You can score a great deal on a used car. And this is no secret! It’s no wonder to see that the second vehicle market in India is quite huge. When buying such a vehicle, it is important for you to get it examined and evaluated prudently in terms of engine health and other associated parts. To be on a safer side, it is recommended that you seek the assistance of a car expert in this exercise.
Once it is established that the car is healthy and good enough to make a purchase, we generally proceed with the paperwork. This part is crucial since it involves getting the car owner’s name transferred. This is very important from the legal perspective. While this formality is crucial, there is something else that is equally, if not more important. And this is something that people tend to miss that often lands them in a soup. Let’s find out what that is.
It is safe to presume that everyone is aware that car insurance is mandatory by law in India. Apart from the legal mandate, availing a vehicle insurance policy is also vital to secure yourself from potential mishaps, both on and off the road. Therefore, it is important that you also get the car insurance policy of pre-owned car transferred when purchasing a used car. Yes, you heard it right. We tend to assume that as long the vehicle insurance policy
is active, we are covered. This is a very wrong presumption that hits one hard when their car insurance claim is rejected. In order to avoid this, let us understand the nitty-gritty of how to transfer a car insurance policy?
To begin with, you need to ensure that the car insurance insurance
policy gets transferred to your name within 14 days of purchase. You need to submit forms 29 and 30 that bears the sign of the previous owner to the car insurance company. A copy of the car policy has to be submitted along with the transfer fee and transfer of registration certificate. All these have to be submitted as a proof of sale with a new proposal form. Next, from the claims perspective, the registration certificate is very crucial. You can submit this certificate along with other claim documents to ensure a smooth settlement. In case the car insurance transfer process is still in progress, you would need to produce appropriate evidence of the same to the car insurance company.
So this was the crux of car insurance transfer of the second-hand car to your name when you buy one. Following this practice will ensure that the joy in your joyride remains and you stay worry free.