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Contributor
Chandrika Nambiar
Posts: 35
Registered: ‎23-08-2017

Can I claim for insurance in transfer to vehicle ownership period?

Can I claim for insurance in transfer to vehicle ownership period?

2 REPLIES 2
Occasional Contributor
TPooja
Posts: 9
Registered: ‎30-05-2017

Re: Can I claim for insurance in transfer to vehicle ownership period?

Hey Chandrika,

 

See, lets understand the structure of a motor insurance policy.

 

A comprehensive motor insurance policy has two parts —own damage and third party. Whereas the third-party section covers damage caused by your vehicle to a third person—and is mandated by law—the own-damage section covers damage caused to your vehicle owing to any accidental mishap.

 

After purchasing a used car, section 157 of the Motor Vehicle Act casts a duty on the new vehicle owner to get the insurance policy transferred in his or her name by applying to the insurance company within 14 days of the purchase.

 

For these 14 days, only the third party section of the insurance policy gets automatically transferred.

 

This automatic transfer does not apply to the own damage section of the policy. It will be transferred only after the insurance policy is registered under the new owner’s name. After this 14-day period, if the new owner fails to get the insurance policy transferred in his or her name, the insurance company is not liable to bear any losses incurred by new owner—neither in the third-party section, nor in the own-damage section.

Contributor
Dilip Shardul
Posts: 20
Registered: ‎23-08-2017

Re: Can I claim for insurance in transfer to vehicle ownership period?

You can definitely apply for a claim if the insurance Company has issued you an insurance policy and the accident has taken place within the policy period. But the insurance company will release payment for the claim only after you produce the registration certificate before them. Also, please note that the Registration certificate has to be applied for on a date before the date of accident, otherwise the claim is not tenable