searches

Health Insurance Bike Insurance Travel Insurance Vehicle Insurance Car Insurance Blogs Knowledge Center What is Roadside Assistance Zero Depreciation in Car Insurance Car Insurance Calculator Comprehensive Car Insurance Engine Protect Car Insurance Third-Party Car Insurance Cashless Car Insurance Model based Car Insurance Car Insurance in Ahmedabad Deductible in Car Insurance Car Insurance in Jaipur Car Insurance Coverage Car Insurance in Nashik Consumable Car Insurance IDV in Car Insurance Car Insurance in Gurgaon No Claim Bonus in Car Insurance

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ICICI Lombard General Insurance Company Limited,

ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025.

Reg. No.115

Fax no - 022 61961323

Contact - 1800 2666

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ICICI Lombard General Insurance Company Ltd. is one of the leading private sector general insurance company in India offering insurance coverage for motor, health, travel, home, student travel and more. Policies can be purchased and renewed online as well. Immediate issuance of policy copy online.

ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. Insurance is the subject matter of the solicitation. The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale. CIN: L67200MH2000PLC129408

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