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Buying A Second Hand Car: Things You Should Look Into

India has seen are large and accelerated growth in the second car segment. Even some first time car buyers are looking at buying pre-owned car as way to hone their driving skills before even they buy the first hand.  2015 has been a year where the new cars sales though even not seen the growth that the industry expected but the sales of second hand cars have seen growth of 15% .  Online auto portals have great enablers to drive this numbers which even forced established car manufacturers like Maruti Suzuki ,Mahindra & Mahindra and even luxury brands like Mercedes to open new retails format to cater to these rising new breed of car buyers.

Buying a second hand require a set of skills to judge the quality of the vehicle specially when buying directly from individual sellers and not from branded outlets of second hand cars like Maruti True Value. There are also certain specific things like proper transfer of ownership and insurance which also needs a proper consideration.

Few quick things one should look into:

When you have already decided what to buy and from who to buy there is an array of documentation that you need to go through so that the transaction that you are getting into becomes valid and you don’t face future problems. The various documents that needed for the transfer of car’s ownership in your name are:

  1. Original copy of registration certificate (RC)
  2. Application form 29,30 ( with sellers and buyers signature)
  3. Affidavit from the seller and purchaser regarding transfer of ownership
  4. Address proof of purchaser
  5. No objective Certificate from the concerned RTO/AETC  of transport vehicles
  6. Valid insurance certificate
  7. Appropriate fee

What about car insurance?

The first and foremost thing that you should do after you bought the car is to get the name in the Car insurance policy changed which technically means transfer of ownership of the insurance policy in the name of the new owner. There are few documents which need to submit with the insurer to get it done, which are:

  1. Application of change name , every insurance company have their own format for submitting this request  so you can get one from the them
  2. Original registration certificate ( RC)  with the transferee name ( here the transferee means the new buyer)
  3. Old insurance certificate.

Once you have submitted all these you need to pay a small amount of fee to get the transfer process done.

But other than all these what if the old owner had no valid Car insurance policy?  In a situation like this just look into the number of days before which the old policy has expired. if it is only 1 or 2 days, then the process become very simple but if it is month or more than that then you would always have 

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Better Steps To Make A Car Insurance Claim Procedure

As we all know that car insurance is a mandatory thing in India. Riding a car without insurance is a legal crime in the country and it attracts Rs.1000 of fine or three months of imprisonment and some even both. As a result of this car insurance is now the most sold insurance product in the country today but with the increase in the number of sales the claim numbers have also increased considerably. But to get your claim processed without any hassle you should look at following certain steps which can assure the processing fast and you don’t end up paying for things out of your pocket.

Few important steps which are very important from this perspective are listed below.

While making claims for your own car: if your car being damaged due to reasons which hold true as your policy contract you owe the right to raise a claim but there is definitive process to do it. The various steps involved are

  1. Before you take the car to the garage to get repaired you should submit the duly filled claim form with requisite documents with your insurance company. The format for claim form are either available on insurer’s website or you can collect the same from their branch office.
  2. Once notified to the insurer, the insurer’s surveyor would give a visit to the garage to analyse the situation and based upon which he/she would create a report. The same report would be used as a reference to settle the claim.
  3. In case the claim is cashless in nature your garage would informed about the amount of expense which the insurer would bear so that they can start the process of repair
  4. If in case the claim is reimbursement in nature you have to collect the bills and related documents concerned with the repair and the same has to submitted with the insurer so that they can process the reimbursement

If you should remember that notifying the insurer well in advance and keep all the bills intact is a mandatory thing so that the insurer can respect your claim.


If the claims have been raised by a third party against your car. Under your comprehensive car insurance plan there is part of the policy which take care of things like this called the third party cover. In case a claim like this arises the same has to be communicated to your insurance company and it is recommended that you yourself don’t try to get into some financial arrangement with the person. In case the claims raised through a legal notice you should submit the same with your insurer first.

