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Occasional Contributor
Posts: 17
Registered: ‎23-08-2017

I need to transfer my motor policy to the new owner. What is the procedure?

I need to transfer my motor policy to the new owner. What is the procedure?

2 REPLIES 2
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Occasional Contributor
Posts: 11
Registered: ‎30-05-2017

Re: I need to transfer my motor policy to the new owner. What is the procedure?

Transfer of Motor Policy is done by Customer Support Team of Insurer. 

 

You can directly call the Insurer and raise for transfer request. They will ask few details like Name , E-mail Id, Contact No of new Owner. Also the RC Transfer date.

 

Make sure that you contact the Insurer within 14 days of RC transfer otherwise Inspection of Vehicle will be required.  

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Contributor
Posts: 23
Registered: ‎28-08-2017

Re: I need to transfer my motor policy to the new owner. What is the procedure?

The car insurance transfer process works in tandem with the transference of ownership. Once the car is bought by the new owner, the policy of the previous owner does not remain valid. According to the Insurance Regulatory and Development Authority of India, in case a claim has to be filed, the name and address on both the registration and insurance documents have to match.

 

This is required because in case of an emergency, it comes handy for the new owner to recover cost of damages. In addition, failure to insure one’s vehicle can result in denial of a claim.

 

Along with a Rs. 50 transfer fee, the following documents as required for car insurance transfer:
New copy of the registration certificate/form 29.Old policy document.No Objection Clause (NOC) from the previous policy holder.New application form.Inspection Report (to be carried out by the insurance company).No Claims Bonus difference amount.