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 to 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.

Old or new, using any car on the road is dangerous and can involve accidents. Hence, buying insurance of old car is essential to save expenses at the time of unfortunate events.

• Yes, as per the Motor Vehicle Act, it is mandatory to have at least an active third-party car insurance to drive legally on the Indian roads, no matter if your car is new or old.
• 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 makes the car 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 to drive it. He lost control and turned over someone else’s car. The bumper of the car came off. This is the case of third-party property damage. Your son will be held liable for the damage and the owner will have to pay for the losses. Thus, it explains the need to buy insurance cover for an old car to help retrieve the money for repairs.
• In India, we know that there are two types of cover available under the Motor Insurance. One offers complete coverage in the name of, Comprehensive Car Insurance and the other one is best for the Third-Party Liability coverage. In the above two situations, the importance of insuring an old car is clear.

Here are some reasons why you should get second hand car insurance plan:  

Financial Protection: Older cars are more prone to breakdowns and damage since their car parts have already faced much wear and tear over the years. Therefore, having insurance for old cars can help cover the costs of repairs or replacements, reducing the financial burden on you.

Protection Against Risks: Having a Comprehensive Car Insurance Policy also protects you against damage to your old car in case of mishaps such as an accident, fire damage or damage and loss due to natural disasters.

Mandatory by Law: Having at least a third-party liability is mandatory by law in India whether you own an old or new car. Driving a vehicle without an active policy could lead to a fine or penalty.

Theft Coverage: Older cars can still be targets for theft. So, protecting your car with any car insurance policy will protect you in case your car is stolen.

Add-Ons: With an old car insurance policy, you also get the benefit of various add-ons available, which can be particularly useful for older cars that might be more likely to break down.

Peace of Mind: Knowing that you are covered with insurance for old car in the event an accident, theft, or other unforeseen situations, provides you with peace of mind.