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Customer RatingsSecond Hand Car Insurance to Protect Used Cars
Second hand car insurance, also known as used car insurance provides coverage for second hand car purchases. The rates and premium calculation models used are different because the purchased car is already available at a depreciated rate. Old car insurance covers expenses for second hand car damage due to accidents, theft, natural calamities, manmade disasters, etc. Used car insurance policy will provide coverage for both third part liabilities and own damage just like regular motor insurance policy.
When you buy a car, it does not remain an investment, it becomes an emotional buy and a source of joy as well as comfort. However, when you need a car that fits your budget or more than one car for family needs—investing in affordable used or second hand cars is a good choice. HDFC ERGO steps in with affordable and comprehensive insurance policies for second hand cars. The car insurance for second hand car can also be customized with add-on covers like no claim bonus protection, engine and gearbox protection, etc.
Features of Second Hand Car Insurance Online
| Feature | Description |
| Third-party damage | Second hand car insurance covers property damage and physical injury to the third party due to an accident involving the insured person’s vehicle. |
| Own damage cover | The second hand car insurance policy provides coverage for the damage sustained by your vehicle due to theft, fire, collision, natural calamities, etc. |
| No claim bonus | The car insurance for used cars will give you an opportunity to avail no claim bonus for driving responsibly. The NCB slam can accumulate to 50% for five consecutive claim free years which you can use as discount during second hand car insurance renewal. |
| Cashless garages | HDFC ERGO offers over 6700+ cashless garages providing free maintenance and replacement services. |
| Riders | If you buy old car insurance with HDFC ERGO, you can enhance your coverage with 8+ riders. |
Types of Insurances for Used Car
A comprehensive cover can always be topped up with the first type mentioned.
Personal accident cover
Third-party property damage
Injury to a third-party person
HDFC ERGO third party offers only coverage for third party damages and deaths.
Accident
Personal accident cover
Natural calamities
Third-party liability
Choice of add-ons
Theft
HDFC ERGO calculates your second hand car insurance value and type according to the depreciation rate and the age of the car. The older the car, the lesser the insurance declared value. HDFC ERGO keeps the IDV in mind in the process.
Accident
Natural Calamities
Fire
Choice of add-ons
Theft
Benefits of Buying Used Car Insurance Policy from HDFC ERGO
| Benefit | Description |
| Holistic coverage | The used car insurance policy provides overall protection of your expense from vehicle damage due to unforeseen events like natural calamities or man-made disasters. |
| Legal charges | The old car insurancae policy covers legal fees paid to your lawyer if someone files a lawsuit for an accident involving your car. |
| Adherence to law | You can avoid penalties, as third-party vehicle coverage is legally mandatory. |
| Flexible | You can raise the scope of your insurance for used car by selecting a suitable rider like engine gearbox protection, emergency assistance, etc. |
Why Second Hand Car Insurance is Needed?
You need to invest in used car insurance because older models tend to give more trouble and sometimes there is non-availability of spare parts and components as well. There is a higher chance of an older, used car breaking down without any hint. The costs in repair too could go very high because of outdated parts for older car models.
Natural Calamities
From fire to flood—there are a number of natural calamities that can damage a used car. The damage is worse in the case of older cars, and therefore, HDFC ERGO’s second hand car insurance policies can be worth your money.
Theft
The risk of theft even for older cars alleys exists. At least, with coverage for theft from HDFC ERGO, you get to stay assured of compensation.
Third Party Risk
Roads are never completely safe. Any accident due to collisions with another vehicle can harass you and make you pay up compensation. There might even be death involved in case of an accident with a third party. HDFC ERGO second hand car insurance covers such damages too.
Car Transit
Moving old cars that you purchase from one location to another—even if it is between two states—have coverage under HDFC ERGO’s value premiums for used cars. Transit via any form is acceptable—from roadways to elevators!
Man Made Calamities
Man made issues can cause severe damage to your used car. There can be a roof that falls on your car top, vandalism, terrorist activities or even a parking wiring fire—all this is covered under second hand car insurance policy from HDFC ERGO.
Second Hand Car Vs New Car: What Should You buy?
| PARAMETER | SECOND HAND CAR | NEW CAR |
| Budget | Lower due to car’s value | Higher comparatively |
| Preference | Good for people on low budget | Good for anyone who has the budget and wants the latest vehicles on the market |
| 1st Time Buyer | Yes | Yes |
| Interest Rate | Higher | Lower |
| Varieties | Third Party Add On | Third Party Add On |
| Insurance Term And Warranty | Depends On Car Age | Depends On Car Age |
Why Should You Get a Secondhand Car Insurance?
Whether your car is old or new, it needs insurance coverage for long-term and safe uses. Just like a new car, you can get your desired car insurance for a used or second-hand car as well. Wondering why you must not miss out on second-hand car insurance? Here is the answer-
Things to Consider Before Buying a Second Hand Car
Buying an old car is a decision that needs to be backed by proper planning. Let us look at some important points that are a part of the planning.
