insurable interest

1. 

   V9DBANSAL
   

   junior member
   Joined: Sep '09
   Posts: 6

   Reputation:7

    

   R/Members
   My friend Ajay had purchase a second hand car from Mr. Pawan and later on Registration Certificate was transferred in the name of Ajay but insurance is still in the name of previous owner namely pawan ,unluckily this car met with an accident after one month from transferring the registration certificate in the name of my friend Ajay.Ins co rejected claim by saying that RC is in the name of subsequent purchaser and insurance is in the name of previous owner and as the claim was lodged by subsequent owner i.e. Ajay ,he is not having any insurable interest,hence claim is not payable,what is legal position in given fact.kindly advice.Thanx

   Posted 1 year ago #
2. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   After completeion of the sale, the new buyer is required to intimate the previous insurer and shall apply within 14 days from the date of transfer/ registration of the vehcile and furnishing all necessary informations, documents along with sale deed for change of ownership / transfer of insurance policy in his name.

   Posted 1 year ago #
3. 

   ravic
   

   new member
   Joined: Apr '11
   Posts: 2

   Reputation:2

    

   Insurable interest means there should occur a financial loss in case of a damage to the subject matter of the insurance. For e.g. if a person insures his car, he has an insurable interest in his car. Since he owns the car and if the car faces any damage, the person faces a financial loss in order to repair the damages.

   Posted 10 months ago #

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