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Motor Vehicles Insurance Ltd (MVIL) has launched its new Compulsory Third Party (CTP) Insurance & Vehicle Registration Management System.The New System was effective on the 5th December, 2011 as a pilot project for its clients at the NCD Customer Services, Kunai Streeet, Hohola.

As a consequence of the implementation of the new system we advise all our valued customers and policy holders that there will be some changes in the way business is conducted as from 5th December 2011.

THE NEW BUSINESS RULE CONCERNING ENDORESEMENTS IS:

There will be no endorsements of a current policy cover upon change of ownership of motor vehicles during the currency or term of an existing cover in favour of the new owner.

Accordingly, a subsequent owner of a motor vehicle upon a change of ownership will not have the benefit of the residual cover of the policy and must pay the full premium chargeable for the ensuring twelve (12) months policy cover of the motor vehicle.

The owner of a motor vehicle who sells the vehicle to antoher person during the currency or term of an existing policy cover will be entitled to a pro-rated refund for the residual cover of the policy (less associated admistrative costs ) calculated from the date of the issueance of a new policy cover for the motor vehicle in the name of the new owner, to the date of expiry of the existing cover.

The existing practise and rule that there is no endorsement of TRANSFER of NUMBER PLATES from one vehicle to another as per the Motor Traffic Regulation (MTR) remains.

There will be no endorsements in the event of a change of vehicle class or vehicle use. A complete new cover will be purchased on the date of change. And previous policy will be cancelled resulting in a pro-rated refunded with the same principle applied in Change of Ownership.

For futher information, please do not hesitate to contact MVIL's Customer Services on 302 4625/626 or Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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