Insurance Policy After Selling A Vehicle

[hyacc]

Can someone please explain what happens to the insurance policy if I sell the vehicle?

Do I need to transfer it to the buyer of my vehicle? Or Can I get a refund for the balance duration from the Insurance company?

I need to know about it asap.

Thanks

[heavyD]

Can someone please explain what happens to the insurance policy if I sell the vehicle?

Do I need to transfer it to the buyer of my vehicle? Or Can I get a refund for the balance duration from the Insurance company?

I need to know about it asap.

Thanks

Depends on whether your buyer wants it transferred to him or not. And I believe you can get a refund, but only a certain percentage of the full premium.

[hyacc]

Depends on whether your buyer wants it transferred to him or not. And I believe you can get a refund, but only a certain percentage of the full premium.

Thanks Big_D.

[Sylvi]

Can someone please explain what happens to the insurance policy if I sell the vehicle?

Do I need to transfer it to the buyer of my vehicle? Or Can I get a refund for the balance duration from the Insurance company?

I need to know about it asap.

Thanks

Sir,

Two days back I sold my vehicle which I had full insurance Insurance refused to transfer same to the new owner this person bought for his personal use.

In the resent past few owners of full insured vehicles were used to log a police entry to say vehicle is missing at the tail end of their lease they sell it to north so that no one can trace the vehicle. Claim full insurance after few months

Due to above fact the Insurance companies have stopped transferring what my agent told me was to have the validity till the end of the month and write a letter to the insurance and stop the claims after end of the month.

Then they will give me for balance 7 months not on pro-rata basis they will give me some thing which the management decide for my next vehicle reduced amount. Or I can get a refund I will loose more than transferring the stopped insurance policy to new Vehicle which I will buy in near future.

I also cannot understand the full insurance what I have paid for not refunding on pro-rata basis.

Wijesinghe.

[hyacc]

Sir,

Two days back I sold my vehicle which I had full insurance Insurance refused to transfer same to the new owner this person bought for his personal use.

In the resent past few owners of full insured vehicles were used to log a police entry to say vehicle is missing at the tail end of their lease they sell it to north so that no one can trace the vehicle. Claim full insurance after few months

Due to above fact the Insurance companies have stopped transferring what my agent told me was to have the validity till the end of the month and write a letter to the insurance and stop the claims after end of the month.

Then they will give me for balance 7 months not on pro-rata basis they will give me some thing which the management decide for my next vehicle reduced amount. Or I can get a refund I will loose more than transferring the stopped insurance policy to new Vehicle which I will buy in near future.

I also cannot understand the full insurance what I have paid for not refunding on pro-rata basis.

Wijesinghe.

Thanks for all the details.

[Sifaan]

Can someone please explain what happens to the insurance policy if I sell the vehicle?

Do I need to transfer it to the buyer of my vehicle? Or Can I get a refund for the balance duration from the Insurance company?

I need to know about it asap.

Thanks

Last month, we got a credit note from the insurance company that we can use to get a discount when we buy insurance for a new car.

They did not offer us the option of getting the refund in cash.

In the policy details, i noticed that some additional covers (e.g. workmen compensation) will not be refunded (in any form) if the policy is terminated. Same may apply to other covers (accident benefit, etc.).

But few months ago a guy (I was checking out the car he was selling) told me that he was able to get a cash refund when he terminated the terrorism cover portion of his policy. If he was telling the truth then you might be able to get some part of the refund in cash.