X
Buying a car is a luxury in our country, but it is also a dream of many. In 2019, the market value of second-hand cars was in the billions. People love to buy new cars and sell old ones. But when a person sells a car or buys an old one, they generally get confused.
A common question of many car sellers and buyers is “Can car insurance be transferred to a new owner” / “used car insurance transfer is possible”. But the answer will genuinely be favourable for you. It’s yes, car insurance is transferable. Now again, we think about how right?
Transferring car insurance is a technical procedure, and some steps are being performed. People often think or search like “online procedure methods” or “car insurance name transfer online” and second-hand car insurance policies. The procedure is simple once you understand it.
The first and most important step to transfer insurance is transferring the ownership of your car. The answer to “car insurance transfer to a new owner” is possible by the following steps. You need to create the new owner of the vehicle by assigning the car insurance. The documents required are:
RC certificate or certificate of registration of the car.
CT Certificate or certificate of Taxation.
PUC Certificate.
Declare selling the car to the new owner.
Copy of documents of Existing car Insurance Policy.
An affidavit representing ownership change.
Address proof of the new owner of the car.
Three forms also need to be signed for the transfer of ownership. The three conditions are:
RTO Form 28 - No Objection Certificate form.
RTO Form 29 - Transfer of Ownership form.
RTO Form 30 - Application for intimation or report of transfer of the motor vehicle.
All the documents should be submitted along with RTO forms and the charges to obtain the vehicle’s ownership. The change of ownership must be informed to the RTO within 14 days of a change in ownership.
Once you have initiated changing the ownership OR car insurance transfer to a new owner, you should also inform the insurance company about selling the car. Once the insurance company knows about your ideas, they might help you transfer the insurance policy.
If you have a bonus in your name, you can claim it even though you are selling the car. To claim the compensation, you need to ask the insurance company to provide you with the NCB retention certificate. To obtain the NCB retention certificate, you need to submit some documents:
Letter requesting policy cancellation.
Original policy document.
Certificate of insurance.
RTO Form 29.
RTO Form 30.
Copy of the certificate of registration of the car with the name of the buyer.
Proof of car delivery to the new buyer.
Now you have received the NCB retention certificate and have transferred the ownership. Now you need some set of documents for the transfer of insurance. These steps will ensure the transfer of the car insurance policy to the new buyer. They are:
Update RC book with the name of buyer or Form 29.
The policy document.
Try to get no Objection Certificate from the seller.
New policy application form.
Inspection report of the vehicle.
To know the fundamental difference between the actual premium and the premium paid after factoring in no claim bonus.
There are many things you should keep in mind before changing the policy owner. You should never forget to transfer the car insurance policy. If you try to avoid the step, you can get in legal trouble if a car accident happens.
Transfer policies should be done within 14 days of selling the vehicle. The claims will not be under rejection and will be paid soon after the insurance transfer is proved.
Is car insurance transfer to the new owner mandatory? Yes, it is!
But if you don’t have any insurance, even then you can sell your car quickly. In this case, the new owner has to buy a new insurance policy for the car if he wants to. And then, the vehicle will be inspected by the insurance company before issuing a car insurance policy.
Make sure you transfer the insurance policies too after selling the car. Otherwise, you will face some legal troubles later. The procedure is a bit complicated, but it is mandatory. Once you understand all the points of “How to transfer used car insurance”, and can easily do it. Look for options to save on car insurance while buying a new car insurance policy.
Car Warranty Vs Car Insurance: Which One To Consider While Buying Used Cars
5 Typical Scams While Buying Or Selling Your Used Car And How To Avoid Them
25th January 2020
14th September 2020
01st October 2020
20th August 2020
24th August 2020
24th August 2020
29th August 2020
29th August 2020
29th August 2020
29th August 2020
05th September 2020
05th September 2020
05th September 2020
11th September 2020
11th September 2020
25th September 2020
25th September 2020
01st October 2020
01st October 2020
01st October 2020
01st October 2020
05th October 2020
05th October 2020
11th October 2020
12th October 2020
15th October 2020
22nd November 2020
02nd November 2020
06th November 2020
05th December 2020
17th October 2020
19th October 2020
26th October 2020
29th October 2020
31st October 2020
04th November 2020
08th November 2020
10th November 2020
12th November 2020
18th November 2020
20th November 2020
24th November 2020
26th November 2020
28th November 2020
01st December 2020
03rd December 2020
07th December 2020
09th December 2020
11th December 2020
13th December 2020
17th December 2020
23rd December 2020
25th December 2020
27th December 2020
30th December 2020
23rd February 2021
10th February 2021
03rd January 2021
06th January 2021
08th January 2021
10th January 2021
12th January 2021
14th January 2021
16th January 2021
18th January 2021
20th January 2021
22nd January 2021
24th January 2021
27th January 2021
29th January 2021
31st January 2021
02nd February 2021
04th February 2021
06th February 2021
08th February 2021
12th February 2021
25th February 2021
27th February 2021
03rd March 2021
05th March 2021
07th March 2021
26th April 2021
09th March 2021
11th March 2021
30th March 2021
03rd April 2021
23rd March 2021
14th March 2021
17th March 2021
19th March 2021
21st March 2021
25th March 2021
27th March 2021
01st April 2021
05th April 2021
16th April 2021
19th April 2021
29th April 2021
02nd May 2021
05th May 2021
08th May 2021
11th May 2021
14th May 2021
18th May 2021
21st May 2021
24th May 2021
17th June 2021
30th June 2021
17th July 2021
05th September 2021
16th September 2021
14th July 2021
10th August 2021
23rd August 2021
30th May 2021
02nd June 2021
05th June 2021
08th June 2021
12th June 2021
20th June 2021
23rd June 2021
26th June 2021
03rd July 2021
06th July 2021
09th July 2021
20th July 2021
23rd July 2021
31st July 2021
04th August 2021
13th August 2021
16th August 2021
19th August 2021
26th August 2021
30th August 2021
02nd September 2021
08th September 2021
12th September 2021
19th September 2021
21st October 2021
27th October 2021
10th December 2021
25th September 2021
19th November 2021
27th November 2021
19th December 2021
25th December 2021
18th October 2021
24th October 2021
16th November 2021
22nd September 2021
30th September 2021
03rd October 2021
06th October 2021
09th October 2021
12th October 2021
15th October 2021
30th October 2021
02nd November 2021
06th November 2021
09th November 2021
13th November 2021
22nd November 2021
25th November 2021
29th November 2021
01st December 2021
04th December 2021
07th December 2021
13th December 2021
16th December 2021
22nd December 2021
24th January 2022
07th January 2022
28th December 2021
01st January 2022
05th January 2022
10th January 2022
13th January 2022
16th January 2022
20th January 2022
27th January 2022
30th January 2022
02nd February 2022
05th February 2022
08th February 2022
11th February 2022
15th February 2022
18th February 2022
21st February 2022
24th February 2022
27th February 2022
02nd March 2022
06th March 2022
09th March 2022
12th March 2022
15th March 2022
01st April 2022
04th April 2022
07th April 2022
30th May 2022
27th June 2022
22nd June 2022
10th April 2022
13th April 2022
16th April 2022
19th April 2022
22nd April 2022
26th April 2022
29th April 2022
03rd May 2022
06th May 2022
09th May 2022
12th May 2022
15th May 2022
18th May 2022
21st May 2022
24th May 2022
27th May 2022
02nd June 2022
05th June 2022
09th June 2022
11th June 2022
25th June 2022
29th June 2022
04th July 2022
05th July 2022
20th July 2022
03rd August 2022
06th July 2022
07th July 2022
09th July 2022
09th July 2022
10th July 2022
11th July 2022
12th July 2022
12th July 2022
13th July 2022
13th July 2022
14th July 2022
14th July 2022
15th July 2022
16th July 2022
16th July 2022
19th July 2022
20th July 2022
21st July 2022
22nd July 2022
23rd July 2022
26th July 2022
27th July 2022
30th July 2022
08th August 2022
09th August 2022
12th August 2022
14th August 2022
16th August 2022
19th August 2022
22nd August 2022
23rd August 2022
24th August 2022
25th August 2022
26th August 2022
27th August 2022
29th August 2022
30th August 2022
31st August 2022
03rd September 2022
06th September 2022
09th September 2022
12th September 2022
13th September 2022
15th September 2022
16th September 2022
18th September 2022
20th September 2022
21st September 2022
23rd September 2022
26th September 2022
27th September 2022
29th September 2022
07th October 2022
28th September 2022
03rd October 2022
04th October 2022
06th October 2022
08th October 2022
11th October 2022
11th October 2022
12th October 2022
15th October 2022
18th October 2022
21st October 2022
27th October 2022
29th October 2022
30th October 2022
31st October 2022
03rd November 2022
06th November 2022
07th November 2022
08th November 2022
08th November 2022
11th November 2022
12th November 2022
14th November 2022
17th November 2022
05th January 2023
10th December 2022
23rd November 2022
23rd November 2022
29th November 2022
30th November 2022
02nd December 2022
06th December 2022
06th December 2022
07th December 2022
08th December 2022
08th December 2022
09th December 2022
13th December 2022
21st December 2022
23rd December 2022
26th December 2022
29th December 2022
30th December 2022
02nd January 2023
04th January 2023
16th January 2023
01st February 2023
01st February 2023
02nd February 2023
07th February 2023
14th February 2023
16th February 2023
01st February 2023
03rd February 2023
04th February 2023
07th February 2023
09th February 2023
10th February 2023
13th February 2023
14th February 2023
15th February 2023
20th February 2023
21st February 2023
22nd February 2023
25th February 2023
01st March 2023
02nd March 2023
02nd March 2023
24th March 2023
03rd March 2023
06th March 2023
09th March 2023
13th March 2023
14th March 2023
15th March 2023
16th March 2023
17th March 2023
18th March 2023
20th March 2023
22nd March 2023
24th March 2023
25th March 2023
26th March 2023
28th March 2023
Leave Your Comment
Your email address will not be published. Required fields are marked *