Two-wheelers are a popular choice in India’s congested traffic but are also more prone to accidents. Insurance for your two-wheeler is essential to protect against losses from accidents and other risks. When selling your bike or transferring ownership, understanding how to transfer the online insurance for your bike policy is crucial to retaining its benefits.
The transfer process involves notifying the RTO when selling your bike and transferring ownership and insurance to a new one. Two-wheelers are prone to accidents on Indian roads, so comprehensive insurance is essential for protection. Understanding your insurance coverage is crucial for transferring claims and when you renew bike insurance.
Components Of An Insurance Policy For Two Wheelers
Two-wheeler insurance plans typically have two key sections. The first section includes the policyholder’s personal information and policy details, while the second contains vehicle-specific information like registration number, make and model, and coverage details.
How To Transfer Your Two-Wheeler Insurance
- Your online insurance for the bike policy must be transferred in the transferee’s name during the transfer.
- The transferee must submit a written application and supporting documentation for proof of vehicle delivery within a specific time.
- The vehicle’s registration certificate, the date the insurance was transferred, and information about the prior insurance policy are among the records and details needed for the procedure.
- To assist the insurer in making the necessary corrections in the records and issuing a new certificate of insurance, the insurer must also receive the name of the previous policyholder and the previous owner of the vehicle, the policy number, and the date of insurance.
The Advantages Of Changing Your Insurance Policy
Selling a motorcycle comes with post-sale responsibilities. Careful documentation is critical to avoid legal issues. While it might seem tedious, it’s vital for self-protection. Transfer the insurance and provide all vehicle paperwork to the buyer. Benefits include:
- Protecting Against Future Liabilities – Should a third party need to file a claim after the vehicle’s new owner injures someone else or damages their property? You will be held legally responsible if you haven’t transferred your bike’s ownership and insurance policy. You will be listed as the policyholder. You must ensure that all of the paperwork, including the third-party bike insurance policy, is correctly given to the person purchasing your previous bike to avoid any issues of this nature.
- Withholding the No Claim Bonus – Your insurance company may withhold the No Claim Bonus (NCB) from you if you filed no claims on your two-wheeler insurance policy in the year prior. Your insurance company will give you NCBs if you ride safely and file no claims. Notify your insurance company of the ownership transfer of your bike when you do so to receive a No Claim Bonus Certificate that will enable you to save money on your premiums in the future. ## *
Ensure you finish all the paperwork, notify the RTO via the appropriate channel, and give the buyer of your motorbike or scooter all the necessary documentation, including your insurance policy, when you sell your old two-wheeler to anyone.
*Standard T&C Apply
##All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
