Why Is It Important To Insure Your 2nd Hand Vehicle?   | RenewBuy

Why Is It Important To Insure Your 2nd Hand Vehicle?  

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 the 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 second hand vehicle, it will let you enjoy the discounts on your car insurance policy. 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.