|16th March 2020, 13:22||#1066|
Join Date: Oct 2019
Thanked: 162 Times
Re: ARTICLE: How to buy a *USED* Car in India
1. Premium does not change with number of owners. However, as a new owner, you may not be eligible for a no-claim bonus which the previous owner may be having in his last/current quote. This varies from the range of 20-65% as per my knowledge and only affects the own-damage premium.
2. The third-party coverage is dependent on the engine size of your vehicle. However I am not sure about the penalty for expired third-party insurance, since both my vehicles had valid insurance.
3. I believe as per latest laws, one cannot transfer ownership without valid insurance (third-party only as legally mandated). So I guess, in your case, making the insurance valid is the current owner's headache although the quoted price of the vehicle may be increased by him/her with this process. Again, just to get the ownership transferred, you may ask existing owner to do only a third-party coverage with any applicable penalties if you are really sure about the vehicle.
For such a new vehicle, zero-depreciation+comprehensive coverage is the suggested way to go as you rightly have decided. Good luck with your purchase and keep us posted.
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