Find out what is Name transfer in Motor Insurance, how it will be done and documents required to proceed the process …
On transfer of ownership of a vehicle, New owner name should be endorsed in Insurance copy also.
Insurance Name Transfer for Liability or Thirdparty Policy
The Liability Only cover under a Liability Only policy under a Package policy is deemed to have been transferred in favour of the person to whom the motor vehicle is transferred with effect from the date of transfer.
Insurance Name Transfer for Comprehensive Policy
- The transferee shall apply within 14 days from the date of transfer to the Insurer who has Insured the vehicle.
- If transferee applied for name transfer after 14 days then vehicle has to be inspected by the Insurance company representative.
- First transferee has to approach the Insurance company along with the required documents or send a mail to the insurance company with the required documents. Once successful verification of the originality of documents the transfer process will be started by the Insurance company.
- Documents required are Policy copy, RC copy with new owner details, specific request from the transferee along with consent of the transferor.
- The details to be provided are registration of the vehicle, the date of transfer of the vehicle, If NCB recovery applicable for the new owner.
- If the transferee is not entitled to the benefit of the No Claim Bonus (NCB) shown on the policy, or is entitled to a lesser percentage of NCB than that existing in the policy, recovery of the difference between the transferee’s entitlement and that shown on the policy shall be made before effecting the transfer.
- A fresh Proposal Form duly completed is to be obtained from the transferee in respect of both Liability Only and Package Policies.
- If 14 days completed and no name transfer done for the policy, then any claim occurs that claim will be repudiate due to transfer of vehicle from old owner to new owner.
The above Process is applicable to Name transfer of Car Insurance, Two wheeler and also for Commercial Vehicles.
- How to transfer car insurance from one person to another in India?
After getting New RC copy contact your car policy Insurance company for Name transfer. In case of Comprehensive or Full insurance policy you should contact Insurance company within 14 days or else vehicle inspection to be done.
- Is this process applicable for Car Insurance Policy?
Yes, process applicable to Private car insurance, Two wheeler Insurance, Goods Carrying Vehicle Insurance, Passenger Carrying Vehicle Insurance and Miscellaneous type of vehicle Insurance policies.
- What is NCB?
NCB – NO Claim Bonus is a discount on Own damage part of Comprehensive cover which entitled to owner of the vehicle for using vehicle without any claim.
- Is name transfer is necessary for Comprehensive Insurance policies?
Yes. Name transfer has to be done within 14 days from the date of name transfer. Otherwise claims will be Repudiate based on Ownership change.