Our cars have become a valuable asset in our lives. They make both our lives and travel easier for us. Whether you have purchased a brand new or a second-hand car, with ownership also comes the responsibility to take care of your vehicle in case of any unfortunate events.
Numerous insurance companies provide excellent car insurance policies for both new and second-hand cars. Owning a second-hand vehicle is a much economical option because as the car value has been depreciated, you can buy it at a much cheaper cost.
Brand new or second hand, it is essential for you to choose the right insurance policy for your vehicle. Let us now take a look at a few points which you should consider while purchasing insurance for second-hand cars:
If the second-hand car is already insured:
When you purchase a second-hand car, you must check with the first owner, whether he already has a valid insurance policy.
Transfer onto your name: if it is a valid or if the insurance hasn’t expired, you can transfer the insurance onto your name. This is a convenient and comfortable option as you do not need to purchase a new insurance policy for your second-hand car.
Get registration certificate: You must get a registration certificate in your name first. You will have to get the Registration Certificate transferred from the RTO (Regional Transport Office). Initially, it might take some time, but once done, it will make the process of changing the ownership much smoother and faster.
Submit all the documents : Submit all documents that you possess of the used-car in the office.
Pay the policy transfer fee : You would be required to pay a policy transfer amount to change the policy ownership from the previous person to you.
Get the policy transferred to your name : After completing the process and verifying the documents, the motor insurance company will transfer the policy to your name.
If you want to avail a new insurance policy
Many car insurance companies provide exciting insurance policies for used cars.
Apply for insurance online : Applying for an insurance plan for a used car is a much convenient and faster process.
Use Premium Calculator : A Premium Calculator is online software which you can use to calculate the yearly premium you have to pay for your insurance policy. You can use Premium Calculator by Royal Sundaram to recognise the amount you will have to pay for your insurance.
Purchasing Policy : Once you have compared plans and costs of premiums using the Premium Calculator, you can choose an insurance company and buy a plan for the second-hand car that best suits your needs.
Benefits of Availing Used-Car Insurance Policy
When you purchase car insurance for a second-hand car, the IDV (Insured's Declared Value) is lower, which results in a lesser amount of premium.
Keeps you safe from all kinds of adversities and risks on the road.
Used-car insurance not only covers for the damages to the car, but it also offers cover to the owner-driver from accidental injuries.
If in case you inflict damage upon third party person or property, insurance for your used-car will cover those damages as well.
Very often, buyers focus more on criteria of purchasing the second-hand car and ignore the various benefits that insurance can avail to their vehicle. Buying the right insurance will keep both your vehicle and you safe in case of any road mishaps. Check out the best car insurance policies for second-hand cars on Royal Sundaram today!