Post that submit a copy of the driving license, your RC book and FIR copy (if filed by the claiming person) with the insurance company to process things forward. In case there is a need to legal advice or a lawyer has to be hired for settling things your insurer would be responsible for doing so on your behalf. Post all submissions and disclosures if the insurers feel that the claims made are justified the claims would be processed instantly


Making claim in case of stolen car. This may be the most typical case for your insurance company too though thefts are always covered under a comprehensive car policy. To get the claim processed one should look at following the below steps:

  1. The first step is to lodge a FIR with the police and submit the FIR report with the insurer.
  2. Post FIR submission you can ask to police for the Final report on investigation which again need to submitted with insurance provider.
  3. Post police’s investigation, a separate investigator will be hired by the insurer to do their part of the investigation. It is also recommended to support the insurer’s investigator at all stage so the he/she can file the right report.
  4. Now wait for the claim to be approved by the insurer and post that submit with RC book so that ownership of the car is transferred from your name to the insurer’s name
  5. Now you should submit the duplicate keys of the car to the insurer with the subrogation letter with notarized indemnity
  6. Once all the formalities are done, the insurer with no delays can reimbursement you the claim.

Following proper process during raising claims whatever may be the scenario ensures easy car insurance claim settlement and you can also expect larger part of the money is paid. In case if you have any issue at any point make yourself clear on all points before proceeding further.

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What If Your Car Insurance Policy Has Lapsed? Can You Renew It

What if, one day you discovered that your car insurance policy has lapsed? Few questions which might come to your mind are:

  1. Can you renew the policy again?
  2. What will happen to the benefits that existed in your lapsed policy?

Lapsed policy is a case which is treated by different insurers in their own way. Most insurers may not allow you to renew a lapsed Car Insurance policy online. Your insurer can consider the renewal as a new policy and may not transfer all the benefits of the old policy into the new policy. Even if the policy is bought or renewed online, whatever may be the case? Your car would have to go through an audit from an appointed surveyor from the insurer.

Few things that you need to keep in mind:

Contact the Insurer: The first and foremost thing that you should do is to contact your advertiser immediately .As most insurer don’t prefer to renew a lapsed policy so they preferably would like to look at the current condition of the car to evaluate to come with new quote for premium for the new policy so it is important to notify the insurer first and know the policies underlying.

Act immediately: if you have missed the renewal deadlines just by few days your insurer can just give you a leeway and can renew the policy by the regular process. Once the passed away days are several weeks then there is always a chance that you might end up being offered a new policy by your insurer. The worst thing is that if some damage happens during the uninsured period then the same would never be covered by the insurance provider.

What can be the effect of delayed renewal of lapsed policy?

Your car insurance policy generally has two components- own damage cover and third party cover. Since third party cover is a mandate as per the transport guidelines in the country and the same not being affected by the condition of the car in that case your insurer provider can easily renew the policy without even charging an extra premium. On the other hand due to delayed renewal the most affected part would be the own damage section of the policy. Since the own damage cover depends on the condition of the car so in case of delayed renewal of lapsed car Insurance policy you might have to face inspection from the insurer’s supervisor who would try and evaluate the current condition of the car to decide upon the premium of the policy for the next period.

Other than factor discussed above which affect the premium the other thing which can effect is that no claims discount which you might have enjoyed in the policy’s previous term. In case of lapsed policy the insurer can also forfeit the benefits of the no claim bonus carried from the previous term of the policy so you end up paying higher price of premium for the policy.

Keeping things on schedule and paying renewals can help you get away with issues you may faced with lapsed policy .It can also help you draw more benefits from your policy.

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Reliance Car Insurance Online-Rgi Private Car Insurance 

If you are looking at car insurance which Reliance general has to offer, then check for Reliance Private Car Insurance policy. The policy comes many unique features which can help you to customize your policy that suits your requirement .A wider coverage of 2300+ network of cashless garages across the country makes it more suitable for any policyholder in case of emergency.

