Table of Contents
- Why is it important to transfer bike insurance?
- How can I transfer bike insurance?
- The bike insurance transfer process
Bikes are a very practical and reasonably priced form of transportation. They make getting through traffic easier and are typically less expensive than vehicles. Well-maintained motorcycles typically have a high resale value due to their usefulness. Now, you surely know that once the transaction is finalized, you have to give the new owner of your bike the registration paperwork. But did you know that you also have to transfer your bike insurance? Let’s study up on the subject of two-wheeler insurance transfers.
Why is it important to transfer bike insurance?
Anybody can get into an accident on the road because it can be an unpredictable environment. The new owner would not be able to file a claim for any unanticipated occurrence they encounter with the new car if the second-hand two-wheeler insurance documents are not transferred to them. They would then be responsible for covering the cost of any damages themselves. Should a third party be implicated in the event, the financial strain might be too much to handle. Consequently, the new owner of your bike will really benefit from the transfer of insurance.
Additionally, the advantages of transferring bike insurance also apply to the vehicle’s previous owner. The prior owner is released from any obligation to reimburse for any mishaps involving the sold two-wheeler in the future.
How can I transfer bike insurance?
You can be confident that the procedure is easy to follow if you’re asking how to transfer bike insurance. Although the seller may potentially proceed on their end, the buyer should ideally start the insurance transfer process.
Get a comprehensive list of all the paperwork needed from the insurance provider over the phone before beginning the transfer procedure. The old policy, forms 29 and 30, buyer and seller KYC information, and the bike’s RC under the new owner’s name are typically included in the documentation. Additionally, there is a cost for the transfer procedure.
The bike insurance transfer process
Let’s divide the procedure of transferring bike insurance into a few simple steps.
Step 1: Give the insurance company a call and request a comprehensive list of all the paperwork required for an insurance transfer.
Step 2: Complete the required insurance transfer paperwork and determine whether the insurer requires a vehicle inspection.
Step 3: Cover the process’s necessary costs.
Step 4: Obtain your new bike insurance documents.