Transferring Two-wheeler Ownership & Its Insurance

Selling your bike or buying a used bike is a very thought-provoking procedure. When acquiring a used bike or selling your bike, it is critical to examine all factors. One of the most important steps to examine is the transfer of a bike insurance policy. Read on to learn how to effortlessly transfer your bike insurance coverage to a new owner.

How To Transfer Bike Ownership To A New Owner?

Transferring your bike insurance policy is a very simple process. To transfer the ownership of your bike, you will have to collect a few documents and visit the RTO. If the seller and buyer of a used bike live in the same RTO region, the change of ownership application should be submitted at the RTO where the bike is registered. If the seller and buyer live in separate RTO areas, a clearance certificate from the RTO where the bike was initially registered is necessary. Following that, the new buyer must apply for ownership transfer at the RTO in whose jurisdiction the buyer's residence is located. To transfer the ownership of your bike, you will require the original RC of the bike along with two copies of Form 29, and Form 30 along with a copy of your valid Driver’s License. You will also have to submit a copy of your address proof, the buyer’s address proof, PUCC of the bike, NOC from the bank, and the clearance certificate from the parent RTO if the owner resides in a different RTO jurisdiction. The RTO will then transfer the ownership of your bike to the new owner after validating the documents you submitted. 

How To Transfer Ownership of Bike Insurance To A New Owner?

It is simple and clear to transfer bike insurance coverage to a new owner. The following are the procedures you may take to easily transfer ownership of your bike insurance policy -

1. Ascertain that you have all of the paperwork needed to begin the bike insurance transfer procedure.

2. Once the ownership of the bike has been transferred, apply for the transfer of the bike insurance policy within the time limit specified.

3. Choose the insurance plan for the bike, as well as any extra add-on coverage that you believe is necessary.

4. To begin the transfer procedure, gather all essential papers, including the selling deed, forms 28, 29, and 30.

5. After that, the insurance provider will send a survey team to check your bike. They will then generate a report on which the firm will proceed with the transfer.

6. The bike insurance policy will be transferred to the new owner's name after the evaluation is completed.

You may also like to read:- Top 6 Points You Should Not Forget While Purchasing Bike Insurance 

What Are The Documents Required To Transfer Your Bike Insurance Policy?

When transferring your bike insurance policy to a new owner, you will be needed to submit specific papers in order to complete the procedure properly. The following are the papers you will need to bring with you -

1. The bike's original Registration Certificate (RC).

2. The RTO receipt for forms 28, 29, and 30. For the bike's proof of sale, both the buyer and seller must sign these documents.

3. Certificate of no objection from the previous owner or seller of the bike.

4. Proof of address for the bike's purchaser.

5. Passport-size photos of both the buyer and seller of the bike are required.

6. Documents pertaining to existing insurance policies.

7. The insurance company sent an inspection report on the vehicle.

Also Read:- Consumables Add On Cover In Bike Insurance And Its Benefits

Take Away

Transferring ownership of your bike insurance policy may appear to be a difficult job. However, if you follow all of the regulations and restrictions outlined in your bike insurance policy, you will find it to be a safe process. To prevent legal issues, make sure you transfer ownership of the bike insurance coverage within the time frame specified.

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.