What To Do After Buying a Second Hand Car?
After purchasing any used car, according to Section 157 of Motor Vehicle Act 1988, you have to transfer the existing policy in your name by applying directly to the insurance provider. Violation of the mandate by this Act can lead to penalty imposition on the car owner.
Once your purchase of any used car is complete, get in touch with HDFC ERGO. Go to work out the premium value applicable on insurance transfer or policy purchase.
How to Transfer Ownership and Insurance of Secondhand Car?
You need to transfer the car insurance as per the time scale for this is already mentioned above.
1. Visit the Regional Transport Office
The clerk will ask for your old car purchase documentation and ID proof. Keep both originals and photocopies.
2. Submit the form for transferring RC of the car in your name
Fill in details and attach required documents.
3. Submit all documents required
Additionally, you also need to transfer the car insurance in your name. Before this, Keep relevant documents handy to avail the clearance certificate from the owner after you submit your identity and address proof related documents.
4. Fill up a fresh proposal form
This is needed to avail a fresh insurance issuance document
5. Pay the Policy Transfer Fee
This is based on the car value and the RTO norms in your area.
6. The car insurance company will transfer the insurance in your name
The car insurance transfer should start as soon as the ownership is transferred and this also should be done within the time frame.
Documents Required for Ownership Transfer of Car and its Insurance Policy
For completing the transfer of ownership, you will need to have the following documents in hand-
● RC or smart card of car in original form
● Insurance policy certificate
● Clearance Certificate
● Copy of the Pollution under Control Certificate
● Road tax documents from RTO
● Car delivery Challan copy
● Manual of car
● Warranty documents
● Service documents
● Copy of original invoice of car
These apply for sale of cars within the same state. For sale of cars across states, road tax refund slips and the fee involved varies.
Car Insurance Policy Transfer Deadline
After the car purchase, you have 14 days in order to transfer your insurance policy or get a new one. For the first 14 days, only Third party Insurance is transferred to the new owner. This will not apply to Standalone Own Damage coverages of the insurance policy. If you fail to transfer the policy or get a fresh one from HDFC ERGO you will not be able to claim damages from us in case of third party liability or own damage.
How Do You Calculate the Premium for Used Car Insurance?
Calculating used car insurance is not a tough task. With the advanced technology, insurance companies have also come up with used car insurance calculator. This is a digital tool where you just need to add a few details of your used car insurance. The calculator will quickly calculate the premium and show it on the screen. This lump sum premium gives you clarity, and you can purchase a plan as per your premium paying capacity.
Factors Affecting Used Car Insurance Premium
The premium of any motor insurance is decided on the basis of several factors like the age of the car, geographical location, and so on. When it comes to car insurance for used cars, there are a few factors that can affect a car's premium, like-
How to Buy a Second Hand Car Insurance Online?
Step 1- Visit the HDFC ERGO site, log in and enter the car details in the check box. Enter all details.
Step 2- The new premium mainly depends on Insured Declared Value.
Step 3- Either upload all sales and transfer of insurance related documents. Choose your choice of plan.
Step 4- Make payment online and save policy documents. You will receive a soft copy of the insurance policy via email.
What is Classic Car Insurance and How Does it Work?
Classic car insurance is a part of motor insurance which is available for vintage cars. The cars certified by VCCCI (Vintage and Classic Car Club of India) are eligible for the classic car insurance policy. If you have a vintage car in running condition and certified by VCCI, you can purchase the classic car insurance from HDFC ERGO.
How does it work?
Classic car insurance works similarly like a regular car insurance policy. You can purchase a third party cover or a comprehensive insurance policy for your vintage car. Buying a third party insurance is compulsory, while the comprehensive policy is optional.
The comprehensive cover under classic car insurance provides coverage against damages to your classic car due to any insurable peril. On the other hand, the third party insurance plan for classic cars provides only mandatory coverage against third party person/property damage caused by an accident involving the policyholder's vehicle.
How to Renew a Car Insurance Policy For Second-Hand Cars?
The renewal policy of used car insurance slightly differs from that of a new car. The new owner has to buy a whole new car insurance plan unless transferring their old car insurance to the new car. When you buy a second-hand car, you have the option to continue the existing plan. However, you would first have to transfer the insurance ownership and then renew it before it expires by paying the required premium.
If you plan to purchase a new car insurance policy for your second-hand car, the process is rather similar to purchasing insurance for a new car. Make sure to renew your car insurance before it expires to avail of the No Claim Bonus and other discounts/offers.
● Visit our car insurance page.
● Choose the car insurance plan you wish to purchase.
● At the time of renewal, you can change the type of plan and opt for add-ons.
● Pay the premium to purchase the policy.
● An executive will be in touch with you soon.
How to File a Claim for Second Hand Car Insurance?
