Transfer the insurance policy after selling car

[VarunD]

Hi All,

I have sold my old Santro (model -2005) in the month of April'09. Now the new owner is asking me to transfer the insurance policy of my vehicle in his name. As there is no claim bonus attached to it. I am ready to transfer it. Please let me know if it is possible?

Thanks,
VarunD

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[Master]

The procedure of transfer is simple. Just inform the insurance company by means of a letter of your intention to sell the vehicle. The insurance company must get a copy of the sale letter while the original is retained by you.
Obtain a duly filled complete proposal form from the transferee.

• The insurance company will have to make the decision whether to accept or reject the proposal.
• The earlier certificate of insurance has to be surrendered.
• Rupees five should be collected as transfer fee.
• Also remember to collect the balance of premium.

[VarunD]

The procedure of transfer is simple. Just inform the insurance company by means of a letter of your intention to sell the vehicle. The insurance company must get a copy of the sale letter while the original is retained by you.
Obtain a duly filled complete proposal form from the transferee.

• The insurance company will have to make the decision whether to accept or reject the proposal.
• The earlier certificate of insurance has to be surrendered.
• Rupees five should be collected as transfer fee.
• Also remember to collect the balance of premium.

Thanks Master.