Can you use the proof of insurance of your current car when buying a new car?

After considerable effort and research, you set out to buy your dream car. It is a terrific, joyous, and proud moment for an individual to acquire a car. But first, there are many documents needed to acquire a car, like identity proofs, residence proofs, income proofs, and much more. Read on to find out all the documents you have to produce before the dealer and RTO to buy and register your new car insurance.

What are the documents needed to buy a car?

Below are the main documents required to purchase a new vehicle –

Proof of Nationality - original and attested copy.

Identity Proof - original and attested copy.

Residency Proof – original and attested copy.

3-4 Passport Size Photo.

Bank Statements or Income Proof – for new car insurance formalities.

Showing a full fledged proof of insurance when you purchase a new car is easier than you might think!

Two options exist for providing proof of insurance. When you buy a new car, you typically have anywhere from 14-30 days to notify your insurance company of the change. Nonetheless, providing proof that you intend to transfer coverage from your previous vehicle to your new one should show your insurance card and any documentation that shows you’re going to transition the old insurance to the insurance of new car.

Documents Required for New Car Insurance Formalities

Choosing the right insurance for your car is the most crucial and important step, and it also requires various documents –

Aadhaar Card, PAN Card and Government-issued ID cards.

Address proof of the policyholder.

Recent passport size photograph

Driving licence

Bank statement

Vehicle registration number

Registration certificate

PUC papers.

If you have a no-claims discount (NCD) from your current auto insurance policy, you can apply that credit toward the premium on your new car insurance coverage. It's easy to save thousands of rupees on the large Own Damage (OD) insurance premium (Saving about Rs 9, 700 on Rs 7.75 lakh of car's IDV (insured stated value)) that's generally payable when purchasing a new automobile; all it takes is a little forethought.

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