3 Things to Remember While Buying Insurance for Second Hand Car

These days, a considerable number of people are buying car insurance. Car insurance can be of very much help during unforeseeable circumstances. Be it getting stuck in a storm or your vehicle being stolen, second hand car insurance is capable of covering any and every risk that will hover over your vehicle in the near future. In this blog, Car Kharido Becho 24 will tell you everything about car insurance for your second-hand vehicle. So, without any further ado, let’s get started.

Benefits of opting for a second hand car insurance

No matter whether it’s a brand-new car or a second-hand one, car insurance can mitigate the following risks:

• Against natural calamities 

Storms, volcanic eruptions, floods, and other natural disasters are covered by car insurance.

• Internal fault in the vehicle

Many times, there is an internal fault in the vehicle such as self-ignition, spark plug getting shot, etc. that can blow up your car. Such internal faults are also covered under car insurance.

• Theft 

God forbid, your car gets stolen. You can get the right amount for your vehicle after entering the Insured Declared Value (IDV).

• Road accidents

Any damage incurred because of a road accident is compensated by the car insurance company.

• Car transit

Damage caused in transit by waterways, railways, etc. is also compensated by the car insurance company.

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Things to know about a second hand car insurance

Before you dive for second hand car insurance, here are a handful of things to take care of:

1. Car inspection is done carefully and throughly. 

Once you seal the deal, there is no coming back. The insurance company will perform a thorough inspection of your second-hand car to check for its condition, age, amount of damages done to the vehicle if there are any, the total distance covered by the vehicle, whether there is easy availability of the vehicle’s spare parts, and whether there are any anti-theft devices installed or not. Do keep in mind that an old car is susceptible to more thefts than a new car since the former doesn’t have special security alarms or anti-theft devices. Henceforth, if one is going for second hand car finance, it is recommended to opt for a car insurance  that compensates for thefts. Clarify this very point during the inspection itself.

2. Does this vehicle already hold a car insurance? If yes, then get it transferred.

If your vehicle already has a car insurance in its name, then it is recommended to get it transferred in the name of the new owner rather than buying a new car insurance. Generally, it is a littly tedious to transfer the car insurance in the name of a new individual if the policy has not ended. In such a case, you can request the insurance company and they will help you out. Otherwise, you are always open to a new car insurance policy. But before you do that, check and confirm the previous claim history from the previous owner. In addition to that, it is advisable to get it cross-verified from the car insurance comapny via its policy number.

3. Documentation for ownership or transfer of the verhicle and its insurance.

Make sure that you maintain proper documentation while opting for a car insurance or getting a car insurance transferred. Wondering what all needs to be carried? Have a look at this list:

• Application Form 29, 30 (with purchaser and seller signature)

• Original Registration Certificate (RC)

• Address Proof of purchaser

• An affidavit from the purchaser and the seller related to the transfer of ownership

• No Objection Certificate from the concerned RTO/ AETC in case of Transport Vehicles

• Appropriate fee

• Valid Insurance Certificate

After the ownership of the vehicle is transferred, the owner of the second-hand car needs to contact the existing car insurance company. It will ask for the following documents from the owner.

• Old Insurance Certificate

• Original Registration Certificate (RC) along with transferee name (new owner or buyer)

• Application for transfer of ownership

• The required fee, if any. 

So, this was all about car insurance. If you wish to get the best of the premium prices for your second hand car insurance on EMI, then reach out to Car Kharido Becho 24 at https://carkharidobecho24.com/.