Insuring Someone Else's Bike? This Is What You Should Know
Updated On Aug 14, 2021
Read this article to find out everything you need to know about buying bike insurance for someone else’s bike.
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Obtaining insurance is critical; no biker wants to be involved in an accident, have their vehicle stolen, or experience any other type of vehicle malfunction. However, if you own a car for more than 10-15 years, you're bound to run into some of these issues. Trouble can strike at any time, making it important to ensure that all of your financial losses are protected. Aside from the fact that having insurance for your vehicle is required by law, it is the rider's obligation to ensure that they have insurance because it is for their protection.
Insuring Someone Else’s Bike
A frequent misunderstanding is that a person can only acquire bike insurance for their own vehicle, but the fact is that a person can get bike insurance for someone else's bike as well, and this insurance may be purchased on behalf of the owner. This insurance might be for a car that you have rented to drive, a really old vehicle that belongs to your father, or even a bike that belongs to a friend that you use frequently. There are no restrictions on acquiring insurance for other vehicles; nevertheless, if the vehicle is still in operation, you must get it because of the benefits that come with having bike insurance.
When purchasing the bike, the purchaser has the option of naming the individual who will be riding it. Now, if your name is not on the document and you are a frequent user of the bike, you will not be eligible for an insurance claim if you get into an accident while riding the bike since you are not a registered user. As a result, having bike insurance in your name might protect you from a variety of financial obligations.
After you acquire bike insurance, you will enjoy all of its benefits, whether it is third-party liability insurance or comprehensive coverage. You may also tailor your insurance plan with specific policy coverage, and if you have a valid driver's licence, you can quickly file a claim in the event of an accident or theft.
How To Transfer The Ownership of Your Bike Insurance?
The procedure of transferring a bike insurance policy to a new owner is straightforward. The procedures to transferring the ownership of your bike insurance policy without any trouble are as follows -
1. Make sure you have all of the paperwork you'll need to start the bike insurance transfer procedure.
2. Apply for the transfer of the bike insurance policy within the specified time period after the transfer of bike ownership is completed.
3. Select the bike's insurance plan, 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 sale deed, forms 28, 29, and 30, and the sale deed.
5. The insurance provider will next dispatch a survey crew to examine your bike. The firm will then proceed with the transfer procedure depending on the report they generate.
6. The bike insurance policy will be transferred to the new owner after the evaluation is completed.
To properly complete the procedure of transferring your bike insurance policy to a new owner, you will be asked to provide certain papers. The following are the documents you'll need to bring with you -
1. The bike's original Registration Certificate (RC).
2. The RTO's receipt for forms 28, 29, and 30. Both the buyer and the seller should sign these documents as confirmation of the bike's transaction.
3. No objection certificate from the bike's previous owner or vendor.
4. Proof of the bike buyer's address.
5. Photographs of both the buyer and the seller of the bike in passport size.
6. Documents from previous insurance policies.
7. The insurance company provides a car inspection report.
It may appear that transferring ownership of your bike insurance policy is a tough task. However, if you adhere to all of the requirements and limits specified in your bike insurance policy, it will be a safe process. To prevent legal issues, make sure you transfer ownership of the bike insurance policy within the timeframe 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.