Everything You Need To Know About Transferring Bike Insurance Policy To New Owner
Published On Jun 09, 2021 11:00 AM By InsuranceDekho
Read this article to understand simple steps to transfer your bike insurance policy to a new owner.
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Selling your bike or purchasing a second-hand bike is a very thought-engaging process. It is important to consider all aspects while purchasing a second hand bike or while selling your bike. One of the main processes to check is the transfer of bike insurance policy. Read this article to understand how you can easily transfer your bike insurance policy to a new owner.
Why Should You Transfer Your Bike Insurance Policy?
Selling your beloved bike is not that simple a process. While selling the ownership of the bike to the new owner, it is important to make sure that you transfer all the bike’s documents to the new owner legally. The following are the reasons why you must transfer your bike insurance to the new owner’s name-
Protects You From Future Liabilities
In case the new owner has been involved in an accident and the insurance papers are in your name, you will be subjected to pay the compensation for the new owner’s loss. The car insurance must be in the name of the new owner’s name to file a bike insurance claim. If the policy has not yet been transferred, it is likely to be rejected and can be held legally liable.
Retaining The No Claim Bonus
If you are selling your bike and you haven’t raised any claim during the policy period, the insurance company would have rewarded you with a no claim bonus. This no claim bonus is a discount on your insurance premium and can be transferred to the new bike insurance policy you purchase. You can inform the insurance provider about the change of the ownership of the bike and receive a discount on the premium of your new insurance policy by redeeming an NCB certificate.
Documents Required While Transferring Bike Insurance Policy
When you are transferring your bike insurance policy to a new owner, you will be required to produce certain documents to successfully complete the process. The following are the documents that you will need to carry-
- The original Registration Certificate (RC) of the bike.
- The receipt from RTO for forms 28, 29 and 30. These forms should be signed by both the buyer and the seller for the proof of sale of the bike.
- No objection certificate from the previous owner or the seller of the bike.
- Address proof of the buyer of the bike.
- Passport size photographs of both the buyer and seller of the bike.
- Existing insurance policy documents.
- Inspection report of the car given by the insurance provider.
Steps To Follow To Transfer Bike Insurance Policy
Transfering bike insurance policy to the new owner is a simple process. The following are the steps that you can follow to transfer your bike insurance policy’s ownership without any hassle-
- Ensure that you have all the documents required to commence the bike insurance transfer process.
- As soon as the transfer of bike ownership is done, apply for the transfer of the bike insurance policy within the mentioned time frame.
- Pick the bike’s insurance plan along with the optional add-on covers that you think are required.
- Produce all necessary documents along with sale deed, form 28, 29, and 30 to begin the transfer process.
- The insurance company will then send a survey team to inspect your bike. They will then produce a report based on which the company will proceed on the transfer process.
- Once the assessment is complete, the bike insurance policy will be transferred to the new owner’s name.
Transferring your bike insurance policy’s ownership may seem like a highly complicated task. But, you will find it to be a secure process if you follow all the rules and guidelines mentioned in your bike insurance policy. Make sure you transfer the bike insurance policy’s ownership within the stipulated time to avoid legal complications.
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.