Key features of the policy:

  1. The policy can cover you for damages happening to your car for specific 12 scenarios and in of case of theft. The 12 specific reasons are
  1. Accident
  2. Self ignition
  3. Riots & Strikes or Malicious acts
  4. Flood
  5. Transit by rail, road, air and elevator
  6. Fire
  7. Explosion
  8. Acts of terrorism
  9. Cyclone
  10. Lightening
  11.  Earthquake
  12. Inundation
  1. Reliance general offers 24x7 Anywhere assist to all policyholders and also road side assistance within 25 km radius of your car breakdown location
  2. The policy comes with comprehensive cover which includes covering damages happening to a third party in case a liability arises on you while using you car. For example if you forced to bear cost of hospitalization of person this happened because he/she collided with your car.
  3. Other than the above mentioned feature ,you can also opt for add on cover to safeguard from damages happening to sections of your car which are otherwise not covered under regular course like Electrical or Electronic or Non electrical  accessories , Bi fuel kits comprising of LPG /CNG system, Legal liability to employee ,paid driver ,cleaner or conductor, Racing and speed test

What does the policy not cover?

  1. Cases of normal wear tear of the car which is part of the regular deprecation happening due to daily usage.
  2. Damages happening due an accident when the driver is under the influence of alcohol or drugs
  3. If the driver is driving without a valid driving license
  4. If you drive your car beyond the regular limitations of the vehicle as defined by the manufacturer.

How can you get discounts on the premium?

Always safer and better driving habits are incentivized by the insurance company which is one of the best way to get best discounts on premium other than many other factors. The various factors which can lead you to gain lots of discounts are:

         A) In case if you don’t make any claims on reliance car policy , the insurance company incentivizes you                           by giving Non claim bonus discount which is calculated in the way given below-


No. of years                          Discount
One claim free year                             20%
Two consecutive claim free years                             25%
Three consecutive claim free years                             35%
Four consecutive claim free years                             45%
Five consecutive claim free years                             50%


     B) You can avail discount if you are a member of any recognized automobile association

     C) In case if you have installed theft protection device in your car then you can claim lot of discount on your premium.

     D) When you applied for voluntary deductible when means you opted to pay a minimum amount from your own pocket whenever a situation of claims arises.

The policy is apt for people who drive Hyundai, Mahindra and Maruti brand cars and offers for effective add ons which you can also consider buying over and above the basic policy to customize the policy as your need.A right policy to consider but it is always advised to Compare Car Insurance policy Online with other possible options available in the market so that you don’t end up making a wrong decision.


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Zero Depreciation cover for your Car Insurance Policy Is Worthwhile?

Car is technically a depreciating asset and so from the financial health angle it is always advised that neither EMI nor Insurance premium of your car should form a large part of your annual income. Now from the realm of car insurance the depreciating factor of your car can affect situation of claim settlements. You might think that you have a comprehensive policy for your car but when you file a claim your insurance provider does a complex calculation to understand the current value of car by factoring in depreciation and you end up paying a part of the expense arising from car damage out of your own pocket.

So the question that comes to your mind now why the insurance company calls the plan as a comprehensive plan and you feel cheated. You also would argue that the term is misleading but that is not the case. What you pay as premium to your insurance provider is for the risk they take on your behalf and which in case of a depreciating asset like car the risk taken for per unit of money you paid as premium is quite high so while settling claims the depreciation is always factored in. But if you want to stay protected from the depreciation risk also you can opt for the Zero depreciation add-on with your car policy, popularly known as zero-dep plans.

Let understand what zero depreciation cover means:

There is obvious difference between a plan having zero depreciation and a plain vanilla plan. In case of a plain vanilla plan when you make a claim the insurer would first evaluate the current value of car to understand the financial value of the loss for which you claimed and while calculating the current value the depreciation factor is subtracted from the IDV of the car but in case of a policy with zero dep add on the IDV is kept intact because you have already paid in advance for the expected depreciation losses.

But this doesn’t mean that you can drive carelessly and you will still paid for the entire car insurance claim if you have applied for a zero depreciation add-on. You should always keep in mind that as per the Motor Vehicle Act of the country claims can be only given only in case of four specific scenarios:

  1. Bodily injury liability: If the insurance plan promises to take care of injury related claims for the person affected by the accident.
  2. Property damage liability: in case there is damage to third person property , may be some physical asset or the person himself who is not a member under the policy and the damage is due the car accident
  3. Medical payments: All medical cost incurred due to the car accident. This applies to the passengers of the car.
  4. Uninsured or uninsured motorist coverage: In case the negligent driver doesn’t have a insurance but you will be still be cover if you have policy in place.

