When an individual (seller), in whose favour the certificate of insurance of the vehicle has been issued, transfers the ownership of the vehicle to another person’s name (new owner or buyer), then as per Sec 157 of Motor Vehicles Act 1988, the certificate of insurance and the policy described in the certificate shall be deemed to have been transferred in favour of new owner (buyer) to whom the motor vehicle is transferred with effect from the date of its transfer.
Documents Required for Transfer of Ownership
1. Original Registration Certificate (RC)
2. Application Form 29, 30 (with seller and purchaser signature)
3. Affidavit from the seller and the purchaser regarding transfer of ownership
4. Address Proof of purchaser
5. No Objection Certificate from the concerned RTO/ AETC in case of Transport Vehicles
6. Valid Insurance Certificate
7. Appropriate fee
The transferee (new owner or buyer) shall apply within fourteen days from the date of transfer in the prescribed form to the insurer for making necessary changes in regard to the fact of transfer in the certificate of insurance and the policy described in the certificate in his favour and the insurer shall make the necessary changes in the certificate and the policy of insurance in regard to the transfer of insurance.
Documents Required for Transfer of Car Insurance
1. Application for change of name
2. Original Registration Certificate (RC) with transferee name (new owner or buyer)
3. Old Insurance Certificate
4. Appropriate fee