Is it possible to transfer my insurance to the buyer of my vehicle?
Yes, the insurance can be transferred to the buyer of the vehicle. However, the seller must inform in writing of such transfer to the insurance company. A fresh proposal form needs to be filled in. There is a nominal fee charged for transfer of insurance along with pro-rata recovery of NCB from the date of transfer till policy expiry. It may be noted that the transfer of ownership in cases of comprehensive covers has to be recorded within 14 days from the date of transfer. If the insured fails to do so, no claim will be payable for his own damage to the vehicle.
- What is the amount for which I need to insure my commercial vehicle? How is IDV connected to the amount needed to insure vehicle?
- What kind of risks is covered by IFFCO Tokio third party policy?
- Consequences if I forget to renew my commercial auto insurance on time
- Can I renew my commercial vehicle insurance with IFFCO Tokio?
- What is a No Claim Bonus?