Please do keep in mind the any car insurance policy whether having a zero dep add-on or not would cover happening due legal accidents. The insurance regulator IRDA also is very stringent about what has to be covered and what not. If you have the add on in place it doesn’t means that you can make any numbers of claims in a year. Looking the same in parlance with your health insurance plan where there is a option where you have a co-pay clause.

Now the final question, is it worth paying extra for Zero depreciation add-on

Generally speaking you always end up paying close to 20% more if you have applied for a zero dep add-on cover. The zero depreciation cover applies for the initial three years of the car purchase only. If the car is older than that the benefits are of no relevance and it is also advised to not to shell out an extra penny for it.

Though zero depreciation is now a fad among new car owners but it is always advised to make a prudent selection. You can try doing a online comparison of your car policy among various insurers if you are really looking for one.

Looking at the overall advantages of the zero depreciation cover, first calculate online car insurance premium, it always a must buy thing unless otherwise it pinches you personal financial plan

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Online Car Insurance Plans For Maruti Car Owners

Maruti cars are the most favored choice for most Indian 1st time car buyers. The brand provides a comprehensive network of service stations and most competitive and cheap long term maintenance makes it the most favorable brand in India.

Unique Features Of Maruti Brand Of Cars & Suvs:

  1. Fuel efficiency: Maruti cars are known for their fuel efficiency .Indian driving conditions and rising fuel cost make Maruti a favorable brand for all Indian consumers
  2. Good service: Maruti service network is very wide covering wider part of the country with close to 576 dealership centres,1426 service stations and 30 express station make it very helpful for consumer to access services very easily
  3. Less expensive: Not only Maruti cars and SUVs are priced very well but also  the cost of parts and repair is also very low so people prefer Maruti as a brand most.
  4. Most extensive variants: Maruti cars models are available across all the consumer segments with close to 3 to 4 variants in every segment gives customer a wide range of choice.

Best Insurance For Maruti Cars & Suvs:

As we know that Maruti offers wide range of variants across all consumer car segments then insurance needs also becomes more specific .Other than the regulatory requirement for Insurance for car drivers , car insurance which every Maruti car owners should look into should be comprehensive in nature. The common brands variants for which maruti car insurance is available are:

  1. Alto 800
  2. Alto K10
  3. Wagon R 10
  4. Celerio           
  5. Stinray
  6. Ritz
  7. Swift
  8. Ciaz
  9. Dzire
  10. Omini
  11. Eeco
  12. Etriga
  13. Gypsy
  14. The Recently launched Grand Vitrara

Factors To Be Considered For Buying Maruti Car Insurance : 

Finding the best Car insurance Policy for your Maruti car depends on a lot on your driving behavior and how you maintain your car. You should first of all look for a comprehensive cover for your car which help you claim for most of the cost happening due to accident plus the third party benefits where in case a third party asset getting effected due to your car and the claims arising from it is also covered largely so that you don’t need to shed money from your pocket.. Always look for exclusions which mean things which your policy will never cover. Body parts made from plastic and fiber and similar other things don’t fall of any coverage offered by insurance. You ca n also cover your depreciation cost too in the first five years of the purchase of the policy.

Finding a the most effective policy for your Maruti car would lot depend on the year of purchase and manufacture plus the variant of the car. You can also save a lot of money by also availing discount like the no claim bonus which can give you discount upto 50% of your premium,

How Can My insurance Bazaar Can Help?

My Insurance Bazaar is online insurance broker and has tie up with also insurance partners offering car insurance for Maruti cars and SUVs. It quite comparison tool can help you compare between various offerings in the market so that you can put your money into the right plan which suits your need. In case of claims we offering services to help you negotiate with your insurance partners so that larger part of your claims can be settled

Buying the right Maruti car insurance needs you do a bit of research on what is available and what is effective. The Maruti car insurance premium calculator can not only empower you to select the right product but help you buy online.

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