Check with the New Owner’s Insurance Provider
Encourage the new owner to contact his/her insurance provider to ensure coverage from the moment he/she takes possession of the vehicle. It prevents any gaps in coverage.
Coordinate with Both Insurance Providers
Communicate with your and the new owner’s insurance provider to ensure a seamless transition. They will work together to facilitate the transfer.
Complete Necessary Paperwork
Your insurance company will provide the required forms and paperwork for the transfer. Make sure to fill out these documents accurately and promptly.
Verify the New Owner’s Coverage
Confirm with the new owner that he/she has received the new insurance documents and that the coverage is active before the person starts driving the vehicle.
Cancel Your Coverage
Once the transfer is complete and the new owner’s coverage is confirmed, contact your insurance provider to cancel your policy for the vehicle. It ensures you are no longer responsible for it.
Update the Title and Registration
Don’t forget to update the vehicle’s title and registration with the appropriate authorities, indicating the change of ownership. It helps avoid any confusion in the event of future issues.
Maintain Documentation
Keep copies of all relevant paperwork, including the transfer forms, cancellation confirmation and the bill of sale, as a transaction record.
Disclaimer:
The information provided in this blog is for educational and informational
purposes only. It may contain outdated data and information regarding the
relevant industry. It is advised to verify the relevance of the data and
information before taking any major steps. ICICI Lombard is not liable for any
inaccuracies or consequences resulting from the use of this outdated
information.