Sold car but registration in my name am I liable to pay for accident
owner sells car to Buyer in Oct 2015 who does not get the vehicle transferred till 26th April 2016. Buyer meanwhile buys an insurance policy in name of old owner. The buyer is involved in an accident while driving this car on 9th April (before the transfer occurs). A court order for compensation has been sent to the old owner since car was in his name as per rto records on day of accident. What should the old owner do in such scenario to ensure all liabilities are passed on to the new owner(buyer). insurance valid in old owner name till Oct 2016.
As long as the vehicle remains registered in your name you will be held responsible for any accident or illegal activities the car may be used for. You will be liable to compensate the victim's family members if he dies or the victim if he survives.
You must be having copies of the forms and the R.C. Book which were required to be executed by you while you had sold the vehicle. It is your legal obligation under section 50 of the Motor Vehicle Act that you send a registered letter to the concerned R.T.O. informing that you have sold the vehicle to such a such person ( give his address and telephone contact number) and have handed over the R.C. Book to such purchaser, in which event when any traffic offence is done by him the police will check on with the records of the vehicle from the R.T.O which would reveal the new name of the purchaser.
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