Motor Insurance transfer
I have bought a second hand vehicle in the previous month which already has a pre existing motor insurance policy from ICICI Lombard
I raised request to the company that since RC records have been updated, kindly proceed to transfer insurance in my name.
In reply, the company is asking me to pay an exorbitant amount of Rs. 1264 without any basis for the charges.
I checked on IRDA website and it says that a nominal fee (if any) is to be paid for transferring insurance to a new buyer.
There is no basis provided nor any detail is mentioned on the company website as to how the amount is arrived at.
Kindly advise on the same as to how I should proceed further.