Used Car Insurance
- Author :
- TATA AIG Team
- Published on :
Purchasing a car is a dream for many people. However, with the high automobile prices slashing through expectations, numerous people opt to purchase a second-hand car as they cannot bear the exorbitant expenses of a new car. However, you must always note that even if you purchase a second-hand car, always compare options, research the market and never forget to get car insurance.
Insurance for your car ensures that you and your vehicle remain guarded against all the damages and liabilities arising from an unfortunate event.
What are the 5 things to check before purchasing a second-hand car?
What are the 5 things to check before purchasing a second-hand car?
Purchasing a second-hand car can be a transcendent approach to get on the road without paying the hefty cost of a brand-new vehicle. Moreover, as car inspections can get considerably intricate and mechanical, there are higher chances of you missing out on some incredibly important points. Hence, to help you with your second-hand car purchase mentioned below are the five points you must keep in mind before buying yourself a second-hand car.
1. Carefully check the second-hand car and all related documents
Checking the used car that you are buying along with verifying all its legal papers should always be the foremost thing when you plan to get a second-hand car. Doing a car inspection will make you aware of the fact that there are no damages to the used car. In addition to this, you must also verify all the legal papers of the car and further ensure that the car registration number and the chassis number matches with the details mentioned in the registration certificate.
2. Get the second-hand car insurance transferred under your name
According to the Motor Vehicle Act, it has become mandatory for every car owner to hold valid car insurance. Hence, if you are planning to buy a second-hand car, you must always ensure that you get the insurance of this used car transferred under your name. You can also easily opt to renew the auto insurance when it is a couple of weeks away from its expiry date.
If at all the previous car owner did not have car insurance, you must make it a point to look out for all the available options and get yourself the most suitable online 4-wheeler insurance.
3. Get the car registration number transferred
Getting the car registration number transferred is another important thing that you must get done before purchasing a second-hand car. The process of car registration transfer is easier as you just have to visit your nearest Regional Transport Office (RTO) and fill out some forms to get the registration transferred within 15 to 18 days. Apart from this, if you are purchasing a second-hand car, you must also get a No-Objection Certificate (NOC) from the finance company/bank in case the previous car owner purchased the car on loan.
4. Get the mechanic inspection and car servicing done
As there are a lot of car technicalities that cannot be checked by the car buyer or seller, always ask your car mechanic to come and inspect the second-hand car and service it thoroughly to ensure that it runs smoothly on roads and there is no brake or engine failure that could lead to mishaps.
5. Understand the No Claim Bonus
NCB (No-Claim Bonus) is a very critical aspect of car insurance policies, that many used car buyers get confused about. If you had an insurance policy before - for a previous vehicle, then you can transfer the accumulated NCB of that insurance policy to your recent purchase.
If you did not have any insurance policy before, you cannot avail of the NCB discount. The NCB of the seller’s car insurance policy will not be transferred to you, it will stay with him/her and they can avail it with their future car insurance policies.
Get insurance for your used car from TATA AIG instantly without any hassle
If you have recently purchased a second-hand car and are now looking for online auto insurance, TATA AIG Insurance can provide flexible options for you to choose from.
TATA AIG holds an excellent repute for providing a quick and seamless online buying/renewing process for new and second-hand cars, saving you time and paperwork.
Getting new insurance for your second-hand car or transferring the existing insurance is extremely easy and all you have to do is get in touch with us at TATA AIG. You can also apply for one online instantly by going on the TATA AIG website, navigating to the Car Insurance page and filling in all the required details.
In case your used car already has an insurance policy, you can fill out a separate form to request the transfer of the insurance in your name. The documents that you will require for this transfer ownership are:
● Original Registration Certificate of the previous owner ● Ownership transfer forms that you filled at RTO ● NOC Certificate from financier (if applicable) ● Valid Photo Identity Card
Also, during an unfortunate incident, if your car is damaged and you need to claim damages, you can file a claim and avail of the TATA AIG car insurance claim.
The bottom line
After looking at all the points mentioned above, it becomes pretty evident that buying car insurance for your second-hand vehicle is also extremely important. This car insurance not only protects you from penal provisions but also safeguards your vehicle from accidental mishaps.
Here are some Frequently Asked Questions to read before buying a used car
1. What is the best way to buy a second-hand car?
While every person has a distinct approach to buying a used car, the most suitable way to buy a second-hand car is to get in touch with pre-owned car dealers. You can also find some great deals on prominent second-hand car trading platforms.
2. What should be checked before purchasing a second-hand car?
Before buying a second hand you must always take into consideration the condition of the car you are planning to buy along with checking all the legal papers and other factors like whether the car owner had insurance or not along with checking the NCB status.
3. What questions should you ask when buying a second-hand car?
While you can ask as many questions as you want from your car dealer or the previous car owner, some of the prominent questions that you must ask should be:
● For how many years is the car used? ● What is the mileage that the car renders? ● Is the second-hand car insured?
4. Is a second-hand car worth buying?
Buying a second-hand car can save you from a lot of expenses and can be a great deal, especially when you are low on budget and cannot afford a brand new car.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.