Insurance of motor vehicle

kanwal (Querist) 07 July 2023 This query is : Resolved
CAN WE GET INSURANCE POLICY FOR THE NEW VEHICLE BOOKED MERELY ON TOKEN AMOUNT FOR WHICH DELIVERY IS TAKEN AFTER TWO MONTHS

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This discussion clarifies when you can insure a newly booked vehicle. Generally, insurance policies can only be obtained from the date of vehicle registration. Ownership is legally established only after full payment and registration, meaning insurance cannot be purchased before this point. However, there are instances where insurers might issue a policy earlier, potentially to help dealers meet sales targets, even before the vehicle is officially registered in your name.

kavksatyanarayana (Expert) 08 July 2023
You can get insurance from the date of Registration of the vehicle,

kanwal (Querist) 08 July 2023
Sir
Is there any legal provisions under the law to this effect or any judicial pronouncement.

T. Kalaiselvan, Advocate (Expert) 09 July 2023
The judicial pronouncement on the subject an the law involved in this regard can be clarified by your lawyer.
The opinion given by an expert above is correct and proper, you can verify the veracity of the opinion from your own sources.
The law says that you will own the vehicle only after it is being registered on your name and for that you have pay the entire sale consideration amount without which the seller\dealer will not do the registration of the vehicle, if there is no registration then there can be no insurance purchased for the vehicle

P. Venu (Expert) 16 July 2023
What is the context for this query?

kanwal (Querist) 16 July 2023
SIR MY FRIEND BOOKED VECHICLE WITH HUNDAI WITH ADVANCE PAYMENT OF RS 40000/- ONLY. HE TOOK DELIVERY AFTER TWO MONTHS ON MAKING FULL PAYMENT AMOUNTING TO RS. 10.50 LAKHS. THE NEW INDIA INSURANCE COMPANY ISSUED POLICY FROM THE DATE OF ADVANCE MONEY, I.E. BEFORE SALE OF VECHILE BY THE DEALER. MAY BE WITH THE REASON THAT HUNDAI DEALER WANTED TO ACHIEVE THEIR SALE TARGET.

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