Learn everything there is to know about transferring a motorcycle insurance policy in India.
Published On Mar 30, 2022, Updated On Mar 31, 2022
Selling your bike or purchasing a used bike requires a lot of thought. It's vital to consider all of the specifics whether purchasing a secondhand bike or selling your own.
Table of Contents
- Bike Insurance Transfers: Everything You Need to Know
- Take Away
Selling your bike or purchasing a used bike requires a lot of thought. It's vital to consider all of the specifics whether purchasing a secondhand bike or selling your own. One of the most significant chores to evaluate is transferring bike insurance coverage. This post will teach you how to easily transfer your motorbike insurance coverage to a new owner.
Bike Insurance Transfers: Everything You Need to Know
Selling your favorite bike isn't as simple as it appears. When selling a bike, it's vital to make sure that all of the paperwork is legally passed to the new owner. The following are the reasons for transferring your bike insurance to the new owner:
1. Keeps you Safe from Potential Liabilities in the Future
You will be liable for paying the new owner for their damages if the new owner is involved in an accident and the insurance documents are in your name. The motorcycle insurance must be in the name of the new owner in order to file a claim. If the insurance hasn't been transferred yet, it will very certainly be denied, and you might be held legally liable.
2. Keeping Your Bonus If You Don't Make a Claim
The insurance company will offer you a no-claim bonus if you're selling your motorcycle and haven't made a claim throughout the policy term. This no-claims bonus is a discount on your insurance premium that you may use for a new bike insurance policy. You can notify your insurance provider of the change of ownership of your bike and get a discount on your new insurance policy by redeeming an NCB certificate.
Certain Documents are Required when Transferring a Bike Insurance Policy
When transferring your bike insurance policy to a new owner, you will be requested to provide specific papers. The following are the documents you'll need to bring:
- The original registration certificate for the motorcycle (RC).
- Forms 28, 29, and 30 have been received by the RTO. This documentation should be signed by both the buyer and the seller as proof of the bike's transaction.
- A letter of no objection from the previous owner or dealer of the bike.
- The buyer's address must be verified.
- Both the buyer and the seller of the motorbike should have passport-sized pictures.
- Previous insurance policies' documents
- The insurance company will supply you with a vehicle inspection report.
A Step-by-Step Guide to Transferring a Bike Insurance Policy
Transferring your bike insurance coverage to a new owner is simple. The following are the procedures for changing ownership of your bike insurance policy without generating any issues:
- Before you start the bike insurance transfer procedure, make sure you have all of the relevant documents.
- After the transfer of bike ownership is completed, apply for a transfer of the bike insurance policy within the prescribed time limit.
- Choose your bike's insurance plan, as well as any additional coverage you believe is necessary.
- Gather all essential paperwork, including the sale deed, forms 28, 29, and 30, and the sale deed, to commence the transfer procedure.
- An insurance company survey crew will then check your bike. When the business submits a report, they will begin the transfer process.
- When the evaluation is finished, the bike insurance policy will be transferred to the new owner.
Transferring ownership of your motorbike insurance policy may appear to be a complicated process. It is, however, a safe practice if you follow all of the limits and conditions mentioned in your bike insurance policy. Make sure you transfer ownership of your bike insurance coverage within the term indicated to avoid legal issues.
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.