Wondering how you can file a claim under second-hand car insurance? At HDFC, you need not go through a hectic process. The claim filing steps remain the same, no matter if the claim is for a new car or a second-hand car. Also, with a network that is over 7,100 large garages, you can never be away from high-quality repair services. The steps to file a claim are as follows-
Step 1
Contact HDFC and inform them about the incident. You can either call customer care on 1800 2700 700 or register the claim online. If you want, you can ask for help in arranging a tow service for the vehicle.
Step 2
File an FIR and take a copy of the FIR
Step 3
Take the car to the nearest network garage of HDFC. In case there’s no network garage around, you can take the car to a non-network garage as well.
Step 4
Speak to an HDFC executive and get the repair authorised. An executive from HDFC will assess the damages and inform you regarding the admissible charges.
Step 5
Post the repair, and submit all the required documents along with the FIR copy to the insurance provider. At a network garage, you can avail of cashless repair. If the repair is done at a non-network garage, you can later raise a reimbursement claim.
Documents Required to Make a Claim for your Secondhand Car Insurance
Check out the list of documents required in rider to raise a claim under your used car insurance-
● Details of the vehicle
● Original policy documents
● Filled and signed claim form
● FIR copy
● Registration Certificate of the car
For reimbursement claims, you also need to submit original bills and receipts of the garage.
How Second Hand Car Insurance Premium is Calculated
Before buying a second hand car insurance online, it is necessary to know how its premium is calculated. Here’s a step-by-step guide for calculating your old car insurance premium
• Step 1: Visit the HDFC ERGO website and click on car insurance. On the top of the page, you can enter the vehicle registration number and proceed by clicking on get a quote. You can even proceed without a car number or click on renew HDFC ERGO car insurance policy if your current used car insurance policy with HDFC ERGO has expired.
• Step 2: After clicking on get a quote or proceed without the car number, you will have to enter your car’s make and model.
• Step 3:You must choose between a third party car insurance and a comprehensive car insurance plan
• Step 4: Give details about your last insurance policy. Enter your mobile number and email ID.
• Step 5: You can now view your second hand car insurance price. If you have chosen a comprehensive plan, you can customise your plan further by selecting add-ons like zero depreciation, emergency assistance, return to invoice and more.
Calculating old car insurance premium at the HDFC ERGO website is hassle free. You can also use our car insurance premium calculator for your convenience.
What Are The Deductions Under Second Hand Car Insurance?
The car insurance for second hand car is subject to compulsory deductible which is same like the regular car insurance policy. The value is fixed by IRDAI depending 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 voluntary deductible to reduce the premium charged by your insurer.
Tips On How to Reduce Premiums for Second Hand Car Insurance
You must stick to your budget when it comes to investing in a car insurance premium. Apart from choosing your ideal motor cover, you may also want to have a look at how you can reduce the premium of your second-hand car
1.Higher Deductible, Lower Premium: A deductible is the percentage of the claim that the owner has to pay. The higher deductible you choose, the lower will be the premium. If you avoid small claims, you can actually save a lot.
2.Refrain from Small Claims: No claim bonus is only accumulated when you do not raise any claim in a policy year. So, try to raise a claim only when it's a major concern and refrain from raising small and minor claims.
3.Previous No Claim Bonus: If you had a no-claim bonus from your previous car insurance, you can use it for this new car insurance that you purchase. This is because NCB is offered to the insurance owner and not the car.
4.Avoid Unnecessary Add-Ons: Add-ons increase the premium. So, try to purchase only those add-ons that your car really requires to avoid paying any unnecessary premium.
HDFC ERGO Car Insurance Add-ons
The more comprehensive is the coverage, the more claim is that you can get. To this end, HDFC ERGO offers a select range of add-ons with its comprehensive car insurance plans. Have a look –
The depreciation value of a car is assessed, and the same is deducted from the claim amount. However, if you have a zero depreciation cover, this value is not assessed, and you can get the complete claim amount for your car.
Under the no-claim bonus protection add-on, you get 3 claims/per year. If you have this add-on, you do not lose your no-claim bonus even if 3 claims are made in a year.
With this add-on, HDFC got you covered for minor repairs on the site of the accident, battery jump-start, tyre change, duplicate key, fuel delivery, towing of the vehicle, and emptying of the fuel tank.
It is the insurance cover under car insurance providing coverage for consumables items like lubricants, grease, engine oil, oil filter, brake oil, etc.
In case your car gets stolen or gets damaged beyond repair, the Add-on called Return to invoice cover qualifies you to receive the original invoice value, which includes the registration fee and taxes.
A regular insurance policy mostly does not cover damages to the engine and gearbox. With the engine and gearbox protector, you get coverage for accidental damage to the engine and gearbox as a consequence of either waterlogging or lubricating oil leakage.
Car in the garage? This cover will help bear the expenses you spend on cabs for your daily commute while your car is getting repaired.
If you have a car that you rarely drive or drive for a very limited time/ distance, the pay-as-your can greatly help in cutting down the premium. Choose a suitable distance slab and pay as you drive.
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