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  • How to Transfer Two Wheeler Insurance ?

    Though two wheelers are the smartest mode of transport when it comes to avoiding dense traffic, given the rickety state of Indian roads, two wheelers are more vulnerable to road accidents than other vehicles. To ensure continued protection of your bike/scooter from accidents and other dangers, it is very important to not only buy a comprehensive insurance cover, but also renew it on time. A standard two wheeler insurance policy covers your two wheeler from a range of unforeseen dangers, threats and risks.

    It is of utmost importance for policyholders to know the basic terms of their two wheeler insurance policy. This piece of information comes in handy renewing the policy, and also while transferring an insurance claim of the vehicle.

    Process to transfer your two wheeler insurance

    When you want to transfer your two wheeler insurance from one insurer to another, the insurance policy should also be transferred in the name of the transferee. The transferee applies, within a stipulated period of time, from the date of transfer (in writing under recorded delivery to the insurer; with whom the vehicle is insured). The details required for this process are with the details of the registration of the vehicle, the date of insurance transfer of the two wheeler, the details of the previous insurance policy like policy number and premium paid. If the insurance is being transferred from one policyholder to another, then the name of the previous owner of the vehicle, the number and date of the insurance policy is also required for the the insurer to make the essential changes in the record. This is crucial to issue fresh Certificate of Insurance.

    Another type of insurance transfer is when your two wheeler is insured under a policy, it can be substituted by another two wheeler (of the same class) for the remaining/balance period of the policy. Please note that this type of two wheeler insurance transfer is subject to adjustment of premium, if any. This is calculated on pro-rata basis from the date of substitution.

    Most leading insurance companies offer two wheeler insurance as a package policy. The insurance policy of a two wheeler is basically divided into two parts. The first part comprises the policyholder’s name, address and phone number. Apart from these basic details, it also documents the policy number, date of issue of the policy, policy term, and geographical area. The second part of the insurance policy consists of the insured two wheeler’s details, premium collection, vehicle’s registration details, year of manufacture, make of the vehicle, cc, coverage, IDV, chassis number and engine number.

    Third party premium is taken into consideration for the purpose of premium calculation. The premium is calculated under the own damage and Third Party Premium section. Own damage section is for the insured two wheeler and accessories. It will also show the discounts as applicable, for instance, No Claim Bonus, etc. Hence, to put it simply, third party section shows insurance premium amount for third party coverage.

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