How to Transfer Bike Insurance: Bike lovers keep changing their vehicles every few years. Many of them buy second-hand bikes. Many of them transfer the ownership of the bike but forget to transfer the insurance. Here we are telling you how you can transfer the bike insurance.
This is how you can transfer bike insurance
Auto Desk, New Delhi. Many people in India buy and sell bikes based on their changing needs and changing trends in the two-wheeler industry. Most of them buy new bikes, while many of them buy second-hand bikes. When you buy a new bike, you get its insurance immediately, but when you buy a second-hand bike or while selling an old bike, you have to transfer the existing insurance policy to the new owner of the vehicle. About which we are telling you here.
How beneficial is transferring bike insurance for the seller
For the person who sells his bike to someone else, transferring bike insurance is very beneficial. This is beneficial for those who have sufficient coverage left on their policy. By doing this, the new owner of the bike can save himself from buying a new policy or paying for extra coverage. Apart from this, by transferring the insurance coverage, the seller of the bike can also ensure that the new owner gets protection in case of an accident or theft.
Along with this, one of the advantages of transferring bike insurance for the seller is that it can increase the value of their bike. Along with this, if your bike’s insurance is still intact, then the buyer also gives you priority.
Documents required to transfer bike insurance
RC (Registration Certificate)
Vehicle details
Original insurance policy
Date of ownership transfer
Name of previous owner
Premium paid details for original policy
NOC (No Objection Certificate) from previous policyholder
Buyer and seller details
PAN or Aadhaar card
Driving license
Contact details
Process to transfer bike insurance
To transfer the two-wheeler insurance policy, the buyer should follow the steps given below:
The insurance transfer of the purchased bike must be applied for within 15 days of purchasing the vehicle.
Choose a two-wheeler insurance plan that can meet all your requirements.
Fill the proposal form and clearly mention the information about the transfer of ownership.
Submit all the documents mentioned above to the insurance provider.
Also submit Form 29/30/Sale Deed along with the required documents.
The insurance company will send an investigator, who will prepare the inspection report.
A nominal transfer fee will also have to be paid for transferring the vehicle insurance policy.
Once everything is verified by the insurance provider, the two wheeler policy will be transferred to your name.
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