How to Transfer Car Insurance Policy

Know the process of car insurance transfer, the reasons to transfer, and the documents required.
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How to Transfer Car Insurance Policy
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3 mins
27-November-2023

Car insurance is like a safety net for your vehicle, providing financial protection against unforeseen circumstances on the road. Sometimes, you may need to transfer your car insurance policy from one insurer to another for various reasons. This article guides you through how to transfer an auto insurance policy and what documents are required to make the transfer. Also, know the reasons why people opt for a car insurance transfer and whether it is a feasible choice or not.

Why do you need to transfer car insurance?

Here are some of the reasons why individuals choose to transfer their car insurance policy.

Continuity of coverage

Transferring your car insurance ensures uninterrupted coverage for your vehicle, preventing any gaps in protection.

Streamlined process

Compared to acquiring a new policy from scratch, transferring your car insurance is a more streamlined process. It saves time and effort while maintaining your coverage.

Relocation

Moving to a new city or state often brings changes in the premium or coverage. Transferring your car insurance ensures that your coverage aligns with your new location, preventing any unexpected spikes in premium costs.

Vehicle sale or purchase

When selling or buying a vehicle, the need to transfer the existing insurance policy arises. It ensures a seamless transition of coverage to the new owner or the new vehicle.

Better coverage or premiums

You might opt for a transfer to access better coverage options or more competitive premiums offered by a different insurer. It allows individuals to tailor their insurance to better suit their evolving needs.

Change in circumstances

Life is dynamic, and circumstances change. Whether it is a marriage, the addition of a new driver, or any other life event, a car insurance transfer lets you adapt your coverage to your current situation.

What is the process of car insurance transfer?

Here is the simplified way to transfer your car insurance.

Inform your current insurer

Notify your current insurer about your intention to transfer the policy. This helps in initiating the process and ensures transparency.

Obtain quotes

Get quotes from potential new insurers. Compare the terms, conditions, and premiums to make an informed decision about the switch. For a quick and easy process, you can go on websites like Bajaj Finance Insurance Mall, where you can compare car insurance policies offered by some of the leading insurance providers in India.

Fill transfer forms

Once you have selected a new insurer, fill out the necessary transfer forms provided by them. Provide accurate information about your vehicle, driving history, and any additional drivers.

Assessment by new insurer

The new insurer will assess your application and provide you with a new policy based on the information provided. Be sure to check and understand the terms and coverage.

Notify existing insure

Inform your existing insurer about the transfer and the cancellation of your policy. Ensure there is no lapse in coverage during the transition.

Clear outstanding payments

Pay any outstanding premiums or charges before the cancellation takes effect. This ensures a smooth transition without any financial hiccups.

What are the documents required to transfer car insurance?

Insurers commonly ask for the following documents when transferring the car insurance policy. However, you must check with the insurance provider if you need to submit any other documents apart from those mentioned below.

1. Original policy document

Provide your existing policy document as proof of your current coverage.

2. Vehicle Registration Certificate (RC)

Submit a copy of the vehicle's RC, verifying ownership and details.

3. No Claim Bonus (NCB) certificate

If applicable, obtain a certificate from your existing insurer to carry forward any No Claim Bonus.

4. Address proof

If there is a change in residence, submit updated address proof for accurate record-keeping.

Steps to buy a car insurance policy through Bajaj Finance

You can compare quotes and choose to buy a car insurance policy online at Bajaj Finance Insurance Mall. It offers a fully digital and paperless buying process. You simply need to follow the below steps to get the best deal for you.

Step 1

Click on 'Get Quote’ button on this page to open the online application form.

Step 2

Enter the vehicle type, two-wheeler registration number, mobile number, and residential PIN code. Check the terms and conditions and click on the ‘Get Quote’ button below.

Step 3

Choose the IDV, NCB value, add-on covers, and plan type to get a list of relevant policies. You need to update your current policy expiry date here.

Step 4

Click on the ‘Buy Now’ button. You will need to add owner-driver personal accident cover mandated by the RTO. Click on ‘Next’ to proceed.

Step 5

Confirm the vehicle registration date and the previous policy type (comprehensive/ third-party). Click on ‘Proceed’.

Step 6

Enter the vehicle owner’s name, date of birth, residential address, and contact number. Also, enter the vehicle engine and chassis number (as per the RC) and previous policy details.

Step 7

Review your previously filled details and make the payment through your preferred online payment mode. You can use net banking, UPI, credit/ debit card to buy the policy.

Transferring your car insurance policy is a simple and hassle-free process that ensures continuous protection and coverage for the car and its occupants. When you sell your car or move to a new location, you can transfer your existing policy instead of applying for a new one. However, it is essential to have all the necessary documents in place to make the transfer process smooth and quick. Before transferring your policy, compare the premium with other insurance providers to ensure that you are getting the best deal. Finally, it is always better to have adequate coverage to drive with peace of mind.

Frequently asked questions

Can vehicle insurance be transferred?

Yes, vehicle insurance can be transferred from one vehicle to another.

Can I transfer my insurance to another car?

Yes, you can transfer your insurance policy to another vehicle. However, you need to inform your insurer of the transfer and get the policy endorsed.

How do I transfer insurance from one company to another?

To transfer insurance from one company to another, you need to inform the new insurer about the current policy and provide them with the necessary documents. The new insurer will then take care of the transfer process.

What documents are required for transferring insurance?

The documents required for transferring insurance include the current insurance policy document, registration certificate of the vehicle, transfer fee payment receipt, and a no-objection certificate (NOC) from the current insurer.

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