Buying and selling second-hand bikes is a common practice in India. Data suggests that there has been a spike in the sale and purchase of second-hand bikes in the past couple of years, especially during the pandemic. In fact, according to a report, the sale of used bikes went up by 27%. This was the case at a time when the sale of new two-wheelers had seen a relative drop.
When it comes to buying and selling second-hand two-wheelers, there are a few processes that you need to get right to make a successful transaction. How do you conduct these processes? As an owner, how do you transfer ownership to the new owner? What are your responsibilities? You can buy bike insurance online, but how do you transfer it when selling the bike? Do you only need to worry about third-party liability bike insurance, or do you need to get more types of covers when selling your bike?
Answers to these questions is information you should be aware of as a second-hand bike seller, as well as someone who is looking to buy a new second-hand two-wheeler.
Bike Ownership Transfer
Here are a few details about the transfer of bike ownership that need to be kept in mind while selling or buying a second-hand bike.
- Ensure that all documents for the bike are in order. This includes your registration certificate or card,insurance papers, and any other relevant documents. If you have purchased bike insurance online, you may get your policy by e-mail. However, it is possible, as well as advisable, to get a hard copy of your policy and keep it handy.
- When selling your bike, you will need to intimate the Regional Transport Office (RTO) your bike is registered at. You may write an application for the same and take it to the RTO.
- When selling the bike within the state, the transfer process ought to be completed within two weeks. When selling it outside state lines, you have a window of 45 days to get authorisation.For this process, you will need to get Forms 29 and 30 from the RTO and submit them after filling them.
* Standard T&C Apply
Bike Insurance Transfer
Know that insurance for your bike, especially third party bike insurance, is one of the important documents to have for as long as you own a bike. Whether you buy bike insurance online or offline, it is necessary to ensure that your insurance papers are in order, especially before you decide to sell your bike. Even before you buy a second-hand bike, ensure that all documents, including insurance, are in order. Further, ensure that the transaction is conducted through official channels.
The process of transferring insurance from the old owner to the new one can be done when you apply for a bike ownership transfer with the RTO. When you submit your Form 28 and Form 30, you are also required to submit your insurance documents alongside. If the process is done right and goes through well, the RTO will transfer insurance to the owner, along with the bike ownership.
There is no reason to refrain from buying bike insurance or renewing it regularly. Know that it is a requirement when you own a bike. You can check for twowheeler insurance prices with online calculators if that is a factor that concerns you. Ensure that, alongside insurance, all your bike documents are in order.* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.