Purchased used car, RC transfer will take 45 days, insurance expires in 1 week

[bekwaas]

Hello
seeking advise here.
Purchased used car in my company's name,
RC transfer will take 45 days,
current comprehensive insurance expires in 1 week

what is that I need to do?
does this sound correct-
1. renew insurance in prior owner name
2. start rc transfer
3. once (2) is complete, transfer insurance in my company name

How do I do step (1)? How can I buy insurance in someone else's name?

Thanks in advance for your assistance.

 

[zacobite]

Hello
seeking advise here.
Purchased used car in my company's name,
RC transfer will take 45 days,
current comprehensive insurance expires in 1 week

what is that I need to do?
does this sound correct-
1. renew insurance in prior owner name
2. start rc transfer
3. once (2) is complete, transfer insurance in my company name

How do I do step (1)? How can I buy insurance in someone else's name?

Thanks in advance for your assistance.

chk with insurance company on the best option.. if u have already bought it then technically its your problem..

U can ask old owner tp renew and chg the policy later

 

[Anshul_insurance_advisor]

You're on the right track, but there are some important things to consider. Here’s what you should do:

Step 1: Renew the Insurance (In Prior Owner's Name?)​

• Yes, but with conditions. Since RC transfer takes time, renewing in the prior owner's name might be the only immediate option.
• However, some insurers allow you to purchase a new policy in your company's name using the sale agreement. Check with insurers for "owner endorsement in process" policies.
• If the current insurer refuses renewal, consider buying a fresh Third-Party policy (mandatory) and then upgrade to a comprehensive plan post-RC transfer.

Step 2: Start RC Transfer​

• You've already initiated this, which is the correct step.
• Ensure you have a Sale Agreement, Form 29 & 30, and NOC from the previous owner.

Step 3: Transfer Insurance to Your Company Name​

• Once the RC is transferred, apply for an endorsement with the insurer to update the policy to your company’s name.
• Submit the new RC copy, transfer documents, and a company authorization letter if required.
• You cannot buy a fresh comprehensive policy in the prior owner's name. Only they can renew it, or you may need a temporary Third-Party policy.
• If the insurer allows "insurance on sale agreement," go for it under your company’s name.

To avoid gaps in coverage, contact an insurer ASAP and discuss options like temporary coverage, new purchase under company ownership, or seller-assisted renewal.

Need expert guidance or a custom insurance solution? Get in touch with us today! DM: 8559864921