How to Transfer Bike Insurance after you Sell your Bike

How to transfer bike insurance after you sell your bike

Transferring insurance for a two-wheeler is more complicated than simply handing over the bike to the new owner. To officially transfer the two-wheeler insurance policy, you must first complete the following steps:

1. Apply for a two-wheeler insurance transfer within 14 days of the official ownership transfer date.
2. Provide documentation proving ownership transfer to the insurance company.
3. Depending on the insurance provider, both the buyer and seller may be required to provide documents such as an Aadhaar card, a PAN card, a driving license, etc.
4. The insurer may inspect your vehicle to process the transfer of two-wheeler insurance.
5. Once all of the details have been verified, the insurance company will transfer the policy to the new owner.
6. If 14 days have elapsed since the transfer of ownership, the current third-party insurance policy will expire, and the buyer will be required to purchase a new insurance policy for the used bike.

Documents required for transferring bike insurance

You should keep the following documents on hand to transfer your two-wheeler insurance.

• Certificate of Registration
• Forms 28, 29, and 30, as well as the sale deed
• The previous owner's No Objection Certificate (NOC)
• Authentic insurance policy
• Buyer's proof of address
• Photographs of the buyer (passport size)
• Documents related to transfer of ownership
• Payment history for insurance premiums
• The dealer's name

The advantages of transferring bike insurance

Transferring bike insurance to the new owner gives you many benefits. 

There are no liabilities in the future:

Once you have officially transferred ownership of the bike and its associated insurance policy to the new owner, you will be free of all the liabilities related to the bike. If you do not transfer ownership of the insurance policy and your old bike is involved in an accident that causes severe damage to a third party, you may be obligated to pay the damages because your name remains on the official insurance policy.

No claim bonus carryover:

Another significant benefit of transferring ownership of a car insurance policy is the ability to transfer your No Claim Bonus (NCB) to the new insurance policy you buy. Suppose you haven't made a single insurance claim during the term of your policy. In that case, you can request an NCB certificate from your insurance company, which will allow you to get a cheaper or heavily discounted insurance policy in the future.

Photo Credit: www.indiamart.com

Things to consider while transferring bike insurance

• Ownership must be transferred within two weeks of the purchase if the buyer and seller live in the same state.
• Ownership should be transferred within 45 days of the purchase if the buyer and seller live in different states.
• If the vehicle owner dies before the transfer of ownership, the buyer must notify the regulatory body within 30 days.