No matter if you’ve just bought new or used cars the insurance policy can be purchased for any of them.
If you are buying a second-hand vehicle, make sure that the owner already has current car insurance coverage and then get it transferred to your name in the first 14 days after purchasing. When you are insuring your car that you bought secondhand it is essential to ensure:
- The car and the insurance will be transfered to your account successfully. It is recommended to do this within 14 days of the purchase.
- You should be aware about the claim history for the vehicle. It is easy to complete this task by providing your policy’s number to the insurance company for your car.
- If you’ve had car insurance policy in the past, be sure to move your no Claim Bonus to your new car insurance policy.
- If the owner doesn’t have an insurance policy for their car or has it expired, it is possible to cover your vehicle through our website here.
- In the event that you’ve transferred your secondhand vehicle’s insurance into your name be sure to check the expiry date and ensure you renew it prior to or on the day of expiration.
If you’ve recently bought an oldsecond-hand vehicle or you’ve realized that you don’t have car insurance plan for your car but you are able to cover the car via our website.
Here are three things you should remember when purchasing an insurance policy online for your vehicle:
- Car Use and the type of insurance There are basically two types of insurances for cars: The Third-Party Insurance and the Comprehensive Car Insurance. While we would generally suggest getting an Comprehensive Car Insurance for maximum benefits, you can also opt for a Third-Party Insurance if your plan is not to be using the car often or you plan to sell it in the near future. In this case it’s possible that a Th
ird-Party Car Insurance could make sense since it covers your car’s legal liability.
- IDV (Insured Declared Value) – The IDV, i.e. Insured Declared Valuation is the value you can expect to earn from your vehicle. As your car is old it’s IDV will be too lower (you can alter this through our website when purchasing an online car insurance) due to depreciation that occurs over time, based on how old the car is. The IDV directly impacts the amount of your premium as well as the sum insured. While your premium is minimal, the amount insured would also be small when you make the claim.
- Add-ons Add-ons are the type of policy you can choose to use when purchasing a car insurance policy for your car that you have inherited on the internet. However, this only applies when you’re purchasing a Comprehensive/Standard car insurance policy. These policies provide both your car and you by providing the most comprehensive coverage and benefits, such astyre protector as well as engine and gearbox protection as well as return to invoice etc. If you’re looking to purchase insurance policy for an older car consider which additional features would be suitable or not. For instance, a Zero Depreciation or Bumper-to- Bumper insurance policy is not a good idea for a car that is more than 5 years old.
What is the reason it’s necessary to renew your expired Car Insurance Policy on time?
- You’ll lose your NCB The NCB is your no Claim Bonus that accrues for the time that you haven’t filed any claims. The greater your NCB is, the greater your discount when renewing. If you don’t renew your policy prior to when it expires you will lose your NCB and consequently your discount!
- More likely to pay penalty If you fail to renew your insurance for your car in time, you could be charged penalties as the original car insurance policy will no longer be valid when the expiry date is over.
- Beware of the Financial Brunt In addition to the reduction in traffic penalty as well as your NCB by not renewing your insurance policy on time means you could lose the money you’ve earned in the event of an accident that’s unfortunate or a mishap. So, it’s always better to be safer instead of sorry and have your insurance renewal prior to the date that expires of the policy you have already purchased!