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How to Transfer Your Electric Bike Insurance When Selling Your Bike?
- Transferring electric bike insurance is crucial when selling your bike to ensure continuous coverage and protect the new owner.
- It involves transferring the current insurance policy to the new owner to avoid gaps in coverage and liabilities for the seller.
- Benefits include maintaining coverage for the buyer, avoiding the need for a new policy, and facilitating a smoother transaction.
- Failure to transfer insurance can leave the new owner vulnerable and may lead to coverage issues in case of accidents.
- Under Indian law, insurance transfer must be completed within 14 days of ownership transfer.
- The process involves contacting the insurance provider, preparing required documents, filling out transfer forms, and paying a transfer fee.
- Documents needed include the insurance policy, RC, proof of sale, buyer's ID proof, NOC, and KYC documents.
- Ensure all documents are accurate and complete to avoid delays in the transfer process.
- Upon submission, the insurance company verifies the documents, processes the transfer, and provides confirmation.
- By following the steps diligently, both the seller and the buyer can ensure a seamless transfer of electric bike insurance.
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