With over 35 million two-wheelers on the road, India has become one of the world’s largest bike markets. A two-wheeler is the most favored means of transport as it is highly affordable and requires low maintenance. New two-wheelers with upgraded technology are introduced to the market every year, making the customers sell their old vehicles and invest in the new ones.
While selling the two-wheeler second-hand, transferring ownership of the vehicle and bike insurance to the new vehicle owner is essential. If you avoid such transfers, you may face legal hassles as the bike sold would still be under your name. You should also inform the insurance provider about transferring the two-wheeler insurance policy.
Documents required for two-wheeler insurance transfer
You need to submit the following documents along with the ownership transfer application to transfer bike insurance successfully:
- Original registration certificate of the vehicle
- NOC or No Objection Certificate from the previous owner
- The original insurance policy document
- Address proof of the buyer
- Passport-size photos of the buyer
- Forms 28, 29, and 30
- Insurance policy premium history
- Proof of sale of the two-wheeler
- Inspection report of the bike from the insurance company
- Complete paperwork of the ownership transfer
How to transfer a bike insurance policy online?
The process of transferring two wheeler insurance online to the new vehicle owner is straightforward and involves the following steps:
- You can apply for the transfer of the two-wheeler insurance policy on the insurance company’s official website. However, you must do it within 14 days of your official transfer of vehicle ownership.
- You should submit all the mandatory documents indicating ownership and bike insurance transfer forms to the insurance company.
- The insurance company can also ask both buyer and seller to provide address proof, driving license, identity proof, and other necessary documents.
- You may need to get your vehicle assessed by the insurers before moving further with the transfer process.
- After verifying all the documents, the insurance company will transfer the two-wheeler insurance policy to the new bike owner.
Remember that the new owner has to buy a new bike insurance policy if more than 14 days have passed since the ownership transfer.
Benefits of transferring two-wheeler insurance policy
Apart from providing all bike-related documents to the new vehicle owner, transferring the bike insurance policy is also essential. Though the process may still be time-consuming, you should fulfill your responsibility to avoid future uncertain situations and financial problems. It is best to safeguard yourself against the litigations arising due to the acts of another person. Some benefits include:
Free from future liabilities: If you have appropriately transferred the vehicle’s ownership and the insurance policy, you will not be held liable for any third-party damages caused by the bike’s new owner. It makes you free from all types of future liabilities.
No claim bonus: No claims made on the bike insurance policy make you eligible to receive NCB or No Claim Bonus certificate from the insurance provider. During the vehicle’s ownership transfer, you can get an NCB certificate from your insurer and use it to avail discounted Hero insurance plans for your new bike in the future.
How to transfer vehicle ownership online?
You can quickly transfer bike ownership online by using the Parivahan portal.
- First, you need to obtain a No Objection Certificate. Then open Parivahan Sewa’s official website, click on the online services tab and choose vehicle-related services.
- Select your state and RTO where the bike is registered and click on ‘proceed’.
- Go to online services and choose the option- Apply for Transfer of Ownership, Change of Address, Hypothecation ([Addition/Continuation/Termination], Duplicate RC).
- Enter the vehicle registration number, and the Chassis number (last five characters), and press verify details button.
- Choose the transfer of ownership tab, fill in transferee or buyer details, and select the payment option.
- You now need to confirm all the details and pay the fees.
- After payment, you should print the receipt and forms 29, 30, and 35.
- Upload all the mandatory documents, click on the final submit option, and book your appointment with the RTO.
Always remember to pay all types of pending tax and then proceed with the transfer of ownership of the two-wheeler.
Documents to submit
- Passport size photograph of the transferee
- Forms 29, 30, and 35
- Proof of address of the transferee
- Proof of date of birth of transferee
- Passport size photograph of the transferer
- No objection certificate
You must have understood the importance of an online two-wheeler insurance transfer to the bike’s new owner. It is also recommended to buy a new bike insurance policy online to enjoy maximum benefits. You can choose the most lucrative policy that suits your needs with hero insurance.