Team-BHP > Team-BHP Reviews > Indian Car Loans & Insurance


Reply
 
Thread Tools Search this Thread
Old 15th April 2018, 11:13   #16
BHPian
 
Join Date: Dec 2016
Location: BANGALORE
Posts: 248
Thanked: 797 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by perty View Post
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.
aadya is offline   (1) Thanks
Old 17th April 2018, 22:10   #17
BHPian
 
prsnck's Avatar
 
Join Date: Jul 2008
Location: Bangalore
Posts: 186
Thanked: 44 Times
Default Re: Transferring insurance after change of registration

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
prsnck is offline  
Old 18th April 2018, 09:21   #18
Distinguished - BHPian
 
Mr.Boss's Avatar
 
Join Date: Mar 2011
Location: Kovai / Madras
Posts: 2,624
Thanked: 6,392 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by prsnck View Post
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
Mr.Boss is offline   (3) Thanks
Old 18th April 2018, 11:05   #19
BHPian
 
Join Date: Oct 2007
Location: Bangalore
Posts: 26
Thanked: 10 Times
Default Re: Transferring insurance after change of registration

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 !
Lovelydude77 is offline  
Old 18th April 2018, 13:53   #20
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,524
Thanked: 2,980 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by Lovelydude77 View Post
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.
ghodlur is online now   (1) Thanks
Old 19th April 2018, 19:18   #21
BHPian
 
Join Date: Oct 2007
Location: Bangalore
Posts: 26
Thanked: 10 Times
Default Re: Transferring insurance after change of registration

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 .
Lovelydude77 is offline   (1) Thanks
Old 23rd April 2018, 10:03   #22
BHPian
 
prsnck's Avatar
 
Join Date: Jul 2008
Location: Bangalore
Posts: 186
Thanked: 44 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by Mr.Boss View Post
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
prsnck is offline  
Old 25th April 2018, 10:13   #23
BHPian
 
Join Date: Mar 2015
Location: Mumbai
Posts: 299
Thanked: 497 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by Victor-whiskey View Post
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.
varunsangal is offline   (2) Thanks
Old 15th April 2019, 18:38   #24
BHPian
 
airbus's Avatar
 
Join Date: Jan 2016
Location: Bengaluru
Posts: 916
Thanked: 1,929 Times
Default Re: Transferring insurance after change of registration

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?

Last edited by airbus : 15th April 2019 at 18:40.
airbus is offline  
Old 17th April 2019, 14:19   #25
Senior - BHPian
 
ghodlur's Avatar
 
Join Date: Sep 2009
Location: Thane
Posts: 5,524
Thanked: 2,980 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by airbus View Post
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
ghodlur is online now   (4) Thanks
Old 17th April 2019, 14:25   #26
Distinguished - BHPian
 
lamborghini's Avatar
 
Join Date: Apr 2004
Location: Mumbai
Posts: 5,642
Thanked: 4,037 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by ghodlur View Post
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.
lamborghini is offline  
Old 25th July 2019, 15:19   #27
Senior - BHPian
 
rajshenoy's Avatar
 
Join Date: Apr 2006
Location: bangalore
Posts: 2,535
Thanked: 1,554 Times
Default Re: Transferring insurance after change of registration

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 is offline  
Old 11th August 2019, 07:13   #28
Senior - BHPian
 
rajshenoy's Avatar
 
Join Date: Apr 2006
Location: bangalore
Posts: 2,535
Thanked: 1,554 Times
Default

Quote:
Originally Posted by rajshenoy View Post
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)
rajshenoy is offline   (3) Thanks
Old 21st August 2019, 18:47   #29
Senior - BHPian
 
vsrivatsa's Avatar
 
Join Date: Jan 2014
Location: Bangalore
Posts: 1,519
Thanked: 3,262 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by rajshenoy View Post
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.
vsrivatsa is offline  
Old 21st August 2019, 19:48   #30
Senior - BHPian
 
rajshenoy's Avatar
 
Join Date: Apr 2006
Location: bangalore
Posts: 2,535
Thanked: 1,554 Times
Default Re: Transferring insurance after change of registration

Quote:
Originally Posted by vsrivatsa View Post
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)
rajshenoy is offline   (2) Thanks
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks