New bikes are always being introduced, equipped with better features and specifications. And sometimes, it’s just time for an upgrade – especially if the newly launched bike meets your requirements more than your old one. But that doesn’t mean that your old bike should go to waste.
If it still functions properly and is in good condition, you can sell it at a reduced price to someone looking for a second-hand two-wheeler – thereby helping you recover some part of your new two-wheeler cost.
Once you sell your two-wheeler, you will have to file for the transfer of ownership of the vehicle as you no longer own it. However, just transferring your bike’s registration documents isn’t enough – you will have to transfer your bike insurance policy too. Unsure of how to do it? Don’t worry – we’ve got you covered.
Why should I transfer my bike insurance?
Even if the ownership of the bike changes, the bike still needs to have an insurance policy as insurance is mandatory. Failing to transfer the policy can cause problems for you and the new owner down the line.
Another reason you should transfer your two-wheeler insurance is that if you don’t, your insurance would still be registered to you. If your bike’s new owner gets into an accident, your insurance provider would decline the claim as it isn’t registered to the current owner.
By transferring the policy to the new owner, you are protecting yourself from any financial liability after the transfer and would allow for a smooth claims process. That’s why it’s best to transfer your active two-wheeler insurance to the new owner as soon as you transfer ownership of the two-wheeler.
How to transfer your bike insurance
Your insurance should be transferred within two weeks of your vehicle registration transfer.
Here are the steps you need to follow to transfer your bike’s insurance policy:
Step 1: Apply for the transfer of two-wheeler insurance no longer than 15 days after your official transfer of the ownership of your two-wheeler. It is recommended that you start this process as soon as you initiate the transfer of ownership.
Step 2: Compile the documents required to transfer your bike insurance. This includes documents like your vehicle’s RC, bike ownership transfer paperwork, insurance policy documents, and your policy premium payment history.
Step 3: The KYC of both the owner and buyer is mandatory. You will require your Aadhar card, PAN card, and driver’s license for the transfer.
Just because you’re transferring your two-wheeler’s insurance policy doesn’t mean you have to miss out on discounts, like the No Claims Bonus. When transferring your policy, make sure to submit your No Claims Bonus certificate to your insurance provider to avail of a discount on your insurance premium for the new two-wheeler.
While the process may seem long and complicated, it really isn’t. It is also necessary, in order to avoid any complications further down the road. Fear not! You can always contact your insurance provider to guide you through the process – we’d be more than happy to help! Some insurance providers also support the transfer of two-wheeler insurance online, making the process that much easier.
