Is it advisable to get new insurance for two wheeler which is in another party's name.
Are you going to renew or buy a new insurance policy for your vehicle but confused how to get a new one? Know whether you should apply for a new one in another name or should you renew the insurance policy in the first owner's name?
Actually, I had bought a bike just a few months ago from a person who is from another district in our state. When I bought the bike, the person gave me an authority letter saying I can ride the bike and am free to take any decisions related to the bike.
But I have not transferred it to my own name. Now, the bike's insurance policy has expired. The policy too was in the first owner's name. So, now, when I have to renew or buy a new insurance policy for the bike, I am confused how to get a new one. Should I apply for a new one in my name, or should I renew the insurance policy in the first owner's name?
Please shed some light in this matter.
A note - I am not planning to transfer the bike in my name for now.