Updates over WhatsApp
As the car sales in India are increasing every day, the used car market has become extremely competitive. If you want to purchase a used car or sell one, you will want to know the exact value of the car so that you get the best price.
Used car valuation or second-hand car valuation is the process of determining the accurate value of the pre-used vehicle. There are many companies that help you determine the value of the used car. Generally, these companies consider factors like accident history, service history, make/model of the car, depreciation, etc., to determine the value of the car.
The older the car, the more the depreciation, which reduces the overall value of the car. When it comes to car insurance, the value determined after evaluating the car is called Insured Declared Value or IDV.
Getting car insurance coverage for your used car is necessary as per the Motor Vehicles Act. You must have at least a third-party liability cover for your second-hand car. Driving without a valid insurance is a punishable offence. If you are caught you may have to pay a hefty penalty or face imprisonment or both.
So, it is important to purchase a car insurance policy for your second-hand vehicle. It is better to purchase a comprehensive policy to get maximum protection arising due to damage to your vehicle, property, and life.
When you compare old car insurance prices, the premium may vary based on the location where you drive and park your vehicle. For example, if the area where you drive through or park your vehicle is prone to natural disaster or the incidence of theft is high, insurance companies may have to take high risk in covering your vehicle. Consequently, the premium will be on the higher side.
When you request car insurance quotes, most insurers would require you to provide details about the type of fuel your car uses. If your car runs on CNG (Compressed Natural Gas), the premium would be higher compared to cars that run on petrol or diesel. This is because of the high risk associated with CNG.
This is another critical factor that affects the premium for used car insurance. If your car is equipped with advanced safety features like anti-theft devices, you can expect the insurer to offer you a discount on the premium as the risk of theft is minimal.
No Claim Bonus
Many insurance companies offer NCB or No Claim Bonus to car owners who do not file for any claim during the previous policy year upon car insurance renewal. So, if you have made a claim in the previous year, the premium will be high.
Generally, the vehicles used for commercial purposes suffer from high levels of wear and tear, and the premium for such cars would be high. However, if you use the car only for personal purposes, the premium would be comparatively lesser.
Whether you are buying or selling a used car, you must know the accurate value of the vehicle. Ensure that you get your used car evaluated as it would have a direct impact on the insurance cost.
I/we give my/our consent to receive information in respect of policy servicing, claim servicing, updates on my policy, updates on new and existing product, marketing or servicing my relationship with Kotak Mahindra General Insurance Company Limited, its group companies/associates or agents through Telephone/Mobile/SMS/e-Mail, etc. Further, i/we understand that my/our consent to receive calls/communications shall be valid and shall prevail over my/our current or any subsequent registration of my/our number for the NDNC and shall continue to be treated as my/our consent/acceptance. (If you do not wish to accord your consent, please submit a Do Not Call (DNC) form alongwith this form.
I/we have understood the form, including the clause on consent to call, and i/we have agreed the same after understanding and accepting the terms contained therein.
Benefits of car insurance
A car insurance can help you offset substantial financial loss that you may incur because of damage caused to your car
Must have Add On Covers for Car Insurance
A basic comprehensive car insurance covers damage to car, 3rd party liability and theft & loss of vehicle.
Right time to buy vehicle insurance
Buying a vehicle insurance is an important decision and you need to ensure that you make a timely purchase of vehicle insurance
Know How Car Insurance Premium Is Calculated
Car insurance premium calculation is based on various important factors. Learn about these factors.
Rules to follow for safe driving
Know About The Important Road Safety Rules To Follow
Significance of a motor vehicle insurance policy
Apart from financial security, know in what all ways a motor insurance policy is significant.
Maintenance tips for car engine
Follow these maintenance tips and buy a car insurance with engine protection cover to keep engine secure.
Monsoon Tips for Car
Simple tips to help you stay safe and keep your car moving ahead during monsoon.
What is Zero Depreciation Cover
Read on to understand what is zero depreciation car insurance cover and how it works.
Questions Regarding Motor Insurance Policies
Essential questions answered about motor insurance policies in India.
To optimise our site experience on your handheld device, please hold your phone vertically.