Buying a used vehicle has become increasingly popular in the current times as it is not only easy but also quite economical. The used commercial vehicle market is no different as many businessmen now choose to buy a used commercial vehicle that is in a good condition to get their logistical requirements met on a budget.
When buying a commercial vehicle, it is quite possible to end up paying more as there are lesser regulations on the used vehicles market. This is where a used commercial vehicle valuation calculator comes in handy as it can help you estimate the ideal price of a used commercial vehicle.
A used commercial vehicle valuation calculator is an algorithm that helps you estimate the price of a used commercial vehicle. It considers factors like the make, model, manufacturing year, years of usage, and the number of kilometres driven to give you the estimated resale price of the said commercial vehicle.
The price of any commercial vehicle is inversely proportional to the wear and tear of the vehicle; implying that the more your commercial vehicle is used, the less is its resale value. Apart from the price of the commercial vehicle, you might also need to pay brokerage charges if you are not buying directly from the seller. This factor is, however, not considered by an online commercial vehicle valuation calculator.
Utilizing a used commercial vehicle valuation online calculator is pretty easy as with the right information, you can easily get a price estimation of almost any used commercial vehicle. To give you more clarity, here is a step-by-step process for using an online commercial vehicle valuation calculator -
Visit IFFCO-Tokio’s website and search for ‘used commercial vehicle valuation calculator’ in the search bar and click enter. You will then be redirected to the webpage that features the used commercial vehicle valuation, online calculator.
The used commercial vehicle valuation calculator would require you to enter a few details like the make, model, manufacturing year, kilometres driven, and the number of years used.
If the vehicle you wish to check the resale price of is already insured by a valid commercial vehicle insurance policy, it would cost you lesser to buy the said vehicle. Hence, many of the used commercial vehicle valuation calculators present online require you to confirm if the commercial vehicle is insured or not.
Once you have entered all the required information into the used commercial vehicle valuation online calculator, you have to click on ‘calculate’. The estimated price of the said used commercial vehicle will then be displayed on the screen instantaneously.
There are plenty of benefits of using an online used commercial vehicle valuation calculator. To raise awareness about the same, here are a few listed below -
Through a used commercial vehicle valuation online calculator, you can easily find an appropriate estimation of the resale value of a used commercial vehicle. Just enter by entering the information, click on enter, and the estimated resale price of the used vehicle will be instantly displayed on the screen.
Typically, all the used commercial vehicle valuation online calculators are free. This helps you get as many estimates as you want without any restrictions. A useful feature when you are researching for the right used commercial vehicle for you.
Utilizing a used commercial vehicle valuation calculator helps you get an estimate of the resale value of a particular commercial vehicle. This helps you avoid paying more money than required. It also helps you understand that if a vehicle is priced too low when compared to the estimate, it might have higher wear and tear or a few faulty vehicular components.
Helping you get an apt estimate for the resale value of a used commercial vehicle, a used commercial vehicle valuation online calculator gives you the right price range for your purchase. Thus, it helps you select the right IDV for your commercial vehicle insurance policy.
Buying a commercial vehicle, even a used one requires quite a bit of money. Hence, once you have selected the right commercial vehicle, you can use the used commercial vehicle valuation online calculator and get an idea of the amount of money that would be required to help you complete the purchase.
Utilizing a used commercial vehicle valuation calculator is quite easy and swift. Thus, there is not much research that goes into using the used commercial vehicle valuation calculator. However, there are a few things that you need to remember when utilizing a used commercial vehicle valuation online calculator for the first time, namely -
The actual price you pay for a used vehicle might be slightly different than the estimation provided by the used commercial vehicle valuation calculator. This is because there are a lot more factors that go into pricing a used commercial vehicle than the ones mentioned above. Hence, it is better to be prepared for a slight upper or lower variation in price when you go out to buy the vehicle after utilizing a used commercial vehicle valuation online calculator.
Since there are varied factors that affect the pricing of a used commercial vehicle, it is quite natural for a different used commercial vehicle valuation calculator to consider a set of different factors to come up with the resale value estimation. Thus, it is recommended to get in touch with the seller directly to understand the precise pricing of the used commercial vehicle.
Since a different used commercial vehicle valuation calculator would require a different set of information, you would need to know quite a bit more about the used commercial vehicle you wish to buy. Hence, it is recommended to find a used commercial vehicle valuation calculator that is easy to operate and use the same for your future calculations as well.
As per the Motor Vehicles of 1988, it is illegal to drive your vehicle in India without having at least a basic valid insurance policy.. There are majorly two types of commercial vehicle insurance policies available in the market today, namely, a third-party commercial vehicle insurance policy and a comprehensive commercial vehicle insurance policy.
While a third-party commercial vehicle insurance policy is mandatory by law, a comprehensive commercial vehicle insurance policy is better preferred if you wish to get extensive coverage for your vehicle.
Even if the previous owner had the commercial vehicle insured, it is possible that the policy would have expired by the time you purchase the vehicle. Hence it is recommended to check if the used commercial vehicle that you have recently already has a valid insurance policy to cover it or if you have to buy a new commercial vehicle insurance policy altogether.
This document along with a few other documents is required as proof of sale. To give you a better idea, here are a few documents that are required other than the proposal form: RC Book transfer, Form 29 and 30, signed by the previous owner, a copy of the existing/previous commercial vehicle insurance policy, and so on.
This step is only applicable if you are transferring a comprehensive commercial vehicle insurance policy. It would also require you to fill up a new form before the transfer is commenced.
Before you submit the documents, do check if the names written on the documents are correct as the entire process might have to be repeated again if discrepancies are found in the same. Make sure the name you write on the documents is the same as the name in your identity proof. This applies to the vehicle’s name, the seller’s name, and so on.
We, at IFFCO-Tokio, provide you mainly two types of commercial vehicle insurance policies, a third-party commercial vehicle insurance policy and a comprehensive commercial vehicle insurance policy.
While a third-party commercial vehicle insurance policy only covers you against the financial liabilities of the damages caused to the third party in an accident, a comprehensive commercial vehicle insurance policy gives you much wider coverage.
To help you understand better, here is a list of what is covered by the comprehensive used commercial vehicle insurance policy -
Natural disasters are unpredictable and can either leave your vehicle with severe damages or worse, destroy it completely. However, if you buy the comprehensive commercial vehicle insurance policy, you get complete financial relief while getting your commercial vehicle repaired even in such distressing times.
Damages caused to man-made disasters such as riots, theft, etc., are also covered under a comprehensive commercial vehicle insurance policy. This gives you complete financial relief when getting your bike repaired after such an unfortunate event.
You can also add a personal accident cover to your comprehensive commercial vehicle insurance. This add-on provides financial support when tending to the injuries incurred to the driver of the insured commercial vehicle.
Different add-ons provide different coverage. They do increase the premium you pay for your comprehensive commercial vehicle insurance policy. However, they also provide extensive coverage and various other benefits.
● We have over 20,000 branches and agents across the country.
● We have 20+ years of experience in the insurance industry.
● IFFCO-Tokio is trusted by over 1,00,000 individuals across India.
● We are proclaimed as the winners of Asia's Best General Insurance Company' in 2nd Asia's Best & Emerging Insurance Company Awards 2021.
● IFFCO-Tokio has a high claim settlement ratio across various insurance categories.
● We provide you 24/7 claim assistance and customer care services.