Everything About Insurance For Second Hand Cars

Published On May 04, 2021 10:00 AM By InsuranceDekho

Looking to purchase insurance for second hand cars? Read this article, to know about the best type of insurance for second hand cars.

Any damage to the insured vehicle is not protected by a Third-Party car Insurance agreement. Choose a Comprehensive car insurance package to ensure that you get the most out of your motor insurance policy.

Everything About Insurance For Second Hand Cars

If you recently purchased a used car without purchasing adequate auto insurance, you might be exposed to the following dangers:

  • Third-party Risks: If you do any kind of harm to a third party, you are responsible for the cost of fixing the damage and/or compensating the injured party. Your insurer would cover all third-party liabilities if you have auto insurance.
  • Theft of an Insured Car: Car theft is one of the most well-known crimes in our country, and it is on the rise. Old car insurance is the only way to safeguard yourself against this type of crime. When purchasing insurance, be sure to enter the correct Insured Declared Value (IDV) so that you collect the correct amount from your insurer in the event of theft.
  • Disasters: Natural disasters such as floods, earthquakes, landslides, and rockslides occur frequently in our country. They are unstable and can cause irreparable harm to a car. Man-made disasters, such as protests, vandalism, and explosions, are examples. Man-made disasters, including natural disasters, can render a vehicle useless.

You May Also Like To Read:- What Can Happen if You Ignore the Transfer of Insurance for a Used Car?

Things to Consider When Buying a Used Car

When buying used car insurance, there are a few things to bear in mind. First and foremost, when purchasing a used car, you must ensure that the vehicle's ownership is also transferred to your name. Here are a few things to bear in mind if you're buying a used car:

1. Obtain A Transfer Of Insurance Policy

It is important to move the used car insurance to the new owner's name. In most cases, modifying the form and characteristics of auto insurance before the policy duration expires is not feasible. On request, the insurer can, however, provide an endorsement option.

2. Verify The History Of The Claim

If you buy a used car, it's a good idea to check the insurance background with the insurer to double-check the details given by the previous owner. To learn about the car's claim history, simply contact the insurance agent and provide the policy number.

Also Read

How To Buy Insurance For Used Car?

Take Away

To summarise, it is important to insure a used vehicle in order to be safe from the numerous risks that uninsured vehicles pose. In addition, in order to comply with Indian law, one must insure a vehicle.

 

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.   

 

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