Do you want to upgrade your bike? Before buying a new two-wheeler, you should consider selling your old one. Selling a bike helps offset the high cost of a new one. Consumers also want affordable used bikes.
Transfer your bike insurance policy to the buyer when selling your old bike. Most people move their bike registration, but bike insurance is also important. If the bike gets into unfortunate road incidents, you and the next owner could face legal trouble if you don’t transfer it.
How to transfer bike insurance
Bike insurance transfer involves transferring the policy to the new owner. Notify your insurance company of ownership changes. The insurer can amend their records to reflect the bike’s new owner.
Why transfer bike insurance?
Without a bike insurance transfer, a new owner could be sued. If the vehicle is involved in a road mishap, your insurance will deny claims from the new owner if their name is not on the policy.
- Make sure the previous owner of a used bike transfers insurance
- The new owner would have to pay for incidents without insurance
- Transfer bike ownership before transferring the bike insurance policy
Bike transfer in 3 easy steps
Selling a bike involves more than giving over the keys. These measures should be taken when selling a bike.
- Step 1: Transfer bike ownership at a Regional Transport Office. Make sure it’s the same RTO as your vehicle’s registration.
- Step 2: Submit Form 29, registration certificate, Form 30, emission test papers, insurance documents, and other paperwork to the Directorate of Transport Office. Submit passport-sized photos.
- Step 3: The registering authority checks the documentation and transfers bike ownership if everything is in line.
Here are a few more pointers to consider:
- If the buyer and seller live in the same state, notify the governing body within two weeks after acquisition.
- Report ownership transfer to the governing agency within 45 days if the buyer and seller live in different states.
- Buyers must notify regulators within 30 days if the bike’s owner dies before transferring ownership.
- Transferring bike insurance follows ownership transfer.
Transferring bike insurance?
Unaware of insurance transfer? Read on.
Step 1: Transfer insurance within 15 days of the two-wheeler ownership transfer. Start insurance transfer formalities when you start ownership formalities.
Step 2: Bike insurance transfers require certain documentation. Carry your RC, ownership transfer paperwork, insurance policy, dealer, and premium payment history.
Step 3: Owner and buyer KYC papers are required. To document this transfer, bring your PAN card, Aadhaar card, driver’s licence, and more.
Step 4: Sellers can add another vehicle to their bike insurance online policy to cover their new bike or two-wheeler. The pro-rata calculation may modify the premium rate.
Step 5: Sellers must supply third-party insurance during policy transfers. This helps calculate future plan premiums.
You can keep your No Claim Bonus even if you sell your bike. Submit your No Claim Bonus certificate to your insurance provider for substantial reductions on your new bike policy prices. *All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Bike insurance transfer benefits sellers?
First, it can guard you against future litigation. If the new owner crashes your old vehicle, an insurance policy won’t cover it until the new owner’s name is on the policy. Otherwise, you’re liable for accident damages. Insurance policy transfer eliminates financial and legal issues.
New Policy No Claim Bonus NCB is available if you haven’t made an insurance claim before the ownership transfer. You can get an NCB eligibility certificate upon policy transfer to use on your next bike insurance policy. You lose the NCB from this policy if you don’t transfer officially. * Standard T&C Apply
Always transfer your Bajaj Allianz 2-wheeler insurance coverage for an older bike when selling it. It favours both sides.
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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.