How to Transfer Bike Insurance From One Owner To Another

If you are planning to sell your bike or have recently purchased a used bike, you may be wondering how to transfer the bike insurance from one owner to another. It is important to transfer the insurance to the new owner to ensure that the vehicle is protected and the new owner is covered in case of any accidents or damages.

In this article, we will discuss the process of transferring bike insurance from one owner to another and provide you with all the necessary information to make the transfer smooth and hassle-free.

Can I Transfer Bike Insurance to Another Person?

The answer is yes, you can transfer bike insurance to another person. In fact, it is mandatory to transfer the insurance to the new owner when you sell your bike. This is to ensure that the new owner is covered in case of any accidents or damages.

Vehicle Protection: Why Transfer Bike Insurance?

Transferring bike insurance is important for both the seller and the buyer. For the seller, it ensures that they are not liable for any damages or accidents that may occur after the sale of the bike. For the buyer, it provides them with the necessary protection and coverage in case of any unforeseen events.

Moreover, transferring bike insurance also helps in maintaining the no-claim bonus (NCB) of the new owner. NCB is a discount on the premium amount that is offered to the policyholder for every claim-free year. By transferring the insurance, the new owner can continue to avail this discount.

How to Change Owner Name in Bike Insurance?

The process of changing the owner name in bike insurance involves the following steps:

Step 1: Inform the Insurance Company

The first step is to inform the insurance company about the change in ownership. You can do this by submitting a written request to the insurance company along with the necessary documents.

Step 2: Obtain the Required Documents

The documents required for transferring bike insurance from one owner to another may vary from one insurance company to another. However, the following are the commonly required documents:

• Original bike insurance policy document
• Original registration certificate (RC) of the bike
• Sale deed or transfer of ownership document
• No Objection Certificate (NOC) from the previous owner
• Form 29 and Form 30 (duly signed by both the parties)
• Address proof of the new owner
• Identity proof of the new owner
• Passport size photographs of the new owner

Step 3: Submit the Documents

Once you have obtained all the necessary documents, you can submit them to the insurance company along with a written request for the transfer of bike insurance.

Step 4: Pay the Transfer Fee

The insurance company may charge a nominal fee for transferring the bike insurance from one owner to another. You will have to pay this fee along with the submission of the documents.

Step 5: Receive the Endorsement Certificate

After verifying the documents and processing the transfer request, the insurance company will issue an endorsement certificate. This certificate serves as proof of the transfer of bike insurance from one owner to another.

Also Read: What is the Difference Between Own-Damage vs. Third-Party Insurance for Two Wheeler

How to Transfer Bike Insurance From One Person to Another Online?

With the advancement of technology, it is now possible to transfer bike insurance from one person to another online. The process is similar to the offline method, but instead of submitting physical documents, you will have to upload scanned copies of the documents on the insurance company’s website.

Here’s how you can transfer bike insurance from one person to another online:

Step 1: Visit the Insurance Company’s Website

Visit the website of the insurance company from which you have purchased the bike insurance.

Step 2: Log in to Your Account

Log in to your account using your username and password. If you do not have an account, you can create one by providing your policy details.

Step 3: Select the Transfer Option

Once you have logged in, select the option to transfer bike insurance from one person to another.

Step 4: Upload the Documents

Upload scanned copies of all the necessary documents, including the sale deed, NOC, Form 29 and Form 30, and address and identity proof of the new owner.

Step 5: Pay the Transfer Fee

Pay the transfer fee using a debit or credit card or through net banking.

Step 6: Receive the Endorsement Certificate

After verifying the documents and processing the transfer request, the insurance company will issue an endorsement certificate. You can download this certificate from your account on the insurance company’s website.

Two-Wheeler Insurance Name Transfer Form

The two-wheeler insurance name transfer form is a document that is required to be filled and submitted to the insurance company for transferring bike insurance from one owner to another. This form is also known as Form 29 and Form 30.

Form 29 is the notice of transfer of ownership of a motor vehicle, while Form 30 is the application for intimation and transfer of ownership of a motor vehicle. Both these forms need to be duly filled and signed by both the parties involved in the transfer of bike insurance.

Bike Insurance Name Transfer: Things to Keep in Mind

Here are a few things to keep in mind when transferring bike insurance from one owner to another:

• The insurance company may charge a nominal fee for transferring the bike insurance.
• The new owner must have a valid driving license to transfer the bike insurance.
• The transfer of bike insurance must be completed within 14 days of the sale of the bike.
• The insurance company may reject the transfer request if the documents are not in order or if there are any discrepancies.
• The new owner must renew the bike insurance before the expiry date to continue enjoying the benefits of the policy.

RTO 29 30 Form Signature

The RTO 29 30 form signature refers to the signatures of both the parties involved in the transfer of bike insurance on Form 29 and Form 30. These signatures serve as proof of the transfer of ownership and are required by the insurance company to process the transfer request.

Conclusion

Transferring bike insurance from one owner to another is a simple process that can be completed offline or online. It is important to transfer the insurance to the new owner to ensure that the vehicle is protected and the new owner is covered in case of any accidents or damages. By following the steps mentioned in this article, you can easily transfer bike insurance from one owner to another and enjoy a hassle-free ownership experience.

Also Read: How to Download Bike Insurance Copy Online: A Detailed Guide