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Old 28th April 2015, 10:55   #16
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Default Re: Unique case of insurance expiring in between ownership transfer

I also find myself in similar situation.
I have sold my car to my relative. He stays in Jodhpur currently and will be in Pune around 18th May. Once he is in Pune the RTO ownership transfer process would be done. My current insurance expires on 4th May.
Based on the feedback in this thread from fellow member I see that there are two options:
1. Renew the insurance in my name and then transfer the insurance to new owner later during the RTO ownership transfer process.
Pros : I can use my car till May 18
Cons : This will be extra time consuming process for my relative to transfer the insurance

2. Don't renew the insurance. When the relative is in Pune he will use form 29 and 30 to get new insurance on his name directly and then start with the RTO ownership transfer process.
Pros : Insurance will be purchased directly in his name
Cons : I will not be able to drive car after May 4th since insurance is expired.

Is there any other option which can be exercised?
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Old 13th May 2015, 00:01   #17
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Default Re: Unique case of insurance expiring in between ownership transfer

As far as I understand, those are the only two options. However, there is a potential of one more negative in option 2 - For someone to claim NCB, the insurance needs to be done within a certain timeframe (possibly 30 days) of expiry of insurance.

I went with option 1! Hoping it wont be much effort to transfer it to my name.

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Originally Posted by athanedar View Post
I also find myself in similar situation.
I have sold my car to my relative. He stays in Jodhpur currently and will be in Pune around 18th May. Once he is in Pune the RTO ownership transfer process would be done. My current insurance expires on 4th May.
Based on the feedback in this thread from fellow member I see that there are two options:
1. Renew the insurance in my name and then transfer the insurance to new owner later during the RTO ownership transfer process.
Pros : I can use my car till May 18
Cons : This will be extra time consuming process for my relative to transfer the insurance

2. Don't renew the insurance. When the relative is in Pune he will use form 29 and 30 to get new insurance on his name directly and then start with the RTO ownership transfer process.
Pros : Insurance will be purchased directly in his name
Cons : I will not be able to drive car after May 4th since insurance is expired.

Is there any other option which can be exercised?
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Old 23rd June 2015, 20:53   #18
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Default Re: Unique case of insurance expiring in between ownership transfer

Quote:
Originally Posted by saket77 View Post
Carvoyeur, your problem is not unique.

Regards,
Saket
Quote:
Originally Posted by .anshuman View Post
If you have the insurance transfer form signed, you can renew the insurance in your name.
Quote:
Originally Posted by ghodlur View Post
3) With the correct documentation, anybody can submit the request for Insurance ownership transfer.
4) You wont be able to claim any repairs if anything were to happen to the car. Also the entire TPL amount would go from your pocket.

In scenario 1, you can mention the applicable NCB while renewing Insurance. Or else if you have the previous NCB certificate you can hand it over to the Insurance co.

Guys,

Here is the problem. So I ended up renewing my insurance with ICICI lombard because the RTO took more time than expected. Now that I have the new RC in my name, my dad went to the ICICI office. The agent there said that they cant transfer the NCB in my name and are asking for additional 5K rupees apart from Rs 158 as transfer charges.

I even have a letter from my previous company from whom I transferred the lease which basically states that I have been the sole driver of the vehicle and they dont mind if NCB is transferred to my name. Not sure what else I can get.


Any thoughts on this? Is this correct or is it just that ICICI agent is being unreasonable?

What should I do then, considering I am out of country

Appreciate your help.

Thanks,
Carvoyeur
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Old 6th July 2015, 06:32   #19
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Default Re: Unique case of insurance expiring in between ownership transfer



Quote:
Originally Posted by Chetan_Rao View Post
I
Quote:
Originally Posted by saket77 View Post
C








Guys, would appreciate an answer to my query (post above this one)
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Old 6th July 2015, 20:27   #20
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Default Re: Unique case of insurance expiring in between ownership transfer

Sorry for the extremely late reply.

However, technically the insurance company is right in asking for the NCB difference as the ownership has chafed and so has the first party of the insurance contract. I have no idea how practically it will be treated because you have been the sole driver of the Car all this while. Being an alien to the concept of co. Leased vehicles, I have read a few cases on this thread itself where the insurer agreed to consider the fact on the basis of letters from the company. I hope you save your NCB.

Regards.

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Originally Posted by carvoyeur View Post
Guys, would appreciate an answer to my query (post above this one)
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Old 18th July 2015, 06:06   #21
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Default Re: Unique case of insurance expiring in between ownership transfer

Quote:
Originally Posted by saket77 View Post
Sorry for the extremely late reply.

However, technically the insurance company is right in asking for the NCB difference as the ownership

Regards.
Final update:
I reached out to multiple levels of customer care. When I called they said I will have to pay. When my father visited them they said I have to pay. Then I wrote to the Nodal officer and from there on they realized they cant make a fool of people.

They just asked for a form to be filled and a letter from the company. They sent someone home to click pictures of the car (since it was more than 30 days since I transferred RC) and thats all.

The price I eventually paid was Rs. 57 instead of Rs. 5000 they were asking earlier.

Also, in my research I found that Indian Motor Insurance rules, section 97 (e) deals with it saying that in case of a lease transfer from a firm, insurance company is BOUND to transfer the NCB. I am not able to find the exact words right now. So yeah, anyone struggling with same thing can use this when dealing with the insurance company (although I did not tell this to ICICI)

Best,
Carvoyeur
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Old 18th July 2015, 10:08   #22
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Default Re: Unique case of insurance expiring in between ownership transfer

I suggest keep your car insured all the time. Accidents happen even when a car is parked. Also getting a fresh insurance policy after the old one has lapsed is very tedious.
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Old 18th July 2015, 10:19   #23
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Default Re: Unique case of insurance expiring in between ownership transfer

As per RTO rules the car transfer effectively happens when you submit the papers for transfer, unless the transfer is rejected.
I have used the receipt we get when we submit the papers as a proof of transfer. The actual RC book arrives after a few weeks, but date on it is the date when we submit.

Rahul
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Old 18th July 2015, 20:38   #24
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Default Re: Unique case of insurance expiring in between ownership transfer

Thanks for the update. Great news and an important one. Thanks for sharing.
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Originally Posted by carvoyeur View Post
Final update:
Best,
Carvoyeur
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Old 10th August 2015, 10:26   #25
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Default Re: Unique case of insurance expiring in between ownership transfer

In Delhi they had a time limit of 21 days within which they are going to provide the new RC. In case of rejection etc it may take longer.

I transferred the insurance from my father's name to my name and it didn't take more than a day. The guy came home, inspected the car and sent me the documents. No charges were involved.
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