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February 26, 2016 14:45

It is known to each automobile owner that every car complying on Indian roads has to insured as per the regulations of government. It is mandatory for every prospective buyer to obtain a car insurance policy so as to make sure any damages caused to the vehicle or by the vehicle are covered. There are generally two kinds of car insurance policy in India – Third Party Coverage and Comprehensive Package. The former is solely dedicated to covering damages caused to a third party by the insured vehicle and does not deal with the insured and insurer. On the other hand, latter is an all-inclusive package which covers damage for the liability (third party) as well as the insured automobile. While every buyer knows the procedures of obtaining the policy, fewer are aware of how to transfer car insurance.

It must be noted that used car insurance in India can easily be transferred to a new owner or a new car. This process involves the production of basic documents related to the insurance policy, in front of the concerned authority. The following steps provide the necessary information involved in the motor insurance transfer process:

  1. The first step is to obtain the registration documents of the car and the title of the vehicle. If one wishes to have the car insurance transfer to new owner, then the necessary documents of the vehicle and a consent form of the new owner needs to be produced among the authority. Also, the documents related to existing car insurance coverage and the specific reasons to change or transfer the coverage should be attached with other documents.

  1. People can also contact the professionals or the existing insurance agent in order to successfully complete the motor insurance transfer. After all the documents have been presented, the insurance agent will be giving the concerned person with a certain grace period in which he/she has to notify the authority about the transfer coverage or any further changes in the policy. However, if the insured fails to inform the company within the grace period, then his/her car insurance policy might be ceased without any refund or discount, which was to be provided before.

  1. In case the used car insurance in India is to be transferred to a new vehicle purchased by the same user, then he/she can enquire the same from the insurance authority. The aforementioned steps are to be repeated in this case, however, one should make sure to always retain the No Claim Bonus (NCB) from the existing car to new model. In case of car insurance transfer to new owner, the presence of both the parties is needed. Both these parties have to sign in the agreement and then the transaction can be done with ease.

Motor insurance transfer does not require much effort except for the insured to obtain and present all the valid documents. It is also advised to obtain all the documentary proof of the transfer deal from the concerned authority in case of avoiding any issue in the future. Used car insurance in India can be transferred to either a new vehicle or a new owner, and there are also few portals, which comprise information regarding the same. However, it is always recommended to analyse all the information beforehand so that there is no problem while transferring the insurance policy.

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