Step-By-Step Guide To Transfer Insurance For Second Hand Car
A vehicle insurance policy must include the same name and address as the registration certificate as per IRDA. However, in India, post-loss insurance grievances are prevalent due to a lack of information, also resulting in more claim denial. Therefore, if you have recently sold an old car, it is vital to understand that the car insurance transfer is crucial while buying and selling used cars.
This step-by-step guide on how to transfer insurance of second hand car will walk you through the process and help you understand its importance.
Steps For Second Hand Car Insurance Transfer
Transferring car insurance is also mandatory both seller and buyer must notify the Insurance Council to transfer the policy within 14 days from the date of purchase. The following steps help transfer used automobile insurance:
- Once you get the ownership of the used vehicle, apply for a used car insurance transfer
- Collate all the required documents to start the used car insurance transfer
- You can continue the existing one or add some other benefits by paying a little extra premium based on the policy renewal period.
- Make the payment of the premium as per the policy
- Submit all the required documents along with No Objection Certificates (from the previous owner/bank in case it is a financed car)
- Further, your car will be assessed by the insurance company
After this assessment, you will get the policy transferred on your name.
You’ll need the following documents:
- Original RC
- Application form
- From 28, 29 & 30
- NOC (Non-Objection Certificate) from the current policyholder
- NOC (Non-Objection Certificate) from the bank/financing agency
- Address proof of the buyer along with passport size photographs
- Old auto insurance policy
- Vehicle Inspection Report
- New Registration Certificate
- Original Car Invoice
- No claim bonus certificate (if applicable)
If your Regional Transport Office (RTO) extends ownership transference in the registration certificate, you can transfer car insurance with the other documents. However, you need to submit it to the company when you receive the new RC.
How Can Getezo Help?
Getezo is one of the largest upcoming online marketplaces in India, which you can access from almost anywhere. Find out about A Second-Hand Car on Getezo. The page takes you to a location where a list of the cars will be shown. Choose the option which suits you best. Also, keep in mind what we’ve discussed!
Also, Read: “How To Sell A Financed Car: Step-By-Step Guide“.