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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.
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