Wondering How To Transfer Bike Insurance? Here’s Everything You Need To Know, Step-By-Step

 


When you decide to sell your two-wheeler, it is very important to make sure that along with the ownership of the bike, even the name on the insurance policy is transferred at the right time. Failing to do so, can land you in a lot of legal trouble if the new owner of the bike gets into an accident when the two-wheeler insurance is still in your name.

However, if you are new to the world of insurance, performing a bike insurance transfer can be quite confusing. Nonetheless, to get more clarity on this topic, you would need to first understand the documents and the details that you would require for an insurance transfer.

So, here’s a list of the required documents and details -

1)     Bike’s registration certificate

2)     Bike details like model year, the number of kilometres driven, etc.

3)     The original insurance policy

4)     Date of ownership transfer

5)     The dealer’s name

6)     Details of the premium of the original policy

7)     No Objection Certificate from the previous insurance policyholder

8)     Personal details of the buyer and seller like PAN or AADHAR Card details, Driving license and Contact details

Next, let us understand the step-by-step process of transferring the insurance policy - 

Step 1

Initiate the procedure of insurance transfer within 15 days of new ownership. As a general rule of thumb, do it at the same time you start the process of transferring the bike’s ownership.

Step 2

Submit the required documents and provide correct details to the insurance company about both the concerning parties. 

Step 3

Provide valid KYC documents of the buyer and the seller. Do keep in mind to keep a record of the insurance transfer just how you would maintain a record of the bike’s ownership transfer.

Step 4

Keep track of the transfer process. It can take 7 to 14 working days for the insurance transfer to be completed after submission of the documents and payment of the transfer fee.



Original Content :- Wondering How To Transfer Bike Insurance? Here’s Everything You Need To Know, Step-By-Step




 


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