Understand Insurance Transfer Procedure While Purchasing a Second Hand Car
The car has become a necessity these days, as it is convenient to take your entire family to long road drives, without worrying about anything. As the number of cars has increased on roads and different car models entering the market, there is a wide variety of options to choose from. However, the prices of these same cars can also put a burden on your pockets.
Most of the car lovers wish to have a specific car model and have retinal diseases symptoms on it for a very long time, but can’t get their hands on it because it does not fit in their budget. Here’s when second-hand vehicles help you in fulfilling your wish, by presenting you the car model of your dream at an affordable price. There is a possibility that you get an extremely good deal on a used car as well. However, many people get scared to go for a used car for obvious reasons. People might think it won’t be a very good idea to make the purchase. Therefore, remember to get the vehicle examined and check if the engine of the car, along with other parts are working fine. It is better if you ask a car expert before purchasing it. If everything seems normal, there is no harm in buying a used car.
After all of that is done and you know the car is good enough to purchase, you can go ahead with the required paperwork. This step is essential from the legal perspective, as the car owner’s name gets transferred here. This entire formality is crucial, but there is something equally important to take care of, i.e. purchasing car insurance.
Everyone by now knows how it is mandatory for every car plying on Indian roads, to have an insurance policy for their vehicles. Well, leave that aside and see how crucial it is to have adequate coverage for your car because it provides you with financial security during unforeseen events. Hence, it becomes necessary to get your previous car insurance policy transferred to the second-hand car that you will be purchasing. People usually assume that if you have an active policy, you are covered. Just having the cover isn’t enough; the policy will be of no use if your motor insurance claim gets rejected. Let us now understand the process of transferring a car insurance policy.
Firstly, your insurance policy must get transferred within a specific number of days, to your name. You will have to submit the forms bearing the signature of the previous car insurance company’s owner. Along with the transfer fee as well as the transfer of registration certificate, you will have to submit a copy of the policy. These need to be submitted as proof of sale with the new form of the proposal. The registration certificate is also very important from the claims perspective. This certificate can be submitted along with other claim documents to make sure the settlement is smooth. If the process of car insurance transfer is in progress, you must provide appropriate proofs of the same to the car insurance company.
This was the entire vehicle insurance transfer process of the second-hand car to your name when you purchase one. If you follow this, it will ensure you with peace of mind and you can remain stress-free.