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Frequent Contributor
mandeepS
Posts: 97
Registered: ‎22-08-2016

Any cost occupying for transfer of insurance

I want to sell my car. Is there any cost for transfer of ownership as far as insurance is concerned?

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Accepted Solutions
Contributor
W@L
Posts: 23
Registered: ‎30-08-2021
Solution

Re: Any cost occupying for transfer of insurance

Hi, 

 

There is no cost taken by insurance company to transfer the insurance. However the discounts enjoyed by the previous owner like no claim bonus, compulsory personal accident cover (if any) & RTO change (if any) , you will have to pay back the same. 

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Occasional Contributor
Jyoti Poojari
Posts: 10
Registered: ‎12-09-2017

Re: Any cost occupying for transfer of insurance

Recently my husbacnd sold our old car, The Cost incurred was just 50 bucks, as transfer fee, and few documents were required:

 

  1. New copy of the registration certificate/form 29.
  2. Old policy document.
  3. No Objection Clause (NOC) from the previous policy holder.
  4. New application form.
  5. Inspection Report (to be carried out by the insurance company).
  6. No Claims Bonus difference amount. 

    (documents will obviously differ from insurer to insurer). 
Contributor
W@L
Posts: 23
Registered: ‎30-08-2021
Solution

Re: Any cost occupying for transfer of insurance

Hi, 

 

There is no cost taken by insurance company to transfer the insurance. However the discounts enjoyed by the previous owner like no claim bonus, compulsory personal accident cover (if any) & RTO change (if any) , you will have to pay back the same.