A two-wheeler is the easiest and most efficient way to get around town. However, compared to any other mode of transportation, two-wheelers are also particularly susceptible to traffic accidents.
According to their changing needs and the shifting trends in the two-wheeler market, people in India purchase two-wheeled vehicles. While the majority of them buy brand-new two-wheelers, many of them also acquire used cars. When purchasing a new two-wheeler, you must obtain online or offline bajaj allianz bike insurance. However, you must have the existing insurance coverage transferred into your name when purchasing a used two-wheeler.
Transferring the insurance is one of the most crucial steps to take when selling a bike.
Why is a transfer necessary?
Many individuals are unaware that it is legally required for bikes to have third-party insurance. When they sell the bike, the owners of the insurance cover are unsure on what to do with it.
In order to keep the benefits attached to the policy, you as a policyholder must be aware of the procedure for transferring the insurance. By notifying the Regional Transport Office (RTO) of the sale of the car, you can transfer ownership of both the vehicle and the insurance policy.
How does the procedure function?
The policy transfer process only requires five easy steps.
- The insurance policy must be transferred in the transferee’s name.
- The transferee must submit a written application within a certain time frame along with the appropriate documentation attesting to the delivery of the bike.
- The vehicle’s Registration Certificate (RC), the date of the insurance transfer, and extra information regarding the prior policy are among the specifics and documents required for the procedure.
- Additionally, the previous bike owner’s name, policy holder name, and policy number must be provided.
- Then, in order for them to make the necessary modifications to their records and issue a new certificate of insurance, you will need to submit the date of insurance.
Which do you require?
You must supply complete information about your bajaj allianz bike insurance, including your name, address, and contact information, when transferring your two-wheeler insurance. Additionally, you must include the policy’s number, date of issue, location, and term.
You now require information about the car, such as the licence plate number, make and model, year of production, engine displacement, insured declared value (IDV), coverage, chassis number, and engine number.
Advantages of moving the policy
Many people believe that when they sell their bike, they are no longer responsible for it, but this is not the case. The transfer of the insurance at the time of sale has many advantages.
- Protection against future liabilities
You will be listed in the policy and held accountable for any damage the new owner causes to the car, the property, or a third party. It is crucial that the policy-related documentation are given to the buyer in order to save yourself the bother.
- The criteria for receiving a No Claim Bonus (NCB)
You will be qualified for an NCB from the general insurance company as a policyholder if you have not filed any claims under the policy in the previous year. You must advise the insurer of this information and obtain the NCB Certificate. *
When you acquire a new policy or renew your bike insurance online, this certificate will enable you to receive bonuses on the premium amount.
It’s crucial to realise how important it is to do all the paperwork when selling your bike. Make sure to complete all the necessary paperwork before selling your old two-wheeler to anyone, notify the RTO in the proper manner, and give the buyer of your motorcycle or scooter all necessary documentation, including your insurance policy after doing a thorough bike insurance check online.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.