How to Transfer Ownership of Your Bike Insurance Policy?

Author: Simon Hopes

Most Indians own a two-wheeler and, as a result, have two-wheeler vehicle insurance. Bike travel is the most convenient, practical and affordable mode of transport, especially during peak traffic hours. Some people buy new bikes, whereas some prefer second-hand vehicles.

New bike owners buy online bike insurance, and when they sell that bike to a second owner, they can transfer the ownership of the insurance policy for a bike to the new owner, along with the bike’s ownership.

In this blog, we discuss the in-depth procedure of bike insurance transfer online.

How to Transfer Bike Insurance: A Detailed Guide ● Contact Insurance Provider

To contact an online insurer, you could do so via their Contact Us page to initiate the transfer process.

Nowadays, when you want to buy the best two-wheeler insurance policy, it is important to compare two-wheeler insurance online. It helps you find the best company with the best customer service to get you through procedures like insurance transfer. Tata AIG, for instance, offers great plans and services to enhance your experience.

  • Provide Necessary Information
After this step, you will have to submit all the documents to transfer the two-wheeler vehicle insurance. You will have to attach digital copies of all the important documents. The documents include the transferred registration certificate, KYC, the receipts of forms submitted at RTO and other documents as mentioned by your policy provider.
  • Bike Insurance Charges
After you submit all the documents needed, the insurance provider will inform you of the bike insurance charges applicable to the policy transfer. Once you make the payment, the bike insurance transfer online will be partially completed.
  • Assessment
The insurance provider will assess your vehicle's current condition. The policy providers send an investigator to do this assessment, who creates an inspection report and sends it to the company.
  • Transfer
Once the above process is done and your bike is completely assessed and verified, the insurance provider will approve the transfer of the insurance policy for the bike.

Documents Needed for Bike Insurance Transfer Online
  1. Two-wheeler vehicle insurance policy papers
  2. Registered contact details: email ID or mobile number
  3. Registration certificate, original copy
  4. Other two-wheeler documents: Chassis number and engine number
  5. KYC documents: seller and buyer both
  6. Receipts of the following forms from RTO 28, 29 and 30
  7. Sales deed of the two-wheeler
  8. No-objection certificate of the previous owner, the seller
  9. Details of the vehicle: the make and model
  10. Personal details of both parties
Important Things to Know About Bike Insurance Transfer Online
  1. You must apply for a bike insurance transfer online within 14 days of the bike ownership transfer.
  2. If both parties, the buyer and the seller, live in the same state, the two-wheeler insurance name transfer online should be completed within 2 weeks or 14 days.
  3. If both parties, the buyer and the seller, do not live in the same state, the bike insurance transfer online must be done within 45 days of the bike ownership transfer.
  4. If the seller of the bike dies during the transfer process, the second-hand buyer must inform the regulating party about the incident.

It is important to begin the bike insurance transfer procedure well in advance so that you can complete it within the given time limit.

Importance of Bike Insurance Transfer Online

When you sell your bike to another person, you are transferring its ownership. However, the bike has a two-wheeler insurance policy attached to it. When you transfer the ownership of the two-wheeler, the two-wheeler insurance name transfer online doesn't automatically happen.

Instead of having the second owner buy another two-wheeler vehicle insurance, you can transfer the remaining policy coverage to them. In addition, if you have two-wheeler vehicle insurance on your bike, the second owner will agree on a higher purchase rate due to increased security.

Bottom Line

Comprehending the process for online bike insurance transfer is important for successfully completing the transfer.

Even if the transfer of the insurance policy for a bike is not compulsory, it can prove beneficial for both parties. With reputed policy providers like Tata AIG, these procedures become streamlined for everyone involved in the transaction.