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How to Transfer 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 when 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 retaining the 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 of 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 comprehensive insurance coverage but also renew it on time. A standard two-wheeler insurance policy covers your two-wheeler from a range of unforeseen dangers and risks.

Policyholders need 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 for the vehicle.

Constituents of A Two Wheeler Insurance Policy

Most of the two-wheeler insurance companies offer insurance policies that mainly constitute 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.

The 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 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

Two Wheeler Insurance Online

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

Hence, the third-party section shows the 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.

FinanceGAB
FinanceGABhttps://financegab.com/
Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.

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