Related Articles
3 Things to Remember While Buying Second Hand Car Insurance Online In India
.png)
The pre-owned market space for cars in India is much bigger than you might anticipate. For the year 2021, the new car sales stood at 2.6 million whereas pre-owned car sales stood 1.5 times at 3.8 million. If you are looking for a pre-owned car, the chances are pretty high that you will find something to bring a smile to your face. However, amidst all this do not forget to get a car insurance policy for your car.
Irrespective of whether you buy a brand new car or a second hand car, they do not come cheap. Thus, it is in the best interest of everyone that you secure it with a car insurance policy. In fact, a policy is one of the most economic ways of securing your car. Here is all that you need to know about buying second hand/used car insurance online in India.
Second Hand/Used Car Insurance Policy
Any car or vehicle that has had more than one owner associated with it, is usually regarded as a second hand car. To be able to legally drive the second hand car on the road, you would need to have a valid car insurance policy. Second hand car insurance is an agreement between you and the insurance company for the second hand car that you already have or are planning to buy.
Points to Remember Before Buying a Second hand/Used Car Insurance Online-
If you want to get the best car insurance in India for your pre-owner car, here are some important points to remember.
1. Avail Transfer Option
A considerable amount of car buyers do not avail of the option of transferring the car insurance from the original owner. There is a good possibility that there are a few months before the policy expires. Thus, you can transfer the policy from the original owner to your name. Though you cannot change the type of policy, you can use riders to improve the policy’s capabilities.
Here are a few simple steps to transfer the car insurance policy.
- Fill a proposal form along with RC transfer.
- Provide a copy of the previous policy and fill forms 29 and 30 by the previous owner to the insurance company.
- Submit a copy of the new RC with the insurance company.
2. Buy a New Insurance
The other easier option is to buy new insurance for your second hand car. Since it is illegal to drive without insurance, getting one at the earliest is highly recommended. Here is how you can get your hands on one.
- Visit the website of an insurance provider or an insurance aggregator.
- Enter the car details and receive online quotes for the same.
- Browse through plans, their coverage, and premiums before deciding on a plan.
- Enter your personal details and pay the policy premium.
3. Claim History
It is always a good idea to know about the past claims of the car that you are buying. You can call up the previous car insurance company and ask for claim details, which they will share with you. This will not only help you assess the insurance better, but also give insights into how often the car underwent repairs.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Other Motor Insurance Products
Car Insurance
Latest Post
.jpg)
Having a bike is not just about convenience, it’s a huge responsibility. Financial protection of your two-wheeler is important and the best way to ensure that is to have a bike insurance policy that will protect you in case of an accident, theft or a natural calamity. There are so many options when it comes to policies, making it difficult to know what’s best. This guide makes it easier to choose the best bike insurance policy that is suitable for you.
Non-linked, non-participating term plans are the ones that do not participate in the business and profit of the insurance company. These are fixed premium plans where the policyholder pays a fixed amount to ascertain a guaranteed sum as a return to be paid to the nominee in case of his/ her demise. Let’s learn more in this post.
Car depreciation implies the difference between the cost of a car at the time of buying the car and when you sell it. A car insurance claim amount is determined by the car depreciation rate. The car depreciation rate is the reduction in the value of your car over its lifespan caused by wear and tear.
Have you ever caught yourself lost in illusions about your daughter's future events, such as her university convocation and first day at work? Her university convocation. When she embarks upon her initial job after graduation will be the day.
.png)
Accidents can happen anywhere, anytime, by your own fault or another person. What’s important is to be prepared for such mishaps. This is where Own Damage Car Insurance comes in handy.
Speak to our Advisor
+91
By clicking the button, I authorize Paybima advisor to contact me via SMS, Email, Phone, WhatsApp or any other modes overriding my 'DND'.T&C Apply.