How Do I Transfer My Bike Insurance From One Person To Another?

Having a bike makes life easier since you can get around without having to rely on others. New bike models are introduced to the Indian market virtually every year, and many bike lovers sell their old bikes to get a new one. Whether you’re buying an old bike or selling a new one, it’s critical to have bike insurance coverage. When selling or buying an old bike, remember to transfer bike insurance because having a valid bike insurance policy is required by law. Continue reading to learn how to transfer bike insurance from one owner to another.

Switching Bike Insurance From An Old Owner To A New Owner Has Its Advantages

If you are planning to sell your old bike, it is critical that you remember to transfer the insurance to the new owner, as failing to do so could result in you being held liable for the damages. The following are some of the advantages of transferring your bike insurance:

Obtain your NCB Certificate

The bike insurance company will issue you an NCB certificate if you have not filed any claims under your coverage. This certificate can be used to purchase a new policy of insurance. You can earn a discount on your insurance coverage of up to 50% if you have a no claim bonus.

Defend Yourself Against Future Liabilities

If the bike insurance policy is in your name and the new owner is involved in an accident, you will be responsible for the new owner’s damages. If the policy is still in the name of the previous owner, the new owner will be unable to make a claim for damages.

Documents Required For Bike Insurance Transfer

The following documentation must be supplied in order to successfully transfer bike insurance ownership from one owner to another.

  • RC in its original form.
  • Proof of the buyer’s address.
  • A photograph of the buyer the size of a passport.
  • Receipt from RTO, i.e. forms 28, 29, and 30, along with the buyer’s and seller’s signatures.
  • Insurance policy documents from the past and the present.
  • The insurance company’s inspection report on the car.

Transferring Ownership of a Bike Insurance Policy

The steps of transferring bike insurance ownership are outlined below

  • Visit the nearest RTO office to register the bike.
  • Submit Forms 30 and 29, as well as documentation such as a copy of the vehicle registration, insurance paperwork, emission test papers, and identification and address verification documents.
  • Please submit a passport-size photo.
  • The insurance company will give a clearance certificate after all of the paperwork have been verified.
  • To the insurance company, submit all relevant paperwork.
  • Make the needed payment.

The bike insurance ownership will be transferred to the new owner after the paperwork are verified. While it may appear that transferring bike insurance ownership from an old owner to a new owner is difficult, it is not. However, if you are familiar with the methods, you can transfer ownership of the bike cover without difficulty.

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