Buying a second-hand vehicle is a difficult task as one has
to consider various factors like the condition of the vehicle, price,
suitability, documents, etc. However, once you have decided to bring home your
vehicle, make sure you check the insurance papers. Third-party insurance is
transferable while you will have to get a new comprehensive vehicle insurance
policy. Remember to get the names transferred in the insurance policy papers
immediately to enjoy the benefits of the policy. If the registration is
transferred but the insurance is not transferred, then in case of a claim, it
will not be admissible.
Let’s have a look at
some of the benefits of insuring your 2nd hand vehicle:
Covers the bills of damages to your vehicle in case of
accident, theft, damage due to riots, natural calamities, etc.
Covers costs in case of injury to driver and/or other people
in the vehicle.
Provides death benefit to the family in case accident results
in the death of a third party.
If you transfer the No-Claim Bonus (NCB) in your name while
buying the 2nd hand vehicle, it will let you enjoy the discounts on your motor
insurance online. However there are certain conditions attached to the
transfer of the NCB that you might have to check with the company.
And while you get all this done, here is how you can get your
vehicle ready for the drive:
Clean your vehicle properly. Give it a wash. If it is a four
wheeler, make sure you clean the interiors thoroughly.
Check the brakes, gear, spark plugs, etc.
Change engine oil, brake fluid, coolant, transmission fluid
and all that is relevant to your vehicle.
This ensures that your car stays healthy and always ready for
a smooth run. The more you keep the vehicle maintained; the better will be your
driving experience.
[Source: https://www.renewbuy.com/blog/blog/insurance-2/why-is-it-important-to-insure-your-2nd-hand-vehicle/]
