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Records in this category
- What's IDV and how is it determined?
- What is voluntary deductible option?
- If my No Claims Bonus (NCB) has been earned in another country, is it still acceptable?
- Do the years I’ve spent driving a company car count towards my No Claims Bonus?
- What is No Claims Discount (NCD) or No Claims Bonus?
- If I am buying a new car, how do I transfer my existing policy over to the new vehicle?
- What is the procedure for Transfer of Insurance?
- How do I add/ delete the Hypothecation in my Car policy?
- How should I change the registration address or any vehicle information on the policy?
- What happens to my car insurance when I sell my car?
- What is the status of Car Insurance in case of death of Registered Owner during the validity of policy period?
- What will be Personal Accident claim status in case person has more than one vehicle in his name and has taken coverage for owner driver in all the policies?
- I am participating in a car rally. Will my current car insurance policy hold good or do I need to get it endorsed? Or do I need to buy a separate policy for it?
What happens to my car insurance when I sell my car?
In this case there are two options.
1. The buyer can get the policy transferred in his name by applying to the insurance company in which case an endorsement is made to the policy. However, the no claim bonus(NCB) on the policy is not transferred and the difference has to be paid. NCB is retained by the seller.
2. You can cancel your policy and the buyer can buy a new policy. You will get a refund for the unexpired / unused period provided there is no claim on the policy. In this case too, you can retain your NCB and transfer it to your new insurance policy if you have purchased another vehicle. The buyer can transfer NCB in his previous policy to his new one. Please note that your policy will be cancelled only if the insurance company is provided with the proof that the vehicle is covered by another policy.
Also you can transfer the policy to your new vehicle and the unexpired premium amount can be adjusted accordingly.
- Why do I need Travel Insurance?
- When does the travel insurance cover begin?
- Till when is the travel insurance policy valid?
- Is medical examination necessary for travel insurance policy? When and where are medical tests to be done?
- I am over 70 years old. Do I need to take medical tests?
5504/7%Last update: 2011-09-07 06:13
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