Change is a part of life. In fact, for many, life without change seems meaningless. This applies to every part of your life. If even one part of your life experiences change, all other parts will be affected by it. A great example of this is when you are purchasing a new car. When you already have a car and then continue to replace it with a new one, many things in your life can be disruptive. You would have to get in the habit of operating a new car after using the old one for a long time. The biggest concern is insurance coverage. You would think you have to buy car insurance online for the new car. But you can transfer the current policy of the vehicle to your name.
Transferring a comprehensive or third party car insurance is something that happens when you buy or sell a car. If you are buying or selling a car, the insurance policy for the vehicle has to be transferred to the new owner’s name. It is important to do this as the new vehicle owner will have to claim in the event of an accident. It would be very difficult to do this without the policy being in the name of the vehicle owner. In some cases, this claim may even lead to dismissal.
How to transfer a car insurance policy?
If you want to transfer a car insurance policy, you need to follow the steps mentioned here:
- As with any process related to car insurance, you must apply in advance. You must complete an application for a car insurance plan transfer within 15 days of transferring ownership of the vehicle.
- Make sure you have all the documents required to transfer a car insurance policy. These documents include the car’s registration certificate (RC), documents proving the transfer of ownership, and documents of an existing insurance policy.
- You must complete your KYC after completing the above two steps. KYC is an acronym for Know Your Customer, a process that companies use to collect their customers’ data. You will need to submit proof of identity for this process. As proof, you can submit a copy of your driving license, Aadhaar card, etc. The car seller and buyer must submit these documents.
- Transfer Registration Certificate, Form 29 and Form 30, Emission Test Paper, Sale Deed, No Objection Clause (NOC) from the seller, Inspection Report issued by the Insurance Provider and old policy documents are other documents required when transferring an insurance policy.
- Once you have submitted the required forms and documents, you will have to pay the transfer fee. As the new policy is not purchased, the details of the premium will remain the same. However, a transfer fee must be paid as a fee to process the transfer.
- After submitting all the documents and paying the transfer fee, the insurance policy will be transferred to the new owner of the vehicle.
* Standard T&C Apply
Transfer car insurance and no claim bonus
No Claim Bonus (NCB) is a benefit that gives you a concession on the policy premium at the time of car insurance renewal. It is available as an add-on for comprehensive policyholders. The way it works is that the longer you go without claiming your policy, the more concessions you will get. Therefore, it is important to know who the policyholder is for this purpose. If the policy is transferred, the no claim bonus needs to be revisited. The NCB benefits of the policyholder are not transferred to the new owner of the policy. However, existing policyholders with NCB benefit can transfer benefits from their old policy to the new one. * Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.