Eligible Risk Statement for Registration and Certificate of Title
Who Needs Eligible Risk Statement?
If you reside in North Carolina and you plan to buy a car, get it as a gift or as a part of inheritance you should be aware of the car’s title registration procedure. It also refers to as a title transfer process. Both parties, the buyer and a seller of the car are involved in the process. However, only a new car owner must fill out Eligible Risk Statement for Registration and Certificate of Title.
What is Eligible Risk Statement for?
This document shows that a person is eligible to get car insurance in North Carolina. State authorities are strict about insurance for the cars registered within the state. So make sure you obtain the right liability insurance that differs depending on the type of the vehicle. If you don’t fill out eligible risk statement you will be penalized.
Is Eligible Risk Statement Accompanied by Other Forms?
Eligible risk statement is actually a part of the car’s title transfer process. Generally it goes attached to the title application, Damage Disclosure Statement and Odometer Disclosure Statement.
When is Eligible Risk Statement due?
The deadline for the eligible risk statement depends on the deadline for the request of the title transfer. A buyer or a person who gets the car must submit this request within 28 days from the day of delivery or notary date.
How Do I Fill out Eligible Risk Statement?
Eligible risk statement is one-page form accompanied by the definitions of the terms used in the form. The form consists of 6 statements. A new car owner should tick the boxes next to the statements that apply to him.
Where Do I Send Eligible Risk Statement?
When you are done with the statement and the rest of the documents you need for title transfer, submit them to the North Carolina Division of Motor Vehicles.