Insuremile
IRDAI/I NTAII/BA/51/2018
CIN: U72900KA2018PTC110119

Owning a car, whether new or pre-owned, is a significant milestone for many. It provides comfort, convenience, and the freedom to travel without relying on public transportation. In today’s fast-paced world, having a car is often considered essential, not just for individuals, but for families as well.

Purchasing a pre-owned car can be a smart financial decision, as the vehicle’s depreciation often results in a lower purchase price. However, it’s equally important to ensure your investment is protected with the right car insurance policy. Whether your car is brand new or pre-owned, having the proper insurance coverage is a legal requirement and provides peace of mind.

Buying Insurance for a Used Car


Essential Tips for Insuring a Used Car

According to the Motor Vehicle Act of 1988, every car owner, whether the vehicle is new or used, must have a valid car insurance policy. Driving without third-party liability insurance is illegal and could lead to penalties. This insurance covers any damage or injury caused to a third party by your vehicle. Additionally, comprehensive insurance offers protection against damages to your car.

When purchasing a used car, it’s crucial to verify the insurance details from the previous owner. Let’s explore what to consider if the car is already insured or if you need to purchase a new policy.

Steps to Follow If Your Used Car Is Already Insured


How to Apply for a New Insurance Policy for a used Car

Benefits of Insuring a Used Car


FAQs

Is it necessary to have insurance for a pre-owned car?
Yes, it is mandatory to have car insurance for both new and pre-owned cars. Driving without valid third-party liability coverage is against the law as per the Motor Vehicle Act of 1988.

Do I need to buy a new policy for my pre-owned car?
Not necessarily. If the pre-owned car already has a valid insurance policy, you can transfer it to your name by paying a small fee when transferring the car’s registration.

Conclusion

When buying a pre-owned car, it’s easy to focus on factors like price, model, and mileage. However, ensuring the vehicle has adequate insurance coverage is equally important. Whether it’s a third-party liability policy or a comprehensive one, proper insurance is crucial for your car’s safety and legal compliance.

InsureMile offers a range of benefits and add-ons for both new and pre-owned cars. Select a policy that aligns with your needs to enjoy a worry-free driving experience.

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