Transfer of Motor policy to subsequent owner

1. 

   V9DBANSAL
   

   junior member
   Joined: Sep '09
   Posts: 6

   Reputation:7

    

   I purchased a car from its previous owner namely Krishan and registration certificate was transferred in my name but insurance policy which is valid from 8-8-08 to 7-8-09 is still in the name of previous owner, unfortunately my this car met with an acciodent & claim was lodged for damages with insurance co. by me, but insurance co. repudiated my claim on the ground that as per registration certificate vehicle is in the name of Vinod (i.e. me,subsequent owner); insurance is in the name of previous owner,no insurable interest of claimant,hence claim repudiated.

   It is pertinent to mention here that i or previous owner none inform the insurance co. regarding transfer of vehicle because some one told us that now it is prevailing law that insurance goes with vehicle.

   What is legal position in my case, what is remady available to me now.

   plz help Vinod Bansal Jind.

   Posted 2 years ago #
2. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   Pl. note that the insurer's statement "No insurable interest of the claimant" means interest of Mr. Krishan has ceased under the policy, not being the owner of the car at the time of claim.

   In other words, in motor insurance, insurable interest is seen both at the time of taking the policy and during the claim also.

   In the given case, the previous owner of the car Mr. Krishan remains to be the insured under the insurance policy even after sale of the Car to you and No intimation was made for transfer of insurance in your name by Mr. Krishan.

   Hence as per the insurance contarct, you are not entitled to any claim under the policy, which please note.

   further the only remedy left with u is to have a fresh insurance done for your car.

   IBS

   Posted 2 years ago #
3. 

   Anonymous
   

   Unregistered
   
   

   Reputation:0

    

   The benefits under the policy automatically accrue to the new owner----Oriental insurance co. vs. tanuraam mahanta consumer judgments 2009 page 2004 & narain singh vs new india assurance 4th 2007 CPJ 289 NC

   Posted 2 years ago #
4. 

   devanand
   

   senior admin
   Joined: Jun '09
   Posts: 94

   Reputation:97

    

   Thanks for the refered judgements.

   In the given context Mr. vinod u may re-present your case to the Regional /Head office of the Insurance Company and if they still donot agree to pay the claim the case may be refered to Insurance Ombudsman, or with consumer forum depending upon its jurisdiction and eligibility.

   Further, pl. note:

   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 2 years ago #

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