What happens to insurance policy when vehicle is sold?
Hello, I sold my bike to a person and he committed a accident before change of registration, this caused minor fracture and injuries to a third person who is 70 years old and an fir was also registered. However subsequently he changed the registration and he himself got the vehicle released from police station as well. Now the third person has filed for a compensation claim for 20 lakh against the insurance agency as first party myself as second party and the person to whom i sold the vehicle as third party. What should I do? Please advice
Gather any documents related to the sale, registration transfer, accident reports, and insurance policy. Maintain copies of everything for your records. Contact your insurance company and inform them of the accident and claim filed against you. Be as transparent as possible, providing all relevant details. You are not automatically liable for the compensation claim simply because you were the previous owner of the bike. The final liability will depend on the investigation and legal proceedings. to know how to protect yourself contact us on helpline number to talk to a experienced lawyer.
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