Two wheelers are the most common mode of transport in India, especially when you have to travel a small distance at the peak traffic hours. Two wheelers include scooters, mopeds and motorcycles. A million of these vehicles run on the Indian roads daily.
People in India buy two wheeler vehicles based on their changing needs and the changing trends in the two wheeler industry. While most of them buy a new two wheeler, many of them also purchase a second hand vehicle. When buying a new two wheeler, you need to get a new bike insurance online or offline. But when buying a second hand two wheeler, you need to get the existing insurance policy transferred to your name.
What needs to be transferred when buying a second hand bike?
On purchasing a second hand bike, you are required to transfer the following documents on your name:
- RC book
- Bike ownership
- Bike insurance policy
It is the responsibility of the buyer who has to initiate this process and get everything transferred before riding the bike for the first time.
Steps to transfer two wheeler insurance
The documents required to transfer two wheeler insurance are:
- RC (Registration Certificate)
- Details of the vehicle
- Original insurance policy
- Date of ownership transfer
- Name of the dealer
- Details of the premium paid for the original policy
- NOC (No Objection Certificate) from the previous policyholder
- Personal details of the buyer & seller:
- PAN or AADHAR Card
- Driving license
- Contact details
The transfer process allows you to retain the accrued No Claim Bonus that you may lose should you by a completely new bike insurance policy
To transfer the two wheeler insurance policy, follow the steps mentioned below:
- Apply for insurance transfer of the two wheeler you have purchased within 14 days of the purchase of the same.
- Choose the two wheeler insurance plan which can fulfill all your requirements.
- Fill up the proposal form and clearly mention the details regarding the transfer of ownership.
- Submit all the documents mentioned above to the insurance provider.
- Also submit form 29/30/Sale deed along with the necessary documents.
- The insurance company might send an investigator, who will create the inspection report.
- A nominal transfer fee also has to be paid by you for transferring the two wheeler insurance policy.
- Once everything is verified by the insurance provider, the two wheeler policy will be transferred to your name.
As you see, bike insurance transfer process is very simple and hassle-free.
You can visit our website, explore the various plans and buy bike insurance online.