Simple Steps To Transfer Bike Insurance
Published On Jan 31, 2022 11:00 AM By InsuranceDekho
Here's everything you need to know about transferring two insurance policy!
Table of Contents
Many individuals in India buy used motorcycles. Before purchasing the bike, the buyer should have it examined and the seller's ownership transferred. Both parties must go through a procedure to transfer ownership and insurance of the bike. So, let us begin by explaining the bike ownership transfer process and the documentation necessary. When it comes to navigating India's congested roadways, two-wheelers remain the most efficient means of transportation. They are, nevertheless, more prone to traffic accidents than other means of transportation. As a consequence, getting your two-wheeler insurance is the most critical thing you can do to protect yourself from damages caused by accidents and other risks.
Transferring Bike Insurance in Easy Steps
Buying a Bike and Transferring your Insurance to the Buyer
Manufacturers of motorcycles release new and better models every year, persuading you to buy them and sell your old ones. You'll need to transfer the bike's insurance to the new owner after you've chosen to sell it. Before transferring ownership of a policy, you should tell your insurance provider so that they are kept up to speed. However, it is vital to transfer the insurance policy to the new owner since if the bike is involved in an accident in the future, the insurance company will not pay anything. So, let us explain how you can transfer ownership of a two-wheeler insurance coverage to someone else.
Insurance Ownership Transfer
As we previously stated, transferring ownership of your bike may be done in a few simple steps. Let us now explain how you may transfer your insurance ownership to the new bike owner.
- Visit the RTO office where you registered your bike.
- Submit forms 29 and 30 to the RTO's directorate, together with your RC, insurance certificates, Emission test papers, and other pertinent documentation. Send a passport-size photograph if one is requested.
- The RTO will review all of your documentation once you've completed the procedure, and if everything checks up, they'll transfer the insurance ownership to the new owner.
What to do in Certain Situations
- You must transfer ownership to the regulating party within two weeks if the buyer lives in the same state as you.
- If the buyer lives in another state, you must inform the appropriate regulatory agency within 45 days after the insurance transfer.
- The buyer must notify the regulatory body within 30 days if the prior owner of the bike passes away during the procedure.
Keep Track of these Documents
- Certificate of Bicycle Registration
- Certificates for Pollution and Insurance
- A no-objection certificate, or Form 28, is a document that states that there are no objections. At RTO, the vendor is required to present three copies.
- The bike is sold and bought by two parties, according to Form 29. At the RTO, you should present two copies.
- The buyer must submit two copies to the RTO beginning on day 30.
It's critical for the bike's owner to transfer the bike's insurance to the new owner along with the bike so that they may file a claim in the event of an accident. When you buy a new bike, it's also a good idea to buy your two-wheeler insurance policy online so that you may take advantage of the best discounts and deals while also saving money.
Also read - Purchasing A Two Wheeler, Here Are A Few Things To Consider
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.