Are you planning on selling your two-wheeler? Gone are the days when you needed to search for a suitable buyer in person. Using the internet, you can sell your two-wheeler right from your home. Many websites allow you to sell various items not restricted to vehicles. It can range from artefacts to household appliances.
Although finding a buyer online for your two-wheeler is easy, the process to transfer your bike, as well as its insurance,may be confusing. It often happens that you sell your vehicle but don’t complete the transfer formalities on paper. This incomplete transfer can have legal implications in case of an accident. Here is an easy guide to all your queries regarding the transfer of ownership as well as two wheeler insurance policy. Let us have a look –
Before you transfer the insurance certificate, you need to transfer the bike’s registration document. Here’s how to complete the transfer formalities –
The first step is to intimate the Regional Transport Office (RTO), where your vehicle is registered to initiate the transfer process. For this, you need to submit the following forms –
- Application and Grant of No Objection Certificate (NOC) in Form 28.
- Notice of Transfer of Ownership of Motor Vehicle in Form 29.
- Application for Intimation and Transfer of Ownership of a Motor vehicle in Form 30.
Once you have submitted these forms with the relevant information, you need to attach the registration certificate of your vehicle, the tax receipts, PUC certificate and copy of bike insurance along with other standard documents like address proof and photographs.
If you are selling your bike in a different state than where it is registered, you need to attach the above documents with a copy of NOC of the registering RTO. If your bike is hypothecated with a financial institution, the lender’s NOC is required.
Once your bike transfer process is complete, the next step is to transfer the insurance policy. Unlike the transfer process for your vehicle, the transfer of insurance policy is relatively simple.
#1 Initiate the insurance transfer process within 15 days of the transfer of the two-wheeler. The best way to avoid confusion is to begin the insurance transfer process at the same time when you start the transfer of your bike.
#2 The registration certificate, paperwork indicating the transfer of ownership, original insurance policy, its premium payment history are handy documents that you must have at the time of commencing the insurance transfer process.
#3 The KYC documents of the seller and buyer are mandatory at this time. PAN, Aadhaar, driver’s license are some key documents that you shall require.
#4 When transferring the policy, the seller of the vehicle has the option to extend his current policy benefits to another bike. Although you must keep in mind, the premium shall change on a pro-rata basis depending on the two-wheeler.
#5 The last step is to submit the third party insurance by the seller. It aids the premium calculation for the policy.
Comparetwo wheeler insurance price before making that final purchase. After all, it isn’t just for complying the law, but to ensure your vehicle remains safe from different perils at all times. While you shortlist and compare, two wheeler insurance premium calculator is a nifty tool that can help you choose the right set of add-ons for your bike insurance policy.
So remember the tips mentioned above to transfer your bike and its insurance policy. Doing so will benefit both the buyer and the seller for a clear title of the vehicle. Another tip would be to set reminders for two wheeler insurance renewal for a week before its expiry to ensure you can avail continued coverage.