Quick and Easy Bike Insurance Transfer Tips
2024-11-09 15:37:52Two-wheelers are the most common way people travel in India, especially during busy traffic times. Two-wheelers include scooters, mopeds, and motorcycles. A large number of these vehicles are on Indian roads every day.
People in India buy and sell bikes based on their needs and trends in the two-wheeler market. While many buy new bikes, a lot of people also buy second-hand ones. When you buy a new bike, you need to buy bike insurance, either online or offline. But when you buy or sell a second-hand bike, you must transfer the existing insurance policy to the new owner of the bike.
So if you also want to know the transfer insurance of the bike, you arrived at the right place. Let's discuss the process.
How to Transfer Bike Insurance Ownership?
If you are planning to sell your bike, here are some easy tips for transferring bike ownership:
Tip 1: When you want to sell your bike, you need to write an application to the Regional Transport Office (RTO) where your bike is registered.
Tip 2: Bike ownership can only be transferred in two situations:
- When there is a buyer ready to buy the bike.
- If the bike owner has passed away, the family member must apply to transfer the ownership.
Tip 3: In case you sell your bike in the same state, the transfer must be completed within two weeks. However, if you sell it to someone out of state, you have to report it to the authorities within 45 days.
Tip 4: If the bike owner dies during the process, the family member must inform the authorities within 30 days. The registering authority should be informed within three months about the transfer.
Tip 5: Go to RTO and fill in forms 29 and 30 and then submit the bike RC, Emission Certificate, Valid Bike Insurance, and Fitness Certificate.
Tip 6: Also, submit your address proof and three passport-size photos.
These simple tips will make it easy for you to transfer ownership of the bike.
Documents Required for a Bike Insurance Transfer
To transfer two-wheeler insurance, you will need the following documents:
- Original insurance policy
- RC (Registration Certificate)
- NOC (No Objection Certificate) from the previous policyholder
- Vehicle details
- Transfer of ownership date
- Name of the previous owner
- Premium payment details for the original policy
- Personal details of the buyer and seller, including: PAN or AADHAR Card Driving license Contact information
Things to Keep in Mind for a Smooth Bike Insurance Transfer
When selling a bike, it’s important to transfer the insurance to the new owner. Here’s are some important things that help you make the bike insurance transfer easy:
1. Timeline
In India, you must transfer bike insurance within 14 days after the ownership is transferred. But if you delay it for too long, then it becomes a problem, and the new owner may not even have insurance.
2. Policy Type
The only thing that carries over from one ownership of the bike to the next is third-party insurance. However, if the new owner wants full coverage (own damage) they will have to pay for extra insurance.
3. Documents Needed
Don't forget to take RC (Registration Certificate), Insurance paper, sale proof, KYC documents (PAN card copy or Aadhar card) from buyer as well as seller.
Conclusion
The bike owner needs to transfer the bike's ownership and insurance on time. When you buy a new bike, it's a good idea to get two-wheeler insurance online so you can get the best benefits if something goes wrong, like an accident. For affordable options, you can visit Square Insurance to compare different bike insurance plans from companies in India. You can also add extra coverage to improve your protection.
What is bike insurance transfer?
Bike insurance transfer is the transfer of the owner's insurance policy to the other owner of the bike when a bike is sold after his/her purchase.
How long do I have to transfer bike insurance after buying a second-hand bike?
You have 14 days to transfer the bike insurance into your name after a second-hand bike purchase.
What documents do I need to transfer bike insurance?
You will need the original policy of insurance, RC of your vehicle, NOC issued by the previous owner, proof of selling, and a personal ID like PAN or Aadhar card.
Does the full insurance get transferred to the new owner?
Only third-party insurance gets transferred. If the new owner wants full coverage (own damage), they will need to buy additional insurance.
Can I transfer bike insurance if the owner has passed away?
Yes, the family of the deceased owner can apply for the transfer by submitting the required documents to the authorities.
