All You Need to Know About Transferring Bike Insurance

 Amrit Pal Singh  02-11-2023  Bike Insurance  Bike Insurance, Two Wheeler Insurance

All You Need to Know About Transferring Bike Insurance

 

Transferring bike insurance refers to the process of transferring the insurance policy from one person to another, usually when the ownership of the bike changes hands. Here are a few things you need to know about transferring bike insurance:

1. Why transfer bike insurance: Transferring bike insurance is important to ensure that the new owner is covered in case of any accidents or damages. It also helps in maintaining the continuity of the insurance policy and prevents any lapses in coverage.

2. Transfer process: To transfer bike insurance, you need to inform your insurer about the change in ownership and submit the necessary documents. The process may vary depending on the insurance company, but generally, you would need to fill out a transfer form, provide a copy of the bike's registration certificate, and pay a nominal fee for the transfer.

3. Transfer eligibility: Transferring bike insurance is usually allowed within a certain timeframe, typically within 14 days of the change in ownership. However, this timeframe may vary depending on the insurance company, so it's best to check with your insurer.

4. No-claim bonus (NCB): If you have accumulated a no-claim bonus on your bike insurance policy, you can transfer it to the new owner as well. The NCB can significantly reduce the premium for the new owner, so it is beneficial to transfer it if possible.

5. Insurance validity: The transferred insurance policy will remain valid until its expiry date. However, it's important to update the policy with the new owner's details to ensure smooth claims processing in the future.

6. Optional coverages: If the new owner wants to add or remove any optional coverages, it can be done at the time of transferring the insurance policy. Additional premiums may apply based on the changes made.

7. Inspecting the bike: Before transferring the insurance policy, the new owner may need to get the bike inspected by the insurance company. This helps determine the current condition of the bike and assess any pre-existing damages.

8. No-objection certificate (NOC): Some insurance companies may require a no-objection certificate from the previous owner, stating that there are no pending claims or liabilities on the bike. This certificate may be required to complete the transfer process