Today in this article we are going to dicuss How to Transfer Car Insurance from one Person to another in India? Car insurance is a crucial aspect of owning a vehicle in India. It helps protect the owner from any financial losses in case of damage or theft of the vehicle.
However, there may come a time when a person needs to transfer their car insurance policy to someone else, either because they have sold the vehicle or because they have given it to someone else. In this blog, we will discuss how to transfer car insurance from one person to another in India.
How to Transfer Car Insurance from one Person to another in India?
Firstly, it is important to understand the different scenarios under which car insurance transfer may be required. These are:
- Transfer of ownership of the vehicle
- Change of name of the policyholder
- Sale of the vehicle
Each of these scenarios requires a different process for transferring car insurance. Let us look at each of these scenarios in detail.
1. Transfer of ownership of the vehicle
When a vehicle is sold, the ownership of the vehicle is transferred from the seller to the buyer. In such cases, the insurance policy also needs to be transferred to the new owner. The following are the steps to transfer car insurance in case of a change in ownership:
Step 1: Inform the insurance company
The first step is to inform the insurance company about the change in ownership of the vehicle. This can be done by contacting the customer care or the agent of the insurance company. The policyholder needs to provide details such as the policy number, the name of the previous owner, and the name of the new owner.
Step 2: Submit the required documents
The insurance company will require the following documents to transfer the policy:
a. The policy document b. The registration certificate of the vehicle c. Transfer of ownership certificate (Form 29 and Form 30) d. No Objection Certificate (NOC) from the previous owner e. New RC book in the name of the new owner
The policyholder needs to submit these documents to the insurance company.
Step 3: Pay the transfer fee
The insurance company may charge a transfer fee for transferring the policy. The policyholder needs to pay this fee to complete the transfer process.
Step 4: Issue of new policy document
Once the transfer process is completed, the insurance company will issue a new policy document in the name of the new owner. The new owner will then become the policyholder and will be responsible for renewing the policy.
2. Change of name of the policyholder
There may be situations where the name of the policyholder needs to be changed, for example, in case of marriage or change of name. The following are the steps to transfer car insurance in case of a change of name of the policyholder:
Step 1: Inform the insurance company
The first step is to inform the insurance company about the change of name. This can be done by contacting the customer care or the agent of the insurance company. The policyholder needs to provide details such as the policy number, the old name, and the new name.
Step 2: Submit the required documents
The insurance company will require the following documents to change the name of the policyholder:
a. The policy document b. Proof of name change (for example, marriage certificate or gazette notification) c. KYC documents of the new policyholder (for example, Aadhaar card, PAN card)
The policyholder needs to submit these documents to the insurance company.
Step 3: Pay the processing fee
The insurance company may charge a processing fee for changing the name of the policyholder. The policyholder needs to pay this fee to complete the process.
Step 4: Issue of new policy document
Once the process is completed, the insurance company will issue a new policy document in the name of the new policyholder.
3. Sale of the vehicle
When a vehicle is sold, the seller may choose to transfer the car insurance policy to the new owner or cancel the policy and take a refund of the premium paid. Here are the steps to transfer car insurance in case of sale of the vehicle:
Step 1: Inform the insurance company
The first step is to inform the insurance company about the sale of the vehicle. The policyholder needs to provide details such as the policy number, the name of the new owner, and the date of transfer.
Step 2: Decide whether to transfer or cancel the policy
The policyholder needs to decide whether to transfer the policy to the new owner or cancel the policy and take a refund of the premium paid. If the policy is transferred, the new owner will continue to enjoy the benefits of the existing policy. If the policy is canceled, the policyholder will receive a refund of the premium paid.
Step 3: Submit the required documents
If the policy is to be transferred, the insurance company will require the following documents:
a. The policy document b. The registration certificate of the vehicle c. Transfer of ownership certificate (Form 29 and Form 30) d. No Objection Certificate (NOC) from the new owner e. New RC book in the name of the new owner
The policyholder needs to submit these documents to the insurance company.
Step 4: Pay the transfer fee
The insurance company may charge a transfer fee for transferring the policy. The policyholder needs to pay this fee to complete the transfer process.
Step 5: Issue of new policy document
Once the transfer process is completed, the insurance company will issue a new policy document in the name of the new owner.
Conclusion
In conclusion, transferring car insurance from one person to another in India is a straightforward process, provided the necessary documents are submitted to the insurance company. It is important to inform the insurance company about any change in ownership or policyholder to avoid any issues in case of a claim. It is also important to compare different insurance policies and choose the one that offers the best coverage at an affordable premium. With these steps, transferring car insurance can be a hassle-free experience.
