Buying & Selling

Role of insurance in buying used cars

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Buying used cars are very much in fashion these days because used cars help you to save a lot of money. Insurance has a major role to play in the buying of used cars and it is important that you check thoroughly if the insurance papers are in place. Both the buyers as well as the seller of the car have to understand the insurance policy and also check if the no claim bonus will also be transferred. In case these things are not taken into consideration, then there might be a problem for both the buyer as well as the seller.

The seller has to check if the insurance policy is transferred in the name of the buyer and the no claim bonus certificate also needs to be claimed from the insurance company whenever the policy is transferred in the buyer’s name.

In order to get the insurance transferred it is important that the seller informs his insurance company that he wants to transfer the insurance in the name of the buyer and he also needs to do this in writing. For this the seller has to pay a very minimum fee to the insurance company.

The motor insurance mainly consists of two packages and given below are the list of the car insurance package:

  • Third Party Policy: Only third party is covered under insurance
  • Package Policy: In the case of package policy, along with the third party the insurance company also provides coverage to your own damage

Since insurance is a mandate, it is important that along with all other documents, even the insurance documents are transferred from the seller to the buyer. However, in case after the transfer of the policy the seller wants to get the insurance done from any other insurance policy, then he can surely do so.

But one of the most important things that you need to consider before you buy a used car is that, you should always try to buy the car from a reputed dealer. A good dealer like American Federal Auto will help you get a car which is in good condition. Apart from providing you with a good condition car, this reputed company will also help you to get this car in the best price possible.

It is very important that you are able to get good after sales service from a company. There are many companies which provide you very good service at the time of selling the car, but once the car is sold, they no longer bother to provide any kind of service to you. So, if you buy a used car from a reputed second hand car dealer like American Federal Auto you will be able to get excellent service even after the car has been sold to you.

So, if you are looking to buy used cars are is looking for a reputed dealer dealing with such cars, then do not hesitate to get in touch with the most reputed used car auto dealer.

 

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