When one individual sells their motorbike or scooter to another, the insurance coverage for that vehicle is transferred to the new owner. The transfer of policy from seller to buyer is vital as it eliminates the requirement of having to buy motorcycle insurance again. Without the policy being transferred, the buyer will be forced to pay out of pocket for damages. This is because the insurance does not make any reference to the new owner by name.
How Do You Transfer Your Insurance Policy For Your Two-Wheeler?
To successfully transfer insurance coverage for a two-wheeler, one must adhere to these four easy steps:
Step 1: Within 15 days of changing ownership of your two-wheeler, you are required to submit an application for the transfer of the insurance policy covering your two-wheeler.
Step 2: Obtain all of the necessary documentation to transfer your insurance coverage for your two-wheeler. For example, you need to have the Registration Certificate (RC) of your two-wheeler, ownership transfer papers, and an insurance policy already in effect.
Step 3: To complete the Know Your Customer (KYC) process, you will need to submit a copy of an identifying document, such as your Aadhaar card, driver’s licence, or passport. It is necessary for both the vendor and the owner to submit the same information.
Applying for a transfer of ownership of a bike at the Regional Transport Office (RTO) is a straightforward process that anyone can complete. The following are the steps for transferring the policy:
- Provide the application to the insurance company to formally initiate the transfer process.
- Submit documents such as the RC which has been transferred to your name, Form 29 and 30 along with emission test papers.
- Additionally, you need to provide the NOC of the seller, papers related to the purchase of the two-wheeler, and an inspection report if any. In addition, one is required to pay a transfer charge of some kind (Check the Bajaj two-wheeler insurance app to know more). After the transaction has been completed without incident, the insurance provider will subsequently endorse the transfer.
Step 4: After the new owner has provided all of the required documentation, the new owner will get the transferred two-wheeler insurance. Check the app to confirm this transfer.
What Will Happen to Your No Claims Bonus If You Don’t Make Any Claims?
The term “No Claim Bonus” (NCB) refers to a concession on the policyholder’s premium that is awarded to them for going the entire policy year without filing a claim. During the process of transferring your bike insurance policy, you must provide your insurer with the NCB certificate to qualify for a premium reduction when you buy motorcycle insurance again.*
A policyholder’s NCB stays with the policyholder, and the policyholder cannot transfer his NCB to the new owner of the bike he is selling. Notwithstanding, a policyholder’s previous NCB can be moved to their new car if they upgrade. The NCB cannot be moved from a bike to a four-wheeler because the vehicle must be of the same class.*
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more, and download the app now.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.