To ensure that your bike is fully protected in an accident, it is important to have bike insurance. If you are buying a new bike, do check out various insurance options available, as it will ensure that you get the best coverage. However, when your ownership of the bike changes, you need to transfer the insurance ownership. Here’s how you can do it:
Transferring Bike Insurance Ownership To The New Owner
Transferring insurance ownership is fairly simple and can be done in a few simple steps. Here’s what you need to do:
1. Check If The Policy Is In-Force
To transfer insurance ownership, the policy must be in force. This means that the premium on the policy has been paid, and the two wheeler insurance period is active. All this information needs to be verified before you transfer ownership.
2. Get The Policy Number And Permission From The Insurer
Once you have ensured that the policy is active, you need to get the policy number from the insurer. You will also need to take permission from the insurer before transferring ownership.
3. intimate The Insurer About The Change Of Ownership
After taking permission from the insurer, you need to inform them about the change in ownership. You will have to submit the bike’s registration certificate, a copy of the previous owner’s registration certificate, and an application letter.
4. Keep Copies Of The Documents
Once you have submitted all the required documents to the insurer, make sure to maintain a copy of each document that has been provided. This will come in handy later when you need to prove your bike ownership.
5. Pay The Transfer Fee
Most insurers will charge a nominal fee for transferring the bike insurance policy ownership. Make sure to pay this fee so that the process can be completed successfully.
These are the simple steps you need to follow to transfer two wheeler insurance ownership. Keep in mind that the process may vary slightly from one insurer to another. Hence, it is always a good idea to check with your insurer before going ahead with the process.
Benefits of transferring Bike Insurance Ownership
1. They make transferring ownership of a bike insurance policy quick and easy. Because you no longer have to wait for your insurer to process the paperwork, it can be done in just minutes.
2. Transferring ownership of a bike insurance policy allows you to easily keep track of the status of your policy. With automatic notifications, you’ll always know when the status of your policy changes.
3. You can rest easy knowing that transfer ownership of a bike insurance policy comes with industry-leading security and protection. This ensures that your information is safe and that you are covered should anything go wrong. You can go for bajaj allianz two wheeler insurance for the best deals.
4. Transferring ownership of a bike insurance policy gives you the peace of mind that you are covered in the event of an accident. No matter who is at fault, you will be protected.
5. You’ll save money by transferring a bike insurance policy ownership. With discounts for multi-policy holders, you can reduce your premium significantly.
6. Transferring ownership of a bike insurance policy is simple. The process is designed to be as easy as possible, so you can get back to riding as quickly as possible.
7. You’ll have access to superior customer service when you transfer ownership of a bike insurance policy. With years of experience, our team is here to help with whatever you need.
8. Transferring ownership of a bike insurance policy allows you to stay on top of your insurance needs. With one simple process, you can switch everything over to a new carrier in just minutes.
When it comes to bike insurance, maintaining your coverage is key. Maintaining your coverage keeps you protected in the event of an accident or theft, but it can also save you money down the road. One effective way to ensure that your bike insurance remains up-to-date is by transferring ownership of the policy whenever necessary. Transferring ownership is simple and quick, and it allows you to easily keep tabs on all of your insurance needs.
Whether you are changing insurers, buying a new bike, moving to a new city, or making other changes that affect your coverage, transferring ownership ensures that you stay on top of your insurance needs.
What Happens To The No Claim Bonus When You Transfer Insurance Ownership?
One of the main benefits of having bike insurance is the no claim bonus (NCB). This discount is offered to policyholders who do not make any claims during the policy period. If you have earned NCB, it will be transferred to the new owner only if you have taken permission from the insurer. In most cases, the insurer will require you to submit a no-objection certificate (NOC) before they agree to transfer the NCB.
Conclusion
Overall it can be summarised that transfer of bike insurance ownership is not much a hassle job, just following the above tips you can easily go through the procedure and get it done easily.
