If you own a two-wheeler, you would agree that it is the easiest and most convenient mode of transport, especially in India, considering the densely packed roads and heavy traffic.
However, it is also the most dangerous mode of transportation because it is prone to more accidents compared to four-wheelers. This is why it is very important to get your two-wheeler insured because it ensures protection from losses resulting from accidents and other damages.
Two-wheeler insurance policy is an insurance plan that provides protection and coverage for bikes. The insurance policy covers the cost of repairs for accidental damages and also provides financial security from incidents like theft of the vehicle, natural disasters,fire accidents and third-party liabilities.
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How do I change ownership of my bike insurance online?
Insurance for two-wheelers is required by law, but most of us don’t know what to do with the policy when we sell off our vehicles or transfer ownership. A policy owner should be aware of the basic process of transferring their bike insurance policy. When you decide to sell your two-wheeler, it is a must that you transfer your bike insurance to the new owner. In the event of the bike being involved in an accident and your insurance isn’t transferred to the new owner, you will be held responsible and may face consequences. As part of the process of transferring the bike insurance policy, you will have to let the insurer know it has been transferred.
Transfer Bike Insurance Online:
1)Apply insurance transfer of two-wheeler 14 days before the official transfer date
2)Provide the insurance company with documents proving transfer of ownership
3)Provide documents like PAN card, Aadhaar card, driving licence etc.
4)After the insurance company verifies all the details and documents, they will transfer the insurance policy to the new owner.
5)If 14 days have passed since the transfer of ownership, the current third-party cover will end and the buyer will have to purchase a new insurance policy for the second-hand bike.
Documents Required for Bike Insurance Transfer:
1)Registration Certificate
2)No Objection Certificate (NOC) from the previous owner
3)Original Insurance Policy
4)Proof of address of the buyer
5)Passport size photographs of the buyer
6)Paperwork of ownership transfer
7)Name of the dealer.
Benefits of Transferring Bike Insurance:
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No Future Liabilities:
Once the bike has been officially transferred to the new owner with the associated insurance policy, you will no longer be liable for any accidents, damages, or natural calamities caused by the bike.
However, if you fail to 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 liable for the damage to the third party since your name is still on the insurance policy.
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No Claim Bonus Carry Forward:
Another benefit of transferring the ownership of a two-wheeler policy is the option to carry forward your No Claim Bonus(NBC) to the new insurance Policy you buy. An NCB certificate from your insurance company will help you get a cheaper or a heavily discounted policy in the future if you have not made any insurance claims during your policy term.
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