[raptor_diwan]

Hello everyone,

I require a quick suggestion regarding insurance renewal. I am in the process of purchasing a used car from Maruti True Value, and the insurance for that car is set to expire next month, within 30 days. I will be taking possession of the car tomorrow, but the name transfer process takes 45 days, as specified by Maruti.

Should I wait for the insurance to expire and then, once the RC is changed, put the insurance in my name, thus avoiding the need to return to them for a name change? This option would involve the risk of keeping the car uninsured for two weeks. ( I've heard that the premium may increase if the policy expires. I'm also considering switching to a different insurance provider. )

Alternatively, should I renew the insurance in the old customer's name and then, after the RC change, transfer the name again? Or is there a way to arrange insurance without changing the RC, perhaps using a selling agreement or a similar approach?

30 days until the insurance expires and a 45-day duration for the name change process? There's a 15-day gap between them, and it's possible that the name change process may take even longer. What is your opinion on this?

[fordday]

Renew the insurance now, no ifs and buts.

Your RC name change can get stuck if insurance gets expired during that time.

You can easily do insurance transfer to your name later on. Its online process without need to visit them.

[ex-innova-guy]

I will give you a real life example of why not to lapse an insurance policy or travel without it even if the process is too long.

A tenant in our Apartment premises was driving down from Mumbai to Mangaon in his WagonR. The insurance policy had lapsed just a couple of days before and since this was during COVID times he simply chose to ignore it as he wouldn’t drive it much. The drive is just around ~180km (4hrs) and he likes to travel at night so left around 12am. Hardly 15km from the destination he slept at the wheel and ended up in a small ditch at 3:30am! Mind you these are rural roads and thus not many cars around, so he had to call us to get him and his family out. Next day he had to tow his car and subsequently repair the car at his own expense. A small expense on insurance could have spared him such a huge loss since he had to change the tyres too.

[raptor_diwan]

Originally Posted by fordday

Renew the insurance now, no ifs and buts.

Your RC name change can get stuck if insurance gets expired during that time.

You can easily do insurance transfer to your name later on. Its online process without need to visit them.

Originally Posted by ex-innova-guy

A small expense on insurance could have spared him such a huge loss since he had to change the tyres too.

Appreciate your suggestions, I've decided to go ahead and renew the insurance in the current owner's name and handle the name transfer at a later time. Thank you!!

I thought there might be an alternative approach. Perhaps I can insure the car in my name directly by providing a name transfer request document or a sale agreement as evidence.

[Vernafied]

Originally Posted by raptor_diwan

Hello everyone,

I require a quick suggestion regarding insurance renewal. I am in the process of purchasing a used car from Maruti True Value, and the insurance for that car is set to expire next month, within 30 days. I will be taking possession of the car tomorrow, but the name transfer process takes 45 days, as specified by Maruti.

Should I wait for the insurance to expire and then, once the RC is changed, put the insurance in my name, thus avoiding the need to return to them for a name change? This option would involve the risk of keeping the car uninsured for two weeks. ( I've heard that the premium may increase if the policy expires. I'm also considering switching to a different insurance provider. )

Alternatively, should I renew the insurance in the old customer's name and then, after the RC change, transfer the name again? Or is there a way to arrange insurance without changing the RC, perhaps using a selling agreement or a similar approach?

30 days until the insurance expires and a 45-day duration for the name change process? There's a 15-day gap between them, and it's possible that the name change process may take even longer. What is your opinion on this?

I am not sure about true value but in my case(purchased 5th gen City from spinny) they gave me an option of New insurance that to on my name on the day of delivery. They said you will not get insurance outside on your name since RC transfer is pending. Indeed i checked with few agents and they confirmed the same.
Agent asked me to renew policy on old owners name and transfer after RC update.
However spinny was giving me free third party insurance on my name and purchased own damage component once my RC gets transferred.
Check with true value if they can provide new insurance in your name. I didn't go with full insurance from spinny because quote was on quite higher side. Hope this helps.

[raptor_diwan]

Originally Posted by Vernafied

I am not sure about true value but in my case(purchased 5th gen City from spinny) they gave me an option of New insurance that to on my name on the day of delivery. They said you will not get insurance outside on your name since RC transfer is pending. Indeed i checked with few agents and they confirmed the same.
Agent asked me to renew policy on old owners name and transfer after RC update.
However spinny was giving me free third party insurance on my name and purchased own damage component once my RC gets transferred.
Check with true value if they can provide new insurance in your name. I didn't go with full insurance from spinny because quote was on quite higher side. Hope this helps.

Thank you for the suggestion. This is the first time I'm hearing about it. I will check it out, but it might be very hard and complicated in case of a claim, I guess. Anyway, thanks. I will check this with true value once.

[MT_Hyderabad]

Originally Posted by raptor_diwan

Thank you for the suggestion. This is the first time I'm hearing about it. I will check it out, but it might be very hard and complicated in case of a claim, I guess. Anyway, thanks. I will check this with true value once.

When you submit the file in RTO, insurance should be active, after that it doesn't matter. I would suggest that you initiate the transfer process with this present insurance and get a new one after it. I have recently done the exact same thing. There is a grace window provided by every insurer by which the next owner should change the ownership, irrespective of the number of days left.

If you still feel uneasy with this approach. Get a third party insurance for the car, it costs 3 k for a 5 seater sedan. 9k for a seven seater. Once the transfer is compete get a comprehensive insurance.

[raptor_diwan]

Originally Posted by MT_Hyderabad

When you submit the file in RTO, insurance should be active, after that it doesn't matter. I would suggest that you initiate the transfer process with this present insurance and get a new one after it. I have recently done the exact same thing. There is a grace window provided by every insurer by which the next owner should change the ownership, irrespective of the number of days left.

If you still feel uneasy with this approach. Get a third party insurance for the car, it costs 3 k for a 5 seater sedan. 9k for a seven seater. Once the transfer is compete get a comprehensive insurance.

Thanks for your input!! I will initiate the insurance process as soon as possible.