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Auto Finance

An Overview of Getting Insurance for a Secondhand Car

Many people opt to buy secondhand cars as doing so can save you a lot of money. Used cars are often well-maintained and thus see you get a great deal at half the cost you would have incurred on a brand-new model. Now, while you may spend a good amount of time ensuring you get a great deal on your vehicle, it is also imperative that you invest an equal amount of effort in getting the right car insurance plan. To that effect, here is an overview of some things to know when getting insurance for a secondhand car.

The need to comprehensively insure your vehicle

Having a minimum third-party car insurance is mandatory by law in India. Yet, it is always advisable to go beyond this basic plan by opting for comprehensive insurance with add-ons. It is a misconception that since a used car is worth less than a new one, it deserves lower coverage. When you buy car insurance, opting for a comprehensive policy with suitable add-ons will see you protected completely in case of total loss or damages due to accidents, theft, or even natural calamities. A comprehensive car insurance plan will even cover you against man-made disasters such as riots or terrorism which can cause you to lose your vehicle.

Tips to follow for secondhand car insurance

Here are some tips to keep in mind before heading out to buy car insurance for a used car.

  • Check whether the previous owner already has a policy in place that you can simply transfer over to your name
  • Install a security system to protect your car from being targeted by robbers
  • Go through the add-ons and make sure to opt for those that will truly benefit you such as roadside assistance and loss of personal belongings
  • Compare policies offered by at least 4 to 5 insurance companies before selecting one that offers maximum coverage

A look at transferring insurance

Most buyers of preowned vehicles opt to transfer over the insurance policy from the previous car owner. To get this transfer done, you first need to change the owner name on the registration certificate through the RTO. Once that happens, you have to contact the insurance provider and send them the documents they require to process the transfer of policy ownership. Do note that insurance companies often have a time limit within which you are allowed to transfer ownership of the policy. So, be sure to inquire into this as soon as you decide on purchasing a particular preowned car. There might also be a fee that needs to be paid.

Buying a preowned car can save you a lot of money provided you make a wise choice. Inspect the vehicle thoroughly and do get the opinion of a skilled car mechanic. Finally, remember that a comprehensive insurance policy is the one safety net that will truly protect the money you have invested in purchasing your vehicle. Do ensure your car insurance is in order before taking your vehicle out for a drive. We hope this article has been helpful.

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