If you are planning to purchase a used or pre-owned two-wheeler, you may want to be aware of these crucial guidelines for the transfer of bike ownership:
- Write an application to the Regional Transport Office (RTO) where you registered your bike when you have decided to sell it.
- Ownership of the bike may only be transferred under the following two circumstances:
- When a willing buyer is present
- Once the bike owner has passed away, in this instance, the bike owner’s heir must apply.
- If you sell your bike within the same state, it should be transferred within two weeks (14 days). If you sell your bike outside your state, officials must be notified within 45 days.
- The heir of the bike owner must notify the authorities about the transfer process within 30 days of the bike owner’s passing if the owner passes away during the process. In addition, they must notify the registering authority of this within three months of the transfer of ownership.
- Fill out Forms 29 and 30 at the regional transport office, then turn them in. Submit the RC, Emission Certificate, Valid Bike Insurance Policy, and Fitness Certificate with these forms.
- Submit the address verification and three passport-size photos as well.
Transfer Of Bike Insurance From The Seller To The Buyer
Motorcycle manufacturers introduce new and innovative models that tempt you to trade old bikes for new ones yearly. It would help to give the buyer your bike insurance policy once you sell your old bike.
Let your insurance provider know before changing the policy ownership so they can stay informed. However, it is crucial to transfer the Bajaj Allianz bike insurance policy to the new owner so that the insurance provider can pay for the losses sustained by the insured vehicle in the event of an accident involving the bike in the future.*
Let’s examine the procedure for giving someone else ownership of a two-wheeler insurance policy.
Ownership Transfer Procedure For Bike Insurance Policies
The following actions must be taken to transfer ownership of your bike insurance:
- Visit the RTO location where you registered your bike.
- Send the directorate of the RTO forms 29 and 30 and the RC, insurance records, emission test results, and other necessary documents. Submit a passport-sized photo as well, if required.
- After you complete the process and submit all the required paperwork, the RTO will review it and, if all is well, transfer ownership of the insurance to the new owner.
Things to Consider When Transferring Ownership of a Bike Insurance Online Policy:
- If the buyer resides in your state, you must transfer ownership to the regulating party within two weeks (14 days).
- You must report the insurance transfer to the regulating party within 45 days if the buyer resides in another state.
- The buyer has 30 days to notify the regulatory party if the bike’s current owner passes away during the transaction. [1]
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* 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.
