A good bike insurance policy is one of the most important riding accessories for a biker. Not only does it allow you to ride legally on public roads, but it also offers great support if you encounter an unfortunate incident with your bike.
But one question that often confuses a lot of bike owners after purchasing a new bike is: ‘Is it possible to transfer an existing two wheeler insurance scheme to the new bike?’
Briefly answering, it completely depends on your insurance provider. While some insurers provide this facility, others require you to cancel your old policy and buy a new one. It is why it is recommended to compare two wheeler insurance online and check all such facilities before making a final purchase decision.
In this blog, we will find the detailed answer to this question, and learn some other helpful information regarding the transfer of bike insurance. Keep reading!
Is Having a Two-Wheeler Insurance Policy Mandatory in India?
Yes, bike insurance is mandatory for every bike owner in India, according to the Motor Vehicle Act. If you fail to do so, you may have to pay hefty fines. Moreover, there may be legal consequences for driving on public roads without an insurance policy.
Insurance for two-wheelers is not simply a legal requirement but a necessity for every bike owner. Why? Because road accidents and other mishaps can not be predicted. Apart from road accidents, two-wheeler insurance also offers cover against many other incidents. These include natural calamities, man-made disasters, theft, explosions, etc.
In such unforeseen events, an insurance scheme offers you much-needed financial support. Besides, sometimes it also saves you from strict legal actions, like in case of third-party damage due to your bike.
All these reasons make bike insurance worth investing in.
Is It Possible to Transfer an Existing Insurance Policy to a New Bike?
Yes, you can transfer your existing two-wheeler insurance policy to your new bike. For this, you will need to submit all the required documents to your insurance provider. Some of these documents include your vehicle’s registration certificate, a copy of your insurance policy, proof of purchase, and a few other supporting documents.
Reputed insurance providers like Tata AIG allow their customers to exchange their existing policies for their new bikes. It means you do not have to cancel the insurance if it is within the tenure.
However, the bike insurance transfer process can take some time, as some insurers take at least 30 days before renewing your old policy. But again, this varies from one insurance provider to another. So, a good idea is to confirm the same with your insurance company.
How Does the Bike Insurance Transfer Process Work?
Following are the simple steps you need to follow for a bike insurance transfer online:
Step 1: Contact the insurer – Contact your insurance provider in order to proceed with the bike transfer process. You can do so via call or by visiting in person. Learn about the transfer policy.
Note that not all insurers offer the bike insurance transfer policy. The good thing is they may offer a cancel and refund policy. So, you can cancel your old policy and get your remaining balance back. Confirm with your insurance provider and learn about the terms and conditions of the transfer policy.
Step 2: Submit the documents – Submit the necessary documents. This is the most important step in the bike insurance transfer process. You need to provide the following documents:
- RC of your old bike.
- Old insurance policy
- Proof of purchase of a new bike
- Address proof, identity proof, and other KYC documents.
Step 3: Adjust the policy premium – Adjust the premium if you want. Otherwise, you can also proceed with the same premium value.
Step 4: Make the payment – Once you make the payment, your insurance provider will verify the documents and issue your renewed two-wheeler insurance policy.
The majority of top insurance providers allow you to exchange your old bike’s insurance policy for a new one through a simple process. It means that you do not have to buy a new insurance scheme for your newly purchased bike.
However, the terms and conditions of bike insurance vary from one provider to another. So, it is advisable to confirm the same with your insurer.