Tips for Buying Used Cars in India
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Remember the time when your parents bought you your first cycle? I am sure it was a long time ago, but the element of happiness can still be felt today.
We were young and dependent at that age. Speaking of it now, we have come far across as independent individuals who can decide to buy a comfortable car.
But not every time can we buy a new car and hence we think about trying our hands on the used ones. Some of the factors that can really affect the purchase of a used car include its value, features, age, claims or repairs, and purpose.
After you have examined the car of your dreams, the next very important thing to check for is the insurance policy. You should ask the owner of the car whether he had an insurance policy or not? It will signify you some of the crucial aspects like:
Car Insurance is a document to be bought especially if you look forward to avoiding any legal issues where your car can be an accident. The insurance policy protects you from financial liabilities which may arise after a mishap. It is the maximum protection which covers both the car and any injured third party.
In India, it is mandatory to have a Third-Party Liability policy along with the owner-driver personal accident cover. Imagine you came to know that the used car you are buying already has an insurance policy. In such a case, you will have to expedite the transfer of the insurance along with RC transfer of the car.
Don’t know how to get the insurance transferred? Wait before we get there as first, you would need to get the RC of the second-hand car in your name.
To get the RC transferred in your name, visit the nearest RTO and follow these steps.
Once the procedure is complete, the RTO will give you a receipt within 15 to 18 days. You will receive a final copy of transferred RC in just 40-45 days.
Coming back to insurance, let us know ways in which we can get the insurance transferred in our name. If you have got the RC in your name but the insurance is still in the name of the previous owner, then it will be of no good use to you. In order to save time and get going with your second-hand car on road, it will be wise if you process the transfer of insurance in parallel. But how to get it done any clues?
The only thing you can do when the insurance policy continues to exist for the second-hand car is to ask for a name change. This change of the details should be made in the insurance copy. Just submit with the insurer receipts of Form 29 and Form 30.
You can either walk in the office of the insurer or contact any insurance agent or a broker. The process will be completed in a few days and cheers!! You have your second-hand car insured.
One should be aware that for a claim-free year, you earn a No Claim Bonus. Now a RC of the used car can be transferred, but the NCB cannot. So, for the remaining period of the policy, the buyer of the second-hand car will have to pay the required difference amount.
There can be a stance when the used car you are planning to buy does not have any insurance cover. So what would you do next? Buy a car insurance policy yourself!
Choosing an insurance coverage for your car, be it private or commercial, completely depends on the owner. As per the Motor Vehicle Act, 1988 the Third-Party Liability cover is mandatory but the Own damage is optional. But it is advisable to choose a Comprehensive Cover as it gives a wider coverage.
You can choose only Third-Party Liability cover of the car when:
When everything is done and the car is transferred in your name along with the insurance policy, you are set with lots of excitement and confidence. Now that you own a car, drive it safe and rule the world.