[aadya]

Originally Posted by perty

I have faced such a situation.
We gave our old car in exchange to the showroom while buying a new one. The showroom then sold it to another person and ensured the RC was transferred to the new owner. The insurance was valid for some more time and it was left in our name.
.

Fortunate that you were able to be away from all that mess. Fifteen days,from the date of new RC, is the legally permissible time for transfer of Insurance to new owner. Beyond fifteen days the Insurance is actually claimable, though in force.

[prsnck]

I had purchased a second-hand car and transferred RC to my name couple of months back. Insurance is third party and is still on previous owner name.

As i heard from a reliable agent in insurance company third party insurance can be changed (they call it as endorse) - at any point of time once RC is transferred to new owner of car. Does any one aware the procedures to transfer the third party insure to new buyer name. Are there any charges to be paid.


Thanks
Prsn

[Mr.Boss]

Originally Posted by prsnck

I had purchased a second-hand car and transferred RC to my name couple of months back.

Does any one aware the procedures to transfer the third party insure to new buyer name. Are there any charges to be paid.

Most service providers insist on Insurance endorsement (name transfer) within 15~30 days after the endorsement in RC.

Procedure:
- Get the RC transferred to your name (which is already done)
- Get the insurance transfer form (attached) signed by the previous owner
- Share insurance transfer form (original) and RC (photocopy) to the insurance service provider (either in person, email or upload through their website. Get it touch with their customer care to understand the easy channel)
- You will be asked to pay a nominal fee (usually around 50 INR + 18% GST)
- Once payment is done (either online or in person) you will be provided a receipt
- Policy after endorsement will be provided immediately or within a week time (depending on their internal procedures)

Insurance transfer form.pdf

[Lovelydude77]

Folks,

I just sold my santro and bought a second hand Honda city. I previously held insurance on old santro with Reliance general insurance with NCB accumulated at 50%. I called up Reliance General insurance today and asked them for a policy for Honda City and asking them to transfer NCB from old policy to this new policy.

I was told since the cubic capacity of older car is different from new car, NCB cannot be transferred. It does make sense to me somewhat why such a rule would be in place but I would think they can apply some percentage to accumulated NCB and transfer it.

Any leads/ pointers on this ? What's the best way forward?

I will be checking with other insurance vendors also for best deal here but understanding the rules would help me negotiate better.

Thanks for help !

[ghodlur]

Originally Posted by Lovelydude77

I was told since the cubic capacity of older car is different from new car, NCB cannot be transferred. It does make sense to me somewhat why such a rule would be in place but I would think they can apply some percentage to accumulated NCB and transfer it.

Any leads/ pointers on this ? What's the best way forward?

There does exists the rule that the NCB is transferable withing the same engine capacity segment however the same has been twisted by many Insurance cos to their own profit. If Reliance is refusing you the NCB, then get the NCB certificate from them and buy Insurance from other Insurance co. To get your business, Insurance co would bend the existing rule and provide you the quote with the applicable NCB.

I am sure the City must be having the existing Insurance, continue with it by changing the ownership and then during renewal, apply the NCB.

[Lovelydude77]

Folks,

Little did I know, I was in for a surprise... maybe it was my lack of understanding.

I was under impression that Insurance is given to the car owner (that's why NCB is not transferrable as part of transfer of policy and continues to lie with original policy holder). Hence, I would need to get new insurance policy on my name. I did read on this thread, that once you xfer the RC, insurance company is liable to honor policy even though there is a mismatch between RC and insurance policy. I was under impression this was try for third party liability and not the car itself.

It so happened, I called up previous owner's insurance company (HDFC-ERGO) and told them I have bought the car and would need to get a policy on my name. I was told, I just need to provide them photo of RC online and they would xfer the policy on my name. NO Charges, nothing !

I was sceptical but went ahead with the prescribed process and voila within they issued policy in my name for the vehicle , keeping tenure same as original policy at NO charge !

It does not amount to much savings since its valid only for 60 days or so, but I get to kick can down the road and do better research before renewing the policy.

I hope my experience , helps others going .

[prsnck]

Originally Posted by Mr.Boss

Most service providers insist on Insurance endorsement (name transfer) within 15~30 days after the endorsement in RC.

Procedure:
- Get the RC transferred to your name (which is already done)
- Get the insurance transfer form (attached) signed by the previous owner
- Share insurance transfer form (original) and RC (photocopy) to the insurance service provider (either in person, email or upload through their website. Get it touch with their customer care to understand the easy channel)
- You will be asked to pay a nominal fee (usually around 50 INR + 18% GST)
- Once payment is done (either online or in person) you will be provided a receipt
- Policy after endorsement will be provided immediately or within a week time (depending on their internal procedures)

Attachment 1752706

Thanks Boss. will try do it this week. Insurance folks has asked for Original RC and Original Insure doc once I called them. Let me see.

