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Motor Insurance transfer
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25 May, 2023
by Aman Aggarwal
Hello,
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.
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Hi Aman,
When a request is raised to the insurance company for Ownership Transfer, the No claim bonus discount (If any) is not transferable to the second owner. This means at the time of ownership transfer the second owner will have to pay the difference amount along with the nominal fee to the insurance company.
Please check your policy document if there is any No Claim Bonus discount that is applied. You will find it in the premium details section. If it is applied, then the amount that the insurance company is asking you to pay is for the No claim bonus. And if this is not mentioned in the policy, then ask your insurer to give you a detailed reason for the amount charged.
Hope this helps!
Thanks!