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.