Query regarding motor insurance ownership transfer
24 Nov, 2022 by Avinash Sonee
A person has a '2 wheeler or car' full insurance policy (TP + CPA + OD).
The vehicle is sold to another person.
I've the following queries
- After RC transfer, the insurance policy can be transferred to the new person after collecting NCB difference amount and xxx charges?
- Is this insurance transfer applicable to TP + CPA + OD? or only TP + OD?
- If it is only applicable to TP + OD and not CPA. Then should the new owner take a separate CPA cover as it is mandated by IRDA?
- Can the old owner cancel his CPA component policy for pro-rata refund? Is it possible since it is a package policy?
- If the new owner has a NCB retention letter from his earlier motor policy, can this be applied to the transferred policy? How will this discount be applicable as the policy is in mid-term?