Bike Insurance: How to Transfer of Your Two Wheeler Insurance

The smartest mode to commute through the dense traffic on Indian roads is a two wheeler. However, they are also more prone to road accidents compared to other modes of transport. Thus, getting two wheeler insurance is the most important thing to do to ensure continued protection from losses resulting from accidents and other hazards.

How to Transfer Bike Insurance?

Two wheeler insurance is mandatory by law. Most people don’t know what to do with the insurance policy while they sell off their vehicle or transfer the ownership to another person. An insured one must be aware of the basic process of transferring the insurance policy and to retain benefits of the same.

When you sell your old bike to get a new one, the process involves transferring the ownership of the vehicle and transfer of the insurance policy while informing the RTO on the sale of your vehicle.

To ensure continued protection of your two wheeler from accidents and other dangers, it is very important to not only buy a comprehensive insurance cover, but also renew it on time. A standard two wheeler insurance policy covers your two wheeler from a range of unforeseen dangers and risks.

It is vital for policyholders to know the basic terms of their two wheeler insurance policy. Following are the points helpful for renewing the policy and transferring an insurance claim of the vehicle.

Constituents of A Two Wheeler Insurance Policy

Most of the two wheeler insurance companies offer insurance policies that mainly constitute of two important parts. The first part contains important details such as the name of the policyholder, phone number, and address. It also includes the policy number, policy issue date, term of the policy, and location.

The second part includes details such as vehicle registration number, make and model of the vehicle, year of manufacture, engine displacement capacity, coverage, IDV, engine, chassis number and more. Ensure timely two wheeler insurance renewal for constant coverage.

Process to Transfer Your Two Wheeler Insurance

While transferring your two wheeler insurance policy, the insurance policy has to be transferred in the name of the transferee.

The transferee needs to apply in writing within a specific time period with documents related to proof of vehicle delivery.

The documents and details required for the process are the RC of the vehicle, the date of transfer and the details related to the previous insurance policy.

The name of the previous policyholder and vehicle owner, policy number and date of insurance are also to be submitted to the insurance company for making necessary changes in the records and to issue a fresh certificate of insurance.

Also Read: Best Two Wheeler Insurance Plans in India 2019

Two Wheeler Insurance Online

Third party premium is taken into attention for the purpose of premium calculation. The premium is calculated under third party premium section and own damage. It also displays the benefits as applicable, for instance, No Claim Bonus, etc.

Hence, third party section shows insurance premium amount for third party coverage. You can enter your details to get quotes for your selected plans using a two wheeler insurance premium calculator. You need to be careful about certain things, when you plan to change your old two wheeler with a new one for a better commute.

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About FinanceGAB

Ajeet Sharma is a financial blogger and I am blogging since 2017. Financegab is a personal blog dedicated to personal finance. The main aim of this blog to help people to make well-informed financial decisions.
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