Given the ever-increasing number of road accidents, having a car insurance in place in India is an inevitable need. However, before signing the agreement, there are a few things you must consider.
1. Transferring the policy ownership
If you are selling your used car, make sure the policy has been transferred in the buyer’s forum. In addition, ensure to obtain the no claim bonus certificate instantly after the transfer of the policy. Remember, if you are selling the car or buying a used one, the policy has to be transferred on the buyer’s name within the next two weeks of the vehicles sale.
2. Know about the no claim bonus (NBC)
Every car insurance has different policies regarding the no-claim bonus feature. You can transfer the policy but not the No-claim bonus certificate. What is No-Claim bonus? No claim bonus or the NBC is the bonus that a policyholder enjoys after the transferring the insurance policy to the new car owner.
3. Always select a reliable motor insurance policy
Last but not least, irrespective of which product you're buying, you must find a credible lender to conduct the purchase. Checking the credibility of the insurance provider is of utmost importance, the aim is to get the best customer service which is highly subject to the reputation of the insurance provider.
Bottom line: If you can keep the discussed aspects in mind while buying a used car, it will assist you to keep off all sudden surprises while going for a claim.
More Related Topic: Role of Insurance In Buying or Selling a Used Car
1. Transferring the policy ownership
If you are selling your used car, make sure the policy has been transferred in the buyer’s forum. In addition, ensure to obtain the no claim bonus certificate instantly after the transfer of the policy. Remember, if you are selling the car or buying a used one, the policy has to be transferred on the buyer’s name within the next two weeks of the vehicles sale.
2. Know about the no claim bonus (NBC)
Every car insurance has different policies regarding the no-claim bonus feature. You can transfer the policy but not the No-claim bonus certificate. What is No-Claim bonus? No claim bonus or the NBC is the bonus that a policyholder enjoys after the transferring the insurance policy to the new car owner.
3. Always select a reliable motor insurance policy
Last but not least, irrespective of which product you're buying, you must find a credible lender to conduct the purchase. Checking the credibility of the insurance provider is of utmost importance, the aim is to get the best customer service which is highly subject to the reputation of the insurance provider.
Bottom line: If you can keep the discussed aspects in mind while buying a used car, it will assist you to keep off all sudden surprises while going for a claim.
More Related Topic: Role of Insurance In Buying or Selling a Used Car
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