Regards
Prsn

[varunsangal]

Originally Posted by Victor-whiskey

1. Either I inform the insurance companies about the change in ownership and pay the difference amount of NCB

2. Or I proceed ahead with new insurance since the insurance expires on 17 April 2018 and the insurance companies are quoting the ownership transfer as expired insurance policy.

My another doubt is that if I pay the NCB difference amount, the NCB being given to me still stands at the same percentage or I will not get any NCB.

Thanks

Whether you renew the same policy or get a completely new one, you need to inform the insurer that the ownership has changed. Even a new insurer will refer to the old policy document. Also, the NCB is for your mother, so you will need to pay full premium at 0% NCB.

#2 is already irrelevant given the lateness of the response.

One thing that you can do is to get the NCB certificate from the insurer on you mother's name. This way if you buy another car in your mother's name anytime in the next 3 years, you can get a 35% NCB on the new policy.

Hope this helps.

[airbus]

My car was under company lease which got over recently. I have applied for change of ownership with RTO. While ownership change is already done (as seen on vahan website), but RC is not yet printed. I have contacted my insurance provider HDFC ERGO for transferring insurance to my name from company name, but HDFC ERGO customer support told me that the RC copy is a required document for transferring insurance.

What options do I have if I need to claim insurance in this interim period, when car owner name and insurance name are different?

[ghodlur]

Originally Posted by airbus

I have contacted my insurance provider HDFC ERGO for transferring insurance to my name from company name, but HDFC ERGO customer support told me that the RC copy is a required document for transferring insurance.

What options do I have if I need to claim insurance in this interim period, when car owner name and insurance name are different?

Its correct that changed ownership RC copy will be required for changing the ownership of Insurance, however if you proactively provide the same document copies which you submitted to RTO for ownership change to the Insurance co too, this will help you in claiming insurance during the period the insurance ownership is not changed. In other words, you have intimated the Insurance co of the change of onwership and that is considered valid in case of claims

[lamborghini]

Originally Posted by ghodlur

Its correct that changed ownership RC copy will be required for changing the ownership of Insurance, however if you proactively provide the same document copies which you submitted to RTO for ownership change to the Insurance co too, this will help you in claiming insurance during the period the insurance ownership is not changed. In other words, you have intimated the Insurance co of the change of onwership and that is considered valid in case of claims

Generally when we sell our vehicle, we send a letter to the insurance company informing them of the same, along with relevant details.
In this case, your company will have to liaise with HDFC to get this process sorted, and you may have to make a small payment towards the same - such as NCB discount if there is would have to be topped up by yourself as the NCB is given to the company who has taken out the policy and not to you.

[rajshenoy]

I have a query on transferring the insurance. While i understand that the new owner has to pay the differential such as NCB, I wanted to make use of my existing NCB certificate to adjust the difference.

However I am being told that i need to personally visit on a weekday(Mon-Friday) and get the original NCB certificate for them to process the same. I find it bit weird for someone to spend 3-4 hours in a big city like Bangalore for a petty job. Is this the norm with all the Insurance providers or am i taken for a ride by this specific vendor (Royal Sundaram)

[rajshenoy]

Originally Posted by rajshenoy

I have a query on transferring the insurance. While i understand that the new owner has to pay the differential such as NCB, I wanted to make use of my existing NCB certificate to adjust the difference.

However I am being told that i need to personally visit on a weekday(Mon-Friday) and get the original NCB certificate for them to process the same. I find it bit weird for someone to spend 3-4 hours in a big city like Bangalore for a petty job. Is this the norm with all the Insurance providers or am i taken for a ride by this specific vendor (Royal Sundaram)

Update from my end. I convinced the insurance provider to accept documents over a courier and process went smoothly. Got my transfer done by just paying INR 104 (after adjusting NCB)

[vsrivatsa]

Originally Posted by rajshenoy

Update from my end. I convinced the insurance provider to accept documents over a courier and process went smoothly. Got my transfer done by just paying INR 104 (after adjusting NCB)

I am in the same boat and Tata AIG is insisting that I bring the vehicle for Inspection as well for transfer of insurance apart from the documents.

[rajshenoy]

Originally Posted by vsrivatsa

I am in the same boat and Tata AIG is insisting that I bring the vehicle for Inspection as well for transfer of insurance apart from the documents.

Try and convince. In my case, I told them that i can only visit on weekends (travel in bangalore takes half a day) and apparently these guys work only 5 days a week. So gave him a piece of my mind and eventually he agreed to receive documents over the courier and i paid 104 rs online (I had NCB certificate which matched the 50% NCB on the insurance, so didn't pay anything extra)