Know Everything About Transferring Bike Insurance
Published On Mar 28, 2022 10:00 AM By InsuranceDekho
Selling your bike or buying a used bike is a time-consuming and thought-provoking procedure.
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Selling your bike or buying a used bike is a time-consuming and thought-provoking procedure. When buying a used bike or selling your own, it's critical to think about all of the factors. The transfer of a bike insurance policy is one of the most important steps to examine. Learn how to effortlessly transfer your bike insurance coverage to a new owner by reading this article.
Transferring Bike Insurance Everything You Need to Know
It's not easy to get rid of your cherished motorcycle. When selling the bike to a new owner, it's critical to ensure that all of the bike's paperwork is legally transferred to the new owner. The grounds for transferring your bike insurance to the new owner's name are as follows:
1. Defends You Against Future Liabilities
If the new owner is involved in an accident and the insurance documents are in your name, you will be responsible for compensating the new owner for his or her losses. To make a bike insurance claim, the automobile insurance must be in the name of the new owner. If the insurance hasn't been transferred yet, it'll very certainly be refused, and you'll be held legally accountable.
2. Keeping Your No-Claim Bonus
If you're selling your motorcycle and haven't filed a claim throughout the coverage period, the insurance provider will give you a no-claim bonus. This no-claim benefit is a discount on your insurance rate that you may use for a new bike insurance policy. By redeeming an NCB certificate, you may notify your insurance provider of the change of ownership of your bike and obtain a reduction on the rate of your new insurance policy.
Documents Required for Bike Insurance Policy Transfer
To properly complete the procedure of transferring your bike insurance policy to a new owner, you will be asked to present certain documentation. The following are the documents you'll need to bring with you:
- The bike's original Registration Certificate (RC).
- The RTO's receipt for forms 28, 29, and 30. Both the buyer and the seller should sign this paperwork as verification of the bike's transaction.
- No objection certificate from the bike's previous owner or vendor.
- Proof of the bike buyer's address.
- Photographs of both the buyer and the seller of the bike in passport size.
- Documents from previous insurance policies.
- The insurance company provides a car inspection report.
Follow These Steps To Transfer Your Bike Insurance Policy
The procedure of transferring a bike insurance policy to a new owner is straightforward. The methods to transferring the ownership of your bike insurance policy without any problem are as follows:
- Make sure you have all of the paperwork you'll need to start the bike insurance transfer procedure.
- Apply for the transfer of the bike insurance policy within the specified time limit after the transfer of bike ownership is completed.
- Select the bike's insurance plan, as well as any extra add-on coverage that you believe is necessary.
- To begin the transfer procedure, gather all relevant papers, including the sale deed, forms 28, 29, and 30, and the sale deed.
- The insurance provider will next dispatch a survey crew to examine your motorcycle. The firm will then proceed with the transfer procedure depending on the report they create.
- The bike insurance policy will be transferred to the new owner after the evaluation is completed.
Transferring ownership of your bike insurance policy may appear to be a difficult procedure. However, if you follow all of the laws and requirements 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 policy within the timeframe specified.
Do read - Everything You Should Know About Filing A National Bike Insurance Claim
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.