Any person selling their two-wheeler must also exercise the same level of caution as the buying party and ensure the buyer is named on all pertinent documents. You don’t want to face a situation where the new owner of a used vehicle files an insurance claim, but the claim gets denied because the insurance policy is still in the previous owner’s name. This may happen because the insurance policy served as a legally binding agreement between the car’s original owner and the insurance company, not the new owner.
The Registration Certificate (RC) and the insurance policy must be in the same person’s name as per the terms and conditions of the insurance policy. Many people who sell or buy used cars fail to abide by this clause, which can lead to financial losses in an unfortunate incident.
How Do I Transfer My Car And Motorcycle Insurance?
It would help if you changed the insurance policy ownership to the new owner after changing the ownership of the vehicle. Purchasing a motor insurance policy for your car or motorcycle is necessary for a consumer. The seller must ensure that the buyer receives the car insurance according to the rules established by the transport department.
Transferring a car or two-wheeler insurance is a quick and easy process. But first, it’s necessary to be aware of the list of documents needed to transfer the title when purchasing a used car or motorcycle:
- Certificate of registration
- Car or motorcycle insurance
Now that you are aware of the paperwork needed to transfer bike insurance, let’s look at how to change the insurance on the car to your name:
- Download Forms 28, 29, and 30 from the website or office of the relevant RTO.
- Complete the form and send it, along with any necessary documents (if any), to the RTO.
- Take the RTO’s Clearance Certificate as proof of the completed forms and the sale.
- Send the insurance company all the necessary paperwork.
- Pay the necessary fee if one is due.
- Receive the car insurance policy bearing your name via email or courier.
Documents Needed To Transfer Ownership And Insurance:
The following papers must be submitted with the application to change ownership of a car or bike insurance to transfer vehicle insurance successfully:
- Original RC
- Receipt from RTO for Forms 28, 29, and 30 (application form bearing the signatures of the buyer and the seller) and evidence of sale.
- The previous owner’s No Objection Clause (NOC).
- Proof of the buyer’s address.
- Photos of the buyer the size of a passport.
- A copy of the active insurance policy.
- The vehicle inspection report from the insurance provider.
- Read NOC for Bike as well.
You may have accrued a No Claim Bonus (NCB), on your vehicle insurance policy if you have yet to report any claims during the policy period. The insurer offers this as a percentage and rises after each year without a claim. The NCB cannot be transferred to anyone else because it is given to the vehicle owner in exchange for not making any claims and not offering on the vehicle. If you have your own damage bike insurance policy, you can claim for the damages sustained by your bike.*
Claims are subject to terms and conditions set forth under two-wheeler insurance policy
* Standard T&C Apply
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.
