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How to transfer your bike insurance online


How to transfer your bike insurance online

Having bike insurance has become a necessity in today’s dynamic scenario. Also, the government's mandate has made it compulsory to have third-party bike insurance to drive on Indian roads. The bike insurance will effectively bridge the damage rectification cost and legal liabilities effortlessly without creating much hassle for the vehicle owner. 

While selling your old bike, transferring your bike insurance to the new owner is very important to avoid unnecessary complications. Most people tend to transfer their bike registration and forget to transfer the insurance. This article has mentioned all the necessary details you need to know about transferring your motorcycle insurance online. 

Why is transferring your bike insurance important?

When you sell your old bike, it is mandatory to transfer the bike insurance to the new owner to avoid legal liabilities. If the vehicle insurance is not transferred, the insurance provider will decline the new owner's claim request or any other process. You must also make sure that the insurance policy papers contain the correct details of the new owner to avoid the termination of the insurance cover. 

Also, the buyers of old vehicles must be mindful of getting the insurance policy changed to their name to streamline its validation. If not, the new owner must spend their money on damage repair and legal liabilities. Once the registration and insurance are transferred to the new owner, then the ownership of the vehicles will be officially rendered to that person. 

Simple steps to transfer your bike insurance  

If you are confused about processing the transfer of your bike insurance to the new owner, you do not have to feel stranded anymore. We have listed down some of the simple steps that will aid you. 

The below-mentioned process is very simple, effortless and can be done within minutes without any hassle. 

  • The first thing you need to remember is to transfer your bike insurance 15 days before the transfer of the ownership of the bike. It is recommended to start the insurance transfer process when you begin the ownership transfer. 
  • You need to keep all the essential documents in check when you apply for the bike insurance transfer. The RC document containing the date of ownership transfer, your insurance policy, the policy's recent payment history, and the dealer’s name are some of the main documents. 
  • The policy provider will need both the owner and the buyer’s KYC proofs to process your insurance transfer, be it the Aadhaar card or the driver’s license. 
  • There is also an option to add another vehicle to your insurance policy if you are a buyer. The change of premium rates is set to default due to the calculation of the pro-rata equation. 
  • Another main protocol is that the buyer of the vehicle must submit their third-party insurance to process the transfer of the bike insurance. This step is essential because it aids in the premium calculation proceeding with the bike insurance holder’s ownership change. 
  • You can also make use of the no claim bonus accumulated with your motor insurance cover. By submitting the NCB certificate, you can acquire attractive and lucrative offers from your policy provider. 

By staying in the comfort of your homes and submitting the above-mentioned essentials, you can make your bike insurance transfer online without much effort and hassle. Doing the transfer on time will help you harness the many benefits the insurance cover offers. Check out the insurances offered by Bajaj Finance Limited today!

You may also like:- What are the various commercial vehicle insurances available in India?




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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