Used Car Insurance : A large section in India prefers to buy a second hand car rather than a new car. Let’s know some special things related to its insurance
Used Car Insurance: Taking a car is a big decision in itself. While many people prefer to buy a new car, there is a large section in which people consider getting a second hand car as a better option.
The biggest reason for this is getting the car in less range. But the car, however it is taken, is close to the heart of the owner. That’s why it is very important to know how you can cover your car. Insurance is taken for new cars, but you can take insurance even if you buy a second hand car.
Why is it better to take insurance for a second hand car?Â
1. Protection from Hazards-Â
The most important and common reason is the protection of your vehicle from all kinds of hazards. You get cover for damage caused by any kind of untoward incident like fire, accident, natural calamity etc.
2. Mandatory for all cars –
According to the Motor Vehicle Rules of India, it is very important for all cars plying on public roads to have valid insurance. If you want to avoid any kind of penalty, then you should take a used car insurance for your second hand vehicle.
3. Third Party Liability Cover-
If any other third person is harmed by your second hand car, then you have to compensate for that loss. But if you have taken used car insurance, then your insurance company takes care of this matter. And also pays the expenses to the third party on your behalf.
4. Personal Accident Cover-
In this, not only does it get cover against any damage to your car but also against damage caused to the owner driver. The company pays the cost of treatment for any kind of injury or accident.
Transfer ownership like this while buying a second hand carÂ
1. For this you have to go to the Regional Transport Office (RTO).
2. Now you have to fill an application form here, through which the RC of the vehicle will be transferred in your name.
3. Submit all the required documents.
4. After the RC is transferred in your name, you will have to fill a fresh proposal form.
5. Now submit this policy form along with all the required documents.
6. You have to pay some charges as policy transfer fee.
7. Now the motor company will transfer the policy in your name.
