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Process of Transferring Two Wheeler’s Ownership and Also Its Insurance

By Finserv MARKETS - Apr 3,2019
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The internet has become a big commercial market. Not only does it contain virtual shops that sell products, but it has also become a market for selling absolutely anything and everything. You can place an order for any product online, pay for it and receive it within the next 3-4 days. Such is the power of the digital world.

Apart from selling basic things like clothes and domestic products, people have started selling their vehicles online too. These include both two-wheelers and four-wheelers. There are a number of websites that sell two-wheelers online. The seller updates all the details of the vehicle and after going through a lengthy discussion with the buyer, the vehicle is transferred. While this sounds fairly safe, users have a sense of doubt when it comes to transferring the vehicle’s ownership and insurance.

Most people do not transfer their insurance policy because they think that it is a rigorous process. To remove this misconception, we have listed the steps required to transfer bike ownership and bike insurance below:

Procedure to transfer bike ownership:

  1. The Regional Transport Office (RTO) has to be informed that you wish to transfer your bike’s ownership. The following forms have to be submitted to them:
  • Application form and No Objection Certificate- FORM 28
  • Notice for transfer of ownership- FORM 29
  • Application to the intimate transfer of ownership- FORM 30
  1. Certificates like registration, road tax and PUC along with a copy of bike insurance, photographs and address proof have to be submitted at the RTO along with the forms mentioned above.
  2. If you are selling a bike that is not registered in your current location’s RTO, then you have to submit a NOC from the RTO of the state where the bike is registered at.
  3. If the person on whose name the bike is registered is dead, then the successor has to submit FORM 60 at the RTO. Along with this, an affidavit has to be produced. All of these will only prove the successor’s right in claiming the vehicle.

Now here’s the procedure to transfer your two wheeler insurance policy:

  1. You can choose to transfer the insurance plan by online or offline means. The first step is to notify your insurer. Plus, you must remember that the insurance for the bike should be transferred within 14 days of selling your bike.

The documents required are:

  • RC (Registered Copy) book of your two-wheeler
  • The original document of bike insurance policy
  • Address proof and photographs of the new owner

2. As soon as the above-mentioned documents are submitted, the insurer will start the transfer process. However, you must know that you will have to pay a nominal transfer fee.

It is clear that the actual procedure for both, ownership transfer and insurance transfer, is simple and clear. It is legally advisable that after you sell your vehicle, make sure you complete both these processes on time. By doing so, you will also be able to claim your no claim bonus (NCB), if any, and avoid any future liabilities.

With Finserv MARKETS, buying two wheeler insurance online is easy, quick and completely hassle-free. What’s more? You can avail a host of other features like a hassle-free online process, 4000+ cashless garages, 24X7 bike roadside assistance and that too, right from the comfort of your home. So why wait? Buy bike insurance online, today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522