Owning a car is one of the biggest achievements of a person’s life. Everybody dreams of owning the car of their dreams and when it finally comes true, it is a big deal for all of us. While most people prefer to buy a brand-new car, a large section of people go for a second hand car. As per a report by IndianBlueBook, 4 million second hand cars were sold in India in the year 2018-19 as compared to the sale of 3.6 million new cars. The primary reason behind more people choosing to buy second hand cars is that used cars are available at a lower price as compared to a new car of the same model.
Whether you have purchased a new car or second hand car, it is important to keep it protected from all kinds of dangers and risks. The best way to do so is to get your used car insured under second hand car insurance, just like you buy car insurance for your newly-purchased car. You may know all about car insurance for a new car, so let’s discuss the used car insurance for second hand cars.
Used car insurance is a type of car insurance policy meant to protect second hand cars. It safeguards a used car from any unpredictable dangers and adversities that may lead to major loss or damages. It provides the same level of coverage that a new car gets under a car insurance policy. Thus, a second hand insurance policy covers the used car from both third party liabilities and own damage risks.
Car insurance save up to 80
Buying a car insurance policy is important for all car owners, irrespective of whether the car is new or second hand. If you want to know why you need to get your second hand car insured under a used car insurance plan, take a look at the reasons below:
Car Insurance Fines
At the time of buying a second hand car, you will be required to transfer the ownership of the car and its existing car insurance policy to your name. Since every car in India needs to be mandatorily insured, the used car that you are buying will also be covered under a car insurance policy unless it has expired. In most cases, the second hand car will come with an insurance policy with some time left until its renewal. In such a scenario, you must ensure that you get the existing car insurance for the used car transferred to your name within two weeks, just like the registration certificate of the car.
To transfer the ownership of the existing car insurance policy, follow the steps given below:
Make sure to cross-check your name and details on RC and the insurance policy after the transfer has been made.
Take a look at the list of documents that you need to submit to transfer the ownership of a second hand car insurance policy:
It is natural to be all excited when buying a second hand car. However, you need to ensure a few things before buying the used car so that you don’t face any troubles later. Here is a checklist that you can follow at the time of buying a second hand car: