As you already know, four-wheeler insurance is bought to protect a car financially from unanticipated risks like a traffic accident. The motor insurance policy serves no purpose if you no longer own the vehicle. As a result, when you sell your car, you must ensure the new owner receives a transfer of your Bajaj Allianz car policy into their name. Make sure to have the ongoing motor insurance policy transferred to your name if you purchase a used car.
Additionally, There Are Two Reasons You Ought To Switch Your Car Insurance:
1. To Avoid Any Future Liabilities
To protect yourself from potential liabilities if you buy a used car, it’s crucial to have the insurance policy transferred to your name. You won’t be able to make a third-party claim if an accident involving your used car results in third-party liabilities because the policy was not transferred into your name. You will consequently be responsible for covering your third-party liabilities on your own. If you sell it to someone, the existing Bajaj Allianz car insurance policy must also be transferred from your name to the car’s new owner. If you don’t, since you are still the policyholder of the sold car’s policy, you might be required to pay for the third-party accidental liabilities brought on by the new owner.
2. To Retain Your No Claim Bonus
You receive a No Claim Bonus for each year of your policy without filing a claim, which entitles you to a reduction in the cost of your car insurance policy renewal. It would help if you transferred the earned NCB when you sold your car to receive a premium concession when your new car’s insurance policy is renewed. You must first inform your motor insurance provider of the sale of the vehicle to obtain the NCB certificate from them. If the ongoing motor insurance policy is not transferred to the vehicle’s new owner, you cannot obtain the NCB certificate. Claims are subject to terms and conditions set forth under the car insurance policy. * ##
How Can I Transfer My Car Insurance To Someone Else In India?
The transfer of four-wheeler insurance happens simultaneously with the transfer of ownership. The previous owner’s insurance is no longer valid once the new owner purchases the vehicle. This is due to the Insurance Regulatory and Development Authority of India’s (IRDAI) requirement that the name and address on the registration certificate and Bajaj Allianz car insurance policy documents be identical to filing a claim. A similar name cannot be used if the insured car has been sold to another person. #
A car insurance transfer is also necessary because, in an emergency, it helps the new owner to recoup the cost of damage. Additionally, a claim may only be accepted if a person’s vehicle is insured. You must submit a transfer request to the motor insurance provider to transfer an existing car insurance policy from one person to another. Claims are subject to terms and conditions set forth under the car insurance policy.
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* Standard T&C Apply
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.