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Here’s The Next Steps You Should Take After Buying A Used Car
Mumbai, November 19, 2020
Buying a new car is an ecstatic experience. The search, comparing various models, selecting your favourite colour and the countless test-drives, all in all, a memorable affair.
That being said, there are quite a few things to do once you buy a pre-owned car such as transfer of ownership, car insurance & more. Let us look at some of the next steps once you purchase a preowned vehicle.
#1 Transfer of ownership
The first step in purchasing a pre-owned vehicle is transferring its ownership to your name. For that, you need to obtain the registration certificate and submit necessary documents to the road transport office. This finally completes the process of transfer. There are a few rules pertaining to the transfer of your car. In case you purchase the car in the same state, you need to transfer it within 14 days. On the other hand, if the purchase is between different states, you have 45 days to get it transferred to your name.
#2 Transfer of car insurance policy
Once the transfer of your car is complete, the next step is to move on to insurance documents. For your insurance company to process any claim, it is imperative that insurance policy and the registration certificate have the same name. Section 157 of the Motor Vehicles Act states that the transfer of insurance policy should be completed within 14 days of the transfer of ownership. Further, at car insurance renewal, an insurance policy in your name will give you the freedom to modify or select different plans based on your requirements.
#3 Get your car inspected
Now that you have transferred the necessary documents to your name, before taking out your car, ensure you get it inspected by a trained mechanic. Even though you have made a pre-sale check-up of the vehicle, re-inspect the car from your reliable service station. This check will help to replace any spares and parts in advance that can be a hindrance in your travels. Consumable components like the air filter, oil and its filter, battery, and any other fluids should be immediately replaced on the purchase. The older the car, higher are the chances of worn-out spares. This makes it imperative to have a thorough examination of the car.
What if an accident happens without the transfer?
Now if an accident takes place before these documents are transferred to your name, "Can I make a claim?", you might ask.
Well, the answer is no. For your insurer to process your claim application, the registration, as well as the insurance document, should be in your name, i.e. the new owner of the vehicle.
Without these documents transferred to you, there is no contract between you and the insurance company. Hence, the insurer is not obligated to pay for any damages due to such an accident.
Now that you know the importance of transferring paperwork as well as insurance, you must select the right insurance plans. There are plenty of options from which you can choose, but a car insurance calculator comes handy. Using this nifty tool, you can compare the various plans and get affordable deals within your budget. Invest wise and make sure to get comprehensive coverage for your car.
(Disclaimer: This is branded content. Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)