RC Transfer is Pending but Insurance need to be renewed meanwhile

[mukund786]

Hi bekifaayti family.
Hope everyone is learning from each other
I have a confusion regarding my car insurance which I want to discuss with you guys
I had bought a second hand car on 30th August 2024. RC Transfer is still pending meaning the current owner is still First Owner of the car.
RC Transfer usually takes upto 30 days. but Car Insurance is due on 18th September 2024 which needs to renewed.
Should I renew the current Insurance which first owner was having ? or I should have a different insurance now on my name? again RC is still on the name of Car's First Owner

do let me know your own thoughts.
I will really appreciate your opinions

 

[zacobite]

18th Aug is in the past.. Now wait for RC transfer and then buy insurance.. they will do inspection and then give u insurance.. If u are talking about 18th Sept then ask old owner to renew so that old ncb is carried forward and then after RC transfer get it chgd to ur name..

 

[mukund786]

oh sorry It was a typo. it needs to be renewed on 18th September

 

[mukund786]

18th Aug is in the past.. Now wait for RC transfer and then buy insurance.. they will do inspection and then give u insurance.. If u are talking about 18th Sept then ask old owner to renew so that old ncb is carried forward and then after RC transfer get it chgd to ur name..

It's third party insurance through IFFCO TOKIO. which is valid till 18th September 2025. while buying the car. it was decided that I will bear the insurance renewal cost. so in this case should I ask him regarding ncb and then pay the renewal fees by my end ?

 

[zacobite]

It's third party insurance through IFFCO TOKIO. which is valid till 18th September 2025. while buying the car. it was decided that I will bear the insurance renewal cost. so in this case should I ask him regarding ncb and then pay the renewal fees by my end ?

third party insurance u can buy anytime.. with no issues.. self damage will become difficult if policy lapses.. u say 2025? hope u mean 2024..u cannot buy it if car not on ur name.. he can buy.. u pay him.. and then transfer later / nxt yr

 

[mukund786]

third party insurance u can buy anytime.. with no issues.. self damage will become difficult if policy lapses.. u say 2025? hope u mean 2024..u cannot buy it if car not on ur name.. he can buy.. u pay him.. and then transfer later / nxt yr

Hi bro thanks a lot for your suggestion so far. I have had a conversation with Car Owner and he told me that after having some claim delay issue with IFFCO TOKIO. he got new Insurance on 18th September 2023 from HDFC ERGO. which needs to be renewed today. and its OD policy from HDFC ERGO which is bit expensive. annual premium is 16363. I had a conversation with HDFC ERGO customer care. and they said its a lengthy process to get the name changed on Policy. and they suggested to apply for new insurance once I have RC on my name. and leave previous insurance & let it expire. what's your suggestion on this ?

 

[zacobite]

Hi bro thanks a lot for your suggestion so far. I have had a conversation with Car Owner and he told me that after having some claim delay issue with IFFCO TOKIO. he got new Insurance on 18th September 2023 from HDFC ERGO. which needs to be renewed today. and its OD policy from HDFC ERGO which is bit expensive. annual premium is 16363. I had a conversation with HDFC ERGO customer care. and they said its a lengthy process to get the name changed on Policy. and they suggested to apply for new insurance once I have RC on my name. and leave previous insurance & let it expire. what's your suggestion on this ?

if old policy has no ncb then fine... No issues.. but after policy lapses the premium can be even higher... so what if process is long.. atleast car will remain insured

 

[mukund786]

if old policy has no ncb then fine... No issues.. but after policy lapses the premium can be even higher... so what if process is long.. atleast car will remain insured

are you sure if this one lapse then new insurance policy will be even more expensive for me ? today is the last day for renewal. I asked first owner and he said yes there might be some No Claim Bonus. I really need to have a clarity on this today so that I can pay for renewal and avoid high premium. I really appreciate your help so far bro. but really need your response today. really expecting your response by today. thanks a lot

 

[zacobite]

are you sure if this one lapse then new insurance policy will be even more expensive for me ? today is the last day for renewal. I asked first owner and he said yes there might be some No Claim Bonus. I really need to have a clarity on this today so that I can pay for renewal and avoid high premium. I really appreciate your help so far bro. but really need your response today. really expecting your response by today. thanks a lot

it can / will become expensive and conditional to physical examination / surveyor etc..not guaranteed

 

[mukund786]

it can / will become expensive and conditional to physical examination / surveyor etc..not guaranteed

thanks a lot for your suggestion so far. I didn't renew. I am waiting for RC to arrive. once arrived I'll apply for new insurance.

 

[zacobite]

thanks a lot for your suggestion so far. I didn't renew. I am waiting for RC to arrive. once arrived I'll apply for new insurance.

super..

 

[rk2354976]

After rc transfer when you request to transfer insurance then they will ask you to pay the NCB discount, and if you have submitted the documents to rto then no need to renew the insurance, ib document is not submitted then it is necessary for a active policy, once rc is transferred you can take policy on your name.

 

[mukund786]

After rc transfer when you request to transfer insurance then they will ask you to pay the NCB discount, and if you have submitted the documents to rto then no need to renew the insurance, ib document is not submitted then it is necessary for a active policy, once rc is transferred you can take policy on your name.

yes even insurance company said the same thing you mentioned regarding paying NCB amount. So I didn't renew instead I am waiting for my RC to arrive. once arrived I'll apply for new insurance on my name. by the way any suggestion what insurance is needed for car. is it only third party or OD or Both? thanks again

 

[zacobite]

yes even insurance company said the same thing you mentioned regarding paying NCB amount. So I didn't renew instead I am waiting for my RC to arrive. once arrived I'll apply for new insurance on my name. by the way any suggestion what insurance is needed for car. is it only third party or OD or Both? thanks again

Third party mandatory.. OD is beneficial

 

[rk2354976]

yes even insurance company said the same thing you mentioned regarding paying NCB amount. So I didn't renew instead I am waiting for my RC to arrive. once arrived I'll apply for new insurance on my name. by the way any suggestion what insurance is needed for car. is it only third party or OD or Both? thanks again

You have to buy third party, it is mandatory but if you take OD along with it then your car damage will also cover, you can check with your vehicle company garage, they will tell you the company which is good in your area.