How To Transfer Bike Insurance To New Owner| Bharti AXA GI

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How to Transfer Bike Insurance to New Owner?

In today’s day and age with a slew of manufacturers rolling out model after model of the most desirable scooters and motorcycles in just about every colour and configuration possible, it is hard to resist selling your existing bike to a new owner just so you can buy a shiny new set of wheels with a higher flaunt quotient.

However keep in mind that apart from the ‘selling old and buying new’ process, you also need to take care of other important paperwork formalities such as transferring the insurance on your bike to the person you are selling it to i.e. the new owner of your bike. If you fail to transfer your  bike insurance to its new owner after sealing the deal for a sale, you may actually risk running into a series of unwanted hassles. At the same time, you could also  lose out on some great benefitsby not transferring your existing bike insurance to the new owner. Letus take a look at the process for transferring your bike insurance and some of the related factors.

 

Steps For A Smooth Bike Insurance Transfer

The procedure for transfer of your bike insurance to the new owner is quite straightforward and can be completed by following a few simple steps:

  1. Contact your insurance company and inform them about the transfer.
  2. Check for and avail the No Claim Bonuses (NCB) if any which you would have accumulated on your  bike insurance policy till date.
  3. Use the No Claim Bonuses for availing premium discounts on the new bike insurance policy that you purchase.
  4. Inform and preferably help the new bike insurance owner to contact the insurance company and register  himself with the existing insurance policy under which the bike is covered.
  5. Inform and document the transfer of ownership of your vehicle with the same RTO  where you had originally registered your bike at the time you had bought it.  Go prepared with the  necessary documents to avoid any  complications and delays.

 

 Benefits Of Transferring Bike Insurance

Selling  your vehicle to another individual is not merely about an exchange of legal ownership between the two parties. It is also very much in your best interest to make sure the transfer formalities and accompanying paperwork is completed in a timely and correct manner.

  1.  To Be Cleared Of Future Liabilities

 A key point underlining  exchange of legal ownership of your vehicle is the  transfer of all  accountability that comes with the vehicle.  Ensure that your bike insurance policy is transferred to the new owner.  This will safeguard you from being legally responsible for any untoward incident occurring with the vehicle, where the insured has to pay for loss or damage caused by the vehicle to a third party. Bike insurance policy is a valid contract between the insurer and the insured. So to protect yourself from financial loss and legal liabilities it is beneficial to transfer your bike insurance to the new owner.

2. To Receive Your No Claim Bonus (NCB) Another important  benefit of transferring your bike insurance to the new owner is to avail the opportunity to claim the premium discounts you have earned through the No Claim Bonuses  accrued from good maintenance and usage of your bike for the years that you owned it. These No Claim Bonuses  are your reward for  being a good and safe rider, keeping your bike in top condition and exercising restraint in filing unnecessary claims. Hence the NCB rightfully belongs to you the original owner.  You can use the NCB discount when you purchase a new bike insurance policy.

 

Bike Insurance Transfer FAQs

When should you make the transfer of bike insurance to the new owner?

You should contact your insurance provider and submit an application for transferring the insurance. This should be done within two weeks of doing the registration transfer.

 

Can bike registration transfer be done without the insurance transfer?

No. It is compulsory to transfer the insurance in the name of the new owner before going to the RTO for the Registration Certificate (RC) transfer of the bike.

 

Is bike insurance transfer applicable for all types of two-wheeler insurance policies?

Yes. In fact third party (TP) liability bike insurance is transferred automatically to the new bike owner.