A lot of thought must go into selling or buy bike insurance. If you’re buying a used two-wheeler or selling your own, it’s important to go through every detail. The transfer of two-wheeler insurance is one of the most important tasks. This post will teach you how to transfer your bike insurance coverage to a new owner quickly.
You should transfer your bike’s insurance to the new owner for the reasons listed below:
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Protects you from encountering future liabilities:
If the new owner is hurt in an accident and the insurance paperwork is in your name, you will be responsible for covering the cost of their losses, and if you want to make a claim, your motorcycle insurance policy must be in your name as the new owner. As a result, it will undoubtedly be rejected if the insurance hasn’t been transferred yet, and you could be held legally responsible.
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You Can Keep Your Bonus If You Don’t File a Claim:
If you’re selling your bike and haven’t filed a claim during the policy’s duration, the insurance provider will give you a no-claim bonus. Your insurance cost will be reduced as a result of your no-claims bonus, which you can apply to a new bike insurance Online. By redeeming an NCB certificate, you can save money on your new insurance policy and let your insurance company know that your bike has a new owner.
Bike Insurance Transfer: What Is It?
Bike insurance transfer is the process of changing the name on your bike insurance policy to that of the new owner. These transfers are usually necessary when you are getting ready to buy or sell an older two-wheeler.
You can inform your insurance provider of certain ownership transfers. By doing this, the insurer will be able to amend their records to reflect that the subject bike has a new owner.
Why Should Your Bike Insurance Policy Be Transferre?
Transferring bike insurance is essential because doing it protects the new owner from legal action. Additionally, if the car in question is ever involved in a traffic accident, your insurer will reject claims from the new owner if his or her name is not on the policy documents.
- Ensure that the previous owner of the used bike you intend to purchase has completed the necessary insurance transfer paperwork.
- Without an insurance settlement, the new owner would be responsible for covering all associated costs.
- You should formally transfer the ownership of the car to the new owner before transferring the insurance policy.
So these are the main reasons that your bike insurance policy be transferre.Â
Three Easy Steps for Transferring Ownership of a Bike
Selling a bike involves more than just handing the buyer your keys. To transfer a bike to a new owner properly, these steps should be followe.
- Step 1: Visit a Regional Transport Office to request a transfer of bike ownership. Verify that it is the same RTO where you registered the vehicle for the first time.
- Step 2: At the Directorate of Transport Office, turn in Forms 29 and 30, registration papers, emission test results, insurance records, and other paperwork. You must also supply two passport-sized pictures.
- Step 3: The registering authority checks all of the provided paperwork to ensure its accuracy before transferring ownership of the bike if everything is in order.
Now, you can then transfer your bike’s insurance after the ownership transfer is finish.
Documents Needed to Transfer Bike Insurance
Here is a complete list of all the paperwork and two-wheeler insurance name transfer forms you will need to transfer a bike insurance policy.
- A certificate of Registration for the Motorcycle
- Bike first insurance contract
- Sale Document for the Motorcycle
- Transfer of ownership paperwork
- History of Bike insurance premium payments
- Certificate of No Objection (NOC) from the previous owner
- Verification of the buyer’s address
- A passport-size image of the purchaser
Transfer Process For Bike Insurance
Have no idea how to switch insurance? Continue reading without worrying.
The process of shifting insurance is rather simple if you follow the right steps. Below is a detailed tutorial that will help you with this endeavor.
- Step.1: Within 15 days of the two-official wheeler’s ownership transfer, submit an insurance transfer application. The optimum approach is to begin these insurance transfer processes at the same time as you start the ownership transfer process.
- Step.2 For the transfer of a bike insurance policy, some documents are necessary. Make sure you have the original documentation for your insurance policy, the RC, paperwork stating the date of ownership transfer, the name of your dealer, and the history of premium payments.
- Step.3 KYC documents from both the owner and the buyer are required. To keep a record of this transfer, carry your PAN card, Aadhaar card, driver’s license, and other documents.
- Step.4: You can extend coverage to your new bike or two-wheeler by adding the name of another vehicle to your current policy as the seller. Keep in mind that the pro-rata calculation could result in changes to the premium rate.
- Step.5: During this cover transfer of coverage, the seller must provide proof of third-party insurance. . This aids in estimating the plan’s future premiums.
You do not necessarily have to forfeit your collected No-Claim Bonus just because you are selling your bike.
Give your insurance company your NCB certificate to receive enticing savings on the premiums you must pay for the policy covering your new bike.
What are the advantages of Bike Insurance Transfer for Sellers?
Even though a new bike owner will undoubtedly benefit from such a move, the seller may feel that they stand to lose. This is completely untrue.
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Guards Against Future Litigation Problems
-Only until the name of the new owner is included in the policy documents will an insurance policy begin to pay out if the new owner causes an accident involving your old vehicle. If not, you will be liable for any damage the accident causes. Transferring an insurance policy makes it easy to avoid these hassles, whether they are related to the financial side or the legal obligations.
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No Claim Bonus for the New Policy
-You qualify for a No Claim Bonus (NCB) if you didn’t claim the bike’s insurance before the ownership transfer. You can obtain a certificate proving your NCB eligibility during a policy transfer that will be used to secure your new bike when you buy your next insurance policy. You would forfeit the accrued NCB from this previous policy if you didn’t start the official transfer process.
Conclusion
You could now have a better understanding of how to transfer a bike’s insurance. In general, it’s okay to always have a backup on hand in case something unexpected happens. You should take advantage of the best comprehensive insurance plans on the market, regardless of whether you’re looking for a policy for your new two-wheeler or a buyer who recently purchased a used bike but didn’t transfer the insurance policy from the owner.Â
Bike Insurance online
Additionally, it is suggeste while buy a new bike. to get the two-wheeler insurance policy from any Square Insurance online company, as this will allow you to take advantage of the greatest number of online discounts and perks and will be more affordable for you than buying bike insurance offline.
