How to Transfer Two Wheeler Insurance Policy

Bike Insurance Transfer - Two-wheeler is the lifeline for many people who are daily commuters and need to travel across the length and breadth of different cities in India. Be it for office, shopping, visiting, or any usual day out, two-wheelers give you the perfect edge and speed against the traffic in the city traffic. However, with time due to technological enhancement, many riders feel to upgrade their vehicles and attempt to purchase a better or newer version. Some people can easily change their bikes and scooters by purchasing a new one, but many can not afford it.

Here comes the second hand bike, where one rider sells his or her older model of scooter or bike at a cheaper price and the buyer seals the deal by purchasing it at the lower price than the market rate. Although to sell and purchase a second hand bike is an easy and safe process, you need to consider some important paperwork formalities like transferring your bike insurance to the person you are selling it to i.e. the new owner of your bike. Failing to do so can make you face unwanted hassles. Therefore, let us go through the process of transferring the bike insurance:

How To Transfer Bike Ownership and Bike Insurance

Here is the simple process of bike insurance transfer to help you in this endeavour:

Step 1

Intimate your insurance provider about the transfer of your bike to a new person. Then, apply for the bike insurance transfer within 14 days of your official ownership transfer of the two-wheeler.

Step 2

When it comes to bike insurance policy transfer, you should submit some crucial documents to the insurance provider to transfer the bike insurance cover which includes new RC book with the name of the buyer, original insurance policy, paperwork indicating the date of ownership transfer, address proof of the buyer, passport sized photographs of the buyer, etc. Also, submit a complete 29 form and 30 form, along with the necessary documents.

Step 3

After the submission of all the documents to request the insurance transfer, the insurance provider will start the transfer process. To begin the process, some insurers might ask to inspect your bike in some cases. You will be required to pay a fee as well to transfer the policy

Step 4

Being a seller, you should avail the no claim bonus certificate from the insurance company so that the accumulated bonus of the policy can be retained in your name. It will help you earn a benefit in terms of discount on the premium amount of your bike insurance policy.

Step 5

If all the required documents are in order and the complete transfer fee is paid, the bike insurance policy would easily be transferred in the name of the buyer or the new owner of the two-wheeler.

Benefits of Transferring Bike Insurance

Selling your vehicle to another individual is not merely about an exchange of legal ownership between the two parties. It is also very much in your best interest to make sure the transfer formalities and accompanying paperwork is completed in a timely and correct manner.

1. Protect Against Future Liabilities

The bike insurance transfer will safeguard you from being legally accountable for any unforeseen event that may occur with the bike, where the insured person may become liable to pay for loss or damage caused by the bike to a third party. Bike insurance policy is a valid contract between the insurance provider and the insured person, hence, to shield yourself from monetary loss and legal liabilities, it is always recommended to transfer your bike insurance to the new owner.

2. To Receive Your No Claim Bonus (NCB)

NCB in two wheeler insurance helps you to avail the opportunity to make the claim for the premium discounts, which you have earned through accumulated No Claim Bonus (NCB). The NCB is your reward for your safe driving, maintaining your bike in a good condition and to refrain yourself from making unnecessary claims. Hence, the NCB is the right of the original owner. You can use the NCB discount when you buy a new bike insurance policy.

Take Away

Transferring the bike insurance plan is necessary when you are selling it off to another person. It is a legal requirement as well as beneficial for you. You can go through the above-mentioned points to know the steps for insurance transfer and understand the benefits attached to it.

Also Read:

No Claim Bonus for Two Wheeler Insurance Policy in India

Roadside Assistance Add On Cover In Two-wheeler Insurance Explained

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.