When it comes to cutting through the traffic in India, two-wheelers remain the best mode of transportation.
Additionally, they are more prone to accidents on the road than other modes of transport. For this reason, getting your two-wheeler insured is the best way to protect yourself from losses resulting from accidents and other hazards.
Moving your bike insurance policy online to the new owner means sharing your policy in their name. Transfers like these are usually necessary when you are about to purchase or sell an older two-wheeler.
Such transfers of ownership must be reported to your insurance company. The insurer can reflect that the bike in question has a new owner.
Even though buying two-wheeler insurance is required by law, most people do not know what to do when selling their vehicles or transferring ownership. To retain the benefits of an insurance policy, a policyholder must be aware of the process of moving the policy.
To sell your old scooter or bike to get a new one, the entire process includes transferring ownership, transferring the insurance policy, and notifying the RTO.
Given the poor quality of Indian roads, two-wheelers are more two-wheeler vulnerable to road accidents than other vehicles, even when avoiding dense traffic. Keeping your bike/scooter safe from accidents and other risks requires buying a comprehensive insurance policy and renewing it regularly. Typically, a two-wheeler insurance policy covers your two various variety of unforeseen hazards, threats, and risks.
Considering purchasing a new bike to replace your old one? Every year, new bike models are introduced with impressive features and specifications. If you need to upgrade your ride, you might be best off purchasing a new one.
You must decide whether you want to sell your older two-wheeler before heading to the market to look for a new one. Selling a bike is always advantageous, as you can recover a portion of what you spent on the new bike.
Further, second-hand bikes can usually be found at reduced prices among consumers.
When selling your old two-wheeler, don't forget to transfer the bike's Mosty to its new owner. Most people remember to move their vehicle registration, but they should also not forget to share their bike insurance.
If the affected bike is involved in an accident in the future, you and its new owner could face significant legal hassle if the transfer is avoided.
You don't just hand your keys over to the new owner when you sell a bike. To transfer a motorcycle properly, the following steps should be followed.
Using the table below, buyers can better understand their responsibilities during a bike ownership transfer.
|What you should do
|when the buyer and seller live in the same state.
|The regulating body needs to be notified within two weeks of the transfer of ownership
|In the case of two different forms.
|Immediately following the transfer of ownership.
|If the bike's owner dies before the transfer is official.
|This must be reported to the regulatory body within 30 days.
Don't know how to communicate insurance? We've got you covered. If you know some necessary steps, transferring insurance is quite simple. The following is a guide that will help you along the way.
If you are selling your bike does not mean that you will lose the No-Claim Bonus you have accrued over the years.
To enjoy attractive discounts on the premiums payable on the policy for your new bike, submit your NCB certificate to your insurer.
When it comes to policy transfers for bike sellers, do you believe there are no benefits for you? Maybe you should reconsider.
A seller might believe that they do not gain anything from such a transfer, while the benefits to a new owner are obvious. This isn't the case at all.
Whenever you sell an older bike, take these factors into account and make sure you transfer your insurance. This is beneficial to both parties involved in the sale.
It is not easy to sell your beloved bike. It is essential to transfer all the bike's legal documents to the new owner after selling the bike to the new owner. Moving the bike insurance to the new owner is necessary
A new owner who has been involved in an accident and whose insurance papers are in your name may be liable for the new owner's loss if the insurance documents are in your name. To file a claim for bike insurance, the vehicle has to be registered in the new owner's name. The policy is likely to be rejected in the absence of transfer, and the insurer can be held legally liable.
The insurance company would have rewarded you with a no-claim bonus if you had not made any claims during the policy period. You can transfer your no claim bonus to a new bike insurance policy you buy. It can be used as a discount on your premium. Redeeming an NCB certificate will allow you to tell your insurer that you have changed ownership of the bike and to receive a discount on the premium for your new insurance policy.
Transferring a bike insurance policy requires certain documents.
You will be required to produce certain documents when moving your bike insurance policy to a new owner. These include
It might seem complicated to transfer the ownership of your bike insurance policy. It will be a secure process if you follow all the guidelines and rules described in your bike insurance policy. avoid legal complications, and make sure you transfer ownership of the bike insurance policy within the stipulated time frame.
Another vital document for the transfer of ownership of a bicycle is the insurance certificate. In accordance with the updated motor vehicle rules, every vehicle operating on Indian roads must display an insurance certificate.
Depending on the state, the fee may vary. Bengaluru has the same price of Rs. 150 for transferring bike ownership within the same RTO. The right of a two-wheeler can be shared with different types of NOCs.
As soon as the new owner provides the insurance company with all the details. The buyer's third-party policy for the used bike they bought will end after 14 days if the ownership transfer has not been completed within that time frame.
Transferring risk is usually accomplished through an insurance policy. The insurance company assumes the defined risks on behalf of the policyholder in exchange for a free premium and covers workers' compensation and property damage.
The original Motor Vehicle Inspection Report (MVIR) has been completed. A notarized copy of the Absolute Sale Deed is on hand. Original and one photocopy of any valid government-issued identification with the photo and signature of the vendor and the vendor's representative
The transfer of ownership cannot take place without insurance, as was stated in the previous section. The insurance policy must be valid for the transfer to be good. This insurance policy must also be assigned to the new owner. A motor insurance policy is required under the Indian Motor Vehicles Act.
According to Section 157 of the Motor Vehicle Act, the seller is responsible for moving the car insurance policy within 14 days of purchase. Insurance companies are not liable for any losses incurred by the new owner if the seller fails to transfer the policy.
A standard method of transferring risk is to purchase an insurance policy, which moves the threat from the entity purchasing the approach to the insurer issuing the policy. Contractual agreements or requirements can be used to transfer risk to another party or entity and hold harmless agreements.