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Motor Vehicle Act: Insurance Policy Transfer Guidelines for Used Car Owners Section 157 of the Motor Vehicle Act mandates that new owners of used cars must transfer the insurance policy within 14 days of purchase. During this period, only the third-party coverage is automatically transferred. The own damage section requires registration under the new owner's name for transfer. Failing to transfer the policy within 14 days absolves the insurance company of liability for any losses incurred by the
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