Old Car Insurance

Do you take care of your car more than anything else? If you still maintain and have any car that dates back from year 2009 or before then for sure your car is old. The technology used and the components deployed may either be old or obsolete. The risk factor is higher with old cars as these may lack performance. But at anytime the emotional attachment with the old car is irreplaceable.

With the upbeat technology and designs, we have multiple options for buying a new four-wheeler. Old or new, using any car on the road is dangerous and can involve accidents. Hence, buying an insurance policy gets essential to save the expenses at the time of unfortunate events.

What is an Old Car Insurance?

Buying insurance for cars which have depreciated value with the passage of years is called an Old Car Insurance.

Let’s take an example of an old car who’s timing belt suddenly fails when it was on the highway. Suddenly, a noise comes from the engine and gosh! The owner observes that the car is losing speed and bang it goes. Another car from behind hits and both vehicles meet with an accident.

For an old car, when the chances of failure are higher, car insurance becomes mandatory. It will help the owner to get compensation for its repairs and damages when the cost of maintenance is heavy and the damage is huge.

The insurance policy operates at the time of physical damage, collision, bodily injury to the owner, third party or third party property damage.

Why is it important to Insure an Old Car?

• The poor performance of the old car can cause an accident or a hit. Imagine you own any car manufactured in the year 2005. Its engine has a problem which made the car to stop anywhere or leads to an accident. Hence, in such situations, a car insurance policy will be very useful for the car owner.
• Imagine that you have an old car and you give your son Shalab, aged 19 years to drive it. He must be a novice driver and may happen to face an accident.  Shalab lost his control and over a turn hit Amit’s car. The bumper of the car came off. This is the case of third-party property damage. Shalab will be held liable for the damage and the owner will have to pay for the losses. The insurance policy owned by Amit will help him retrieve the money for repairs. It explains the need to buy insurance cover for an old car.

Liabilities can be huge and beyond our capacity when it comes to damage to our car, third- party bodily injury or third-party car. Not everyone can afford these expenses and gradually buying insurance policy became relevant. But before buying the insurance for an old car, we must know a few things like:

If you wish to sell the old car and buy a new one anytime in the future, the NCB earned will be transferred to the new car.

• Add-On Covers, if any: At the time of insuring your old car, you can ask the insurer about car insurance add-on covers, if any. Some of the covers you can ask for are a medical cover, passenger cover, zero depreciation cover, consumables cover, engine protection plan and others. You can pay an extra premium to purchase these covers but it will be beneficial for you.

• Discounting: Other than the No Claim Bonus, the owner of the car can get an additional discount if he has installed an anti-theft device in the car or is a member of the Automobile Association.

Read more: Zero Depreciation Car Insurance

What to look for when Insuring the Old Car?

Owning an old car can sometimes cost you heavily but if that car is close to your heart, then the expense is worth it. But before you get the insurance for your old car, it will be good if you look for a few things like:

• Insurance Company: Compare the coverage offered by your insurer against others. Each piece of information is available online thus making it easy for you to compare.
• Policy conditions: Check for the policy terms and conditions like deductible applicable. Insurance is to save you from financial burden hence check if the purpose is met or not.
• Discounts: What is the percentage of discount you will get from the insurer.

Increase in traffic poses unfavourable driving conditions outrageously. In such a command, it is best to buy insurance for an old car or vehicle which is in use.

• Step 1 - Fill your Vehicle’s Make, Model, Variant, Registration Date & the city you drive in. Press ‘Get Quote’and choose your choice of Plan
• Step 2 - Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).
• Step 3 - Give us details about your previous insurance policy- Date of expiry, Claim made in the last year, No Claim Bonus earned
• Step 4 - You will get quote for your premium. If you have chosen a Standard Plan you can customize it further by selecting add-on’s, setting the IDV and confirming if you have a CNG car. You will see the final premium on the next page.

Read more: Why Renew Car Insurance Online?