Bikes are an incredibly affordable and helpful method for transportation. They are normally less expensive than other vehicles and help dash through traffic easily. Because of their utility, bikes that have been kept up with well as a rule have a high resale value. Presently, you are probably aware that you really need to transfer your bike’s registration papers to its new owner after the deal has been finished. However, would you say you were also aware that you really need to transfer bike insurance as well? We should gain proficiency with somewhat more around bike insurance transfer.
For what reason is it essential to transfer bike insurance?
The road can be a flighty spot, and mishaps can happen to anybody. On the off chance that the second-hand bike insurance papers are not transfer to the new owner, they will not be able to make claims for any unexpected occurrence they face with the new vehicle. In that case, they would be responsible to pay for harms all alone. If a third party is engaged with the incident, the financial burden could be too heavy to even think about bearing. Therefore, transferring bike insurance really helps the new owner of your vehicle.
Moreover, the advantages of transferring bike insurance extend to the previous owner of the vehicle too. The past owner is liberated from any liability of paying for mishaps that could happen with the sold bike in the future. They also get to continue their no-claim bonus (NCB) with a NCB authentication that gets given after finishing the transfer procedure.
How can I transfer bike insurance?
If you are thinking about how to transfer bike insurance, have confidence that the process is straightforward. The transfer of insurance ought to preferably be started by the buyer, however the seller may also take things forward at their end.
Prior to beginning the transfer process, call up the insurance provider and request them for a total list of the documents required. The paperwork will generally incorporate the bike’s RC under the new owner’s name, forms 29 and 30, buyer and seller KYC data, and the old policy. A fee is also charged for the process of transfer
The bike insurance transfer process
We should rapidly separate the bike insurance transfer process into a couple of simple tasks.
- Stage 1: Call up the insurance provider and request them for a total list of documents required for transfer of insurance
- Stage 2: Fill up the necessary forms for transfer of insurance and check if the insurer requirements to assess the vehicle
- Stage 3: Pay the necessary fees for the process
- Stage 4: Receive the new bike insurance papers in your name
Frequently asked questions on bike insurance transfer
Can I transfer bike insurance online?
- Forms 29 and 30 can be downloaded from the RTO’s site; However, the bike insurance transfer process could require a physical inspection of your vehicle. It is prudent to examine this with the insurance agency.
Disclaimer: For additional details on risk factors, terms and conditions please read sales brochure cautiously prior to closing a deal.