Hi,
I cannot help you on the pricing angle but car insurance is based on the individual registered to own the vehicle. As far as I understand, you will have to transfer the insurance into your name and cannot simply take over the insurance from the seller.
It's a basic error in understanding the insurance concept because when you buy the vehicle, you will transfer it into your name from the relevant RTO. As soon as you do that, the seller's insurance policy will be voided because the he then no longer owns the vehicle.
The time-consuming but correct thing to do is to strike a deal with the seller where you will take out a new insurance policy in your name while he applies for a refund and pays you the refunded amount!
However, I have heard of plenty of cases (in bygone days) where insurance surveyors were hand-in-glove and allowed claims even though the car and insurance policy names didn't match. Maybe others can comment further on this.
Anyway, my reason for pointing this out to you is that you may have to bear the insurance amount anyway whether buying secondhand or new. So do not factor into your buying decision.
Thanks,
Quote:
Originally Posted by signature12345  Guys,
Would appreciate some inputs on the pricing. Meanwhile, the seller is quoting a price of 8.75 Lakhs . The Vehicle is now exactly one year old and is due for insurance renewal by December 07
Is it really worth to pay the quoted amount and again spend 25 k on insurance .
or should i wait and go in for a New 2008 Model .
Please provide your inputs asap |