A few times already insurers and colleague brokers informed us, that they encounter problems with motorcar claims. The reason for this is that said vehicle was transferred from one to another owner, without following the correct procedure.
We informed our clients about the correct handlings already before. Since the number of complaints by insurers is growing we feel obliged to inform our clients and prospects again through this newsletter.
If you sell or buy a vehicle. Make sure that the buyer will transfer/register the vehicle in his/her name with the Land Transportation Office (LTO).
In the deed of sale, please make sure to have the following provisions: “The buyer shall hold you (seller) harmless from the consequences arising from an accident involving the vehicle and that the buyer shall fully assume the responsibility for such consequences.
Also, you should file with the LTO Office where the vehicle was registered, copy of the deed of sale and keep it as a proof of filing.
If you are the buyer and you want, of course, insure your vehicle with AIC, then you will send us a copy of the deed of sale and ASAP a copy of the Certificate of Registration (COR) and the Official Receipt( OR) with your name.
Then AIC can offer you a Tailor-fit proposal, as well as for own damage/theft/acts of God – as for (Super)TPL coverage. If you are the one who sold the car, most probably you will advise the new owner to contact us so he can also avail of our services.