Can I Have A Car In My Name Under My Parent’s Insurance?
A car insurance pledges to keep you financially safe in case of mishaps. The importance of it comes into picture when you need to make claims. Thus, it is very important to understand all the clauses of your insurance and make sure you do not miss out on anything. Overlooking the smallest thing at this point can prove to be tricky while claiming for the insurance.
There can be lots of different scenarios and questions during the purchase of an insurance policy. It is critical to have them answered, as any unanswered question might come back to haunt you at a later stage. One such common question that people encounter is, can I have a car in my name and insurance under the parent’s name.
Is it possible?
The question is quite valid in one scenario at least. If your parents already have a car and you feel the additional insurance might be cheaper. Or in other words, your parents would be eligible for a multi-car discount sorts. But in reality, as of today, none of the car insurance companies provide any such discounts. So, whether you have 1 or 10 cars, it doesn’t really matter. Because of factors such as manufacturing company, model and year of manufacture, etc. come into picture during an insurance, but certainly not the number of cars one owns.
So, you cannot have a car in your name and insurance under the name of either of your parents. That is because when you claim your insurance, the name on the registration card and name on policy documents should match. Failing to do so, the insurance company might reject the claims. If you purchase insurance online, you might still be able to experiment with this, but it can turn out to be fatal during claims. Because what good is an insurance if you cannot claim the same when needed?
Another similar scenario comes into picture when you buy a car from someone else. You might want to continue the insurance with the previous owner’s name even though the RTO records have you as the new owner now. This would again cause issues during claims. You can easily transfer the same to your name by paying a nominal fee.
What do you need for claims?
It is of utmost prominence that you are aware of all the documents needed during an insurance claim. The most common set of documents comprises of a duly filled claim form, a copy of RC of the car, estimate provided for the loss, original invoice of the repairs and also the original payment receipt. If you avail cashless claims, you only need to provide the invoice and a copy of FIR, should there be a need for the same. However, these are not the only documents required, as the documentations can vary from insurer to insurer. Read through your policy carefully to figure out the exact set of requirements.
Keep confusion away
Think of it as a rule of thumb to keep your insurance as uncluttered as possible. You might feel there are ways in which you can cut corners and bring down the cost of insurance premiums. But make sure you are aware of what you are doing.
Try to keep the information and filling up of documents as straight as possible. You might be able to get through during the purchase of insurance, but the companies have the right of denying claims. That is something none of us want, is the denial of a big fat repair bill. Thus, the cheapest car insurance might not always be the best option.