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I sold my old car through Maruthi True Value and bought a new Maruthi Car. While doing so I transferred my car insurance policy to my New Car, instead of transferring it to the buyer of my old car. I have taken a third party insurance for one year for my old car also and gave it to the buyer. This, I have done on the advice of my insurer. Now the buyer is claiming compensation - he has sent a legal notice - for not transferring the first party insurance to him. Has the buyer a right to ge my old car insurance transferred in his favour? Have I done anything illegal here? Pl.advise me. Thanks, Joseph P.M
By Joseph 05 May 2010
Answers:

evening mr joseph!
buyer if informed earlier should not make an issue atall as the ncb on your old policy has to be enjoyed by u whilst u transfer your old policy to your new vehicle!

Answer by Jai Thakore 05 May 2010

As far as i know only ncb part can be transferred to you and rest remains with the old car.If the new buyer want the old insurance policy he has to pay the bonus part to the insurance company

Answer by Varinder Singh 05 May 2010
expert
Expert`s comment:

Hi,
Regarding the insurance, the buyer should have asked which type of insurance is available with the car. If at the time of negotiations you have told it about 3 rd party insurance then ther wont be a problem. Also once the deal is over and buyer gives delivery note of both insurance cover note and car then that ends the transcations. If he was willing then he should have insisted for it before completion of deal.You have nothing to worry unless you have given in writing that you will give first party insurance with the car.
In short if you have delivery note of car and insurance covernote then the transaction is complete.So nothing to worry.
Still as he has given legal notice,It is to be studied in detail about the content and it is advisable to give reply through lawer only.

Answer by Shiva Shankar 06 June 2010
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