Advice for Insurance of Second New Car

[icecool2010]

My apologies if this has been discussed elsewhere. Please point me to it.
I own a Vento and planning to get a second car. How does the insurance portion works?
Do I get a substantial discount on the second car discount if I go with the same insurance company.
I will be using one car very sporadically - less than 50 kms in a month. Any ideas on how to get a good insurance deal? Thanks.

 

[Surfer]

Re: Insurance for Second Car

icecool2010 Please check out these existing threads you may get your answer

http://www.theautomotiveindia.com/f...91-need-help-regarding-new-car-insurance.html

http://www.theautomotiveindia.com/forums/insurance-rto-issues/2988-renewal-cars-insurance.html

http://www.theautomotiveindia.com/f.../525-change-my-old-car-insurance-new-car.html

http://www.theautomotiveindia.com/f...dai-verna-crdi-my-ownership-experience-7.html

http://www.theautomotiveindia.com/forums/car-bike-shopper/1812-confused-between-i10-figo-3.html

http://www.theautomotiveindia.com/forums/insurance-rto-issues/2142-how-claim-insurance.html

 

[drivetech4]

Re: Insurance for Second Car

My apologies if this has been discussed elsewhere. Please point me to it.
I own a Vento and planning to get a second car. How does the insurance portion works?
Do I get a substantial discount on the second car discount if I go with the same insurance company.
I will be using one car very sporadically - less than 50 kms in a month. Any ideas on how to get a good insurance deal? Thanks.

Well there is no relation with your existing cars(Vento) Insurance when you are buying used car.
The fact is when you exchange/Sell your old vehicle and buy a new one, then you can get benefit of your old insurance such as no Claim bonus will be carry forwarded.

Even if you plan to use the car very sporadically - less than 50 kms in a month, Insurance company will not consider it while calculating premium amount.Prmiums are calculated based on depreciating values and Statistical data of vehicle, That's why you may find different premium for same car for different locations too. Chances of Theft, accidents in metros are more as compared to other cities.

But why are you worried, Insurance premium on used cars is much less than the new one.

You may get a small discount if you go with your existing Insurance Company but need not be guaranteed.

Hope your query has been answered to certain extent!

 

[icecool2010]

Re: Insurance for Second Car

Thanks for the info.

 

[mukeshus]

Re: Insurance for Second Car

@Ice Cool:
There is no offers you can get on buying a new car.
How long Vento has done with you, has it completed atleast one year.
There is an option of claiming a NCB(No Claim bonus) from your old car, if it has done atleast 2 years.

It has some disadvantages,
1:To claim NCB from old car, one has to transfer the car to one of your family member.
2:It depreciates the value when the car is transferred from 1 person to other.

For online quotes you can visit : policybazaar.com.
You can compare the quotes online , and go for one which suits the best.

Note: NCB accures to a person not to a car.

 

[drivetech4]

Re: Insurance for Second Car

@Ice Cool:
There is no offers you can get on buying a new car.
How long Vento has done with you, has it completed atleast one year.
There is an option of claiming a NCB(No Claim bonus) from your old car, if it has done atleast 2 years.

It has some disadvantages,
1:To claim NCB from old car, one has to transfer the car to one of your family member.
2:It depreciates the value when the car is transferred from 1 person to other.

For online quotes you can visit : policybazaar.com.
You can compare the quotes online , and go for one which suits the best.

Note: NCB accures to a person not to a car.

Mukesh he is not buying a new car, he is planning to buy a used car.

He owns a year old Vento, and he wants to purchase another used car for limited usage.

 

[mukeshus]

Re: Insurance for Second Car

@Drivetech4: He has mentioned it as his 2nd car, not 2nd hand car.
May be he need to confirm it, before we comment further.

 

[icecool2010]

Re: Insurance for Second Car

Sorry Guys, If you misunderstood my post.
I have a year old Vento (AT). Like the car, no issues but was looking to buy another (new)
car. I have shortlisted Cruze and Altis but also waiting for the new City (with the sunroof)
When I buy a new car, I would not be using my Vento regularly - Hence my question.
I think I have my answer. I cannot hope for substantial discount for insuring my second car.
Please let me know if you have any new ideas. Thx

 

[drivetech4]

Re: Insurance for Second Car

@Drivetech4: He has mentioned it as his 2nd car, not 2nd hand car.
May be he need to confirm it, before we comment further.

Sorry Mukesh,

 

[Neha]

Re: Insurance for Second Car

Sorry Guys, If you misunderstood my post.
I have a year old Vento (AT). Like the car, no issues but was looking to buy another (new)
car. I have shortlisted Cruze and Altis but also waiting for the new City (with the sunroof)
When I buy a new car, I would not be using my Vento regularly - Hence my question.
I think I have my answer. I cannot hope for substantial discount for insuring my second car.
Please let me know if you have any new ideas. Thx

When you buy your new car, you'll have to get it insured from the dealership itself before you can drive it out of the showroom. You maybe able to use your NCB to get a discount on your new car insurance.

My advice is that you can sell your Vento and instead, buy a smaller pre-owned car that is easy to maintain as well as doesn't cost much to insure. Small 2nd hand cars have lower premiums than new cars. So you may want to work out your plan accordingly. Since a small car depreciates slower than a sedan, you will also save money when you sell off your Vento and buy, let's say, a Hyundai i10 or a Maruti Swift or some such.

Hope this info is helpful to you.

 

[mukeshus]

Re: Insurance for Second Car

When you buy your new car, you'll have to get it insured from the dealership itself before you can drive it out of the showroom. You maybe able to use your NCB to get a discount on your new car insurance.

My advice is that you can sell your Vento and instead, buy a smaller pre-owned car that is easy to maintain as well as doesn't cost much to insure. Small 2nd hand cars have lower premiums than new cars. So you may want to work out your plan accordingly. Since a small car depreciates slower than a sedan, you will also save money when you sell off your Vento and buy, let's say, a Hyundai i10 or a Maruti Swift or some such.

Hope this info is helpful to you.

Welcome to TAI Neha.

But i disagree here, How will a Sedan depreciate more than a small car in your terms.
The depreciation of vehicle happens with every car based on Market value, and IDV literally comes down irrespective of any manufacturer.
More over he has a Vento, there is no point selling a new car and going for an Pre-owned, which can give lot of trouble and requires maintenance.

What he meant was would he get a discount on Insurance while getting a pre-owned vehicle.

The direct answer is NO discounts on Insurance will be given.
Only if the previous owner hasn't made any claim, he can get benefits of that policy, where the previous customer would have paying less premium.

But after 1 year of purchase and from 2nd year onwards, a new owner can get benefits of the car.

And what a seller does is he buys car from the original owner, gets the paper signed from 1st owner and doesn't changes it to his name, he will wait for potential buyer so that car rate doesn't depreciates.
Though he is the 2nd owner, the next customer who is interested in the car becomes the 2nd owner.
While the ownership is being transferred from 1 person to other the value of vehicle drastically reduces.

 

[satinder]

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