How To Transfer Bike Insurance Policy?
This article mentions how a person willing to sell theri bike can transfer their bike insurance policy in 5 simple steps. It begins with an introduction of the same and then explains the 5 steps in detail.
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Bikes are a very convenient mode of transportation as they can move with speed and cut through traffic much more easily than cars. However, it is also a vulnerable way to travel since road accidents with bikes are most common. That is why it is necessary to have bike insurance as soon as you buy the vehicle.
While buying insurance, most people are not sure how they can transfer their policy to another person in case they decide to sell their bike. Should you decide to do the same, don’t be worried about it. It is a very simple and easy process but you need to be adrift of the basic transferring process to retain some of the policy’s benefits for yourself. In this article, we are going to tell you precisely about this.
How To Transfer Bike Insurance Policy?
Transferring your bike insurance policy involves the following simple steps -
Step 1: If you are a person seeking to sell your bike, apply for an ownership transfer at your nearest RTO. It should preferably be the same RTO where your bike was initially registered.
Step 2: Once you have applied for ownership transfer, apply for insurance transfer with supporting documents such as your bike’s registration certificate, emission test papers, insurance documents and your policy’s premium payment history.
Step 3: You need to collect the KYC papers of your buyer as well as those belonging to you to submit at the Directorate Transport Office. These documents are mandatory for the process to be complete and you should also carry your Aadhaar Card, PAN Card and driver’s license to maintain a record of the transfer.
Step 4: As a seller you can choose to add the name of your bike to your current policy to extend the coverage for your new bike. However, the rate of premium can be changed.
Step 5: You must never forget to submit your third-party insurance while transferring your policy. It is an important step that contributes to your premium calculation for keeping the plan adrift.
Once all the steps have been followed and all documents have been duly submitted, the registering authority verifies it and if they are satisfied, the bike insurance policy is transferred.
Take Away
As you can see, transferring your bike insurance policy is not at all complicated. One only needs to be attentive with the paperwork and follow each step one after the other. Furthermore, you must remember that transferring your bike insurance does not mean that you cannot reap benefits from your accumulated No Claim Bonus (NCB) over the past few years. You can submit your NCB certificate to your insurance provider to avail discounts on the premium payment of your new bike.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
