How To Transfer Two-Wheeler and Its Insurance Ownership?
Purchased a second hand bike and need to transfer documents? In this article, we will tell you everything you need to know about it.
Table of Contents
Buying and selling two-wheelers is a common practice in India. Second hand vehicles have a large market here and are crucial for making two-wheelers available to a wide audience. However, when you purchase or sell your two-wheeler there are a few technicalities and certain paperwork that needs to be done. These include the change of ownership of the two-wheeler and the change in the name of the policyholder for the insurance of the two-wheeler. In this article, we will tell you everything you need to know about transferring the ownership of yur bike and the two-wheeler insurance attached to it.
What is the Procedure to Transfer Ownership of the Bike?
The below-mentioned steps will help you transfer the ownership of the two-wheeler:
Step 1: Inform the RTO where the two-wheeler is registered about the sale and change in ownership of the two-wheeler.
Step 2: At the RTO you will be required to provide the following documents to initiate this transfer:
- Form 28
- Form 29
- Form 30
- Registration Certificate
- Tax Certificate
- Two-WheelerInsurance Document Copy
- PuC Certificate
- Passport Size Photographs
- Address Proof
- NOC, if there is a change in the RTO.
- NOC, from financier if the bike was purchased on loan.
- In case the owner passed away and the bike is changing ownership because of it you will also need form 31 and an ascension certificate
- Registration Fee
Step 3: Once you have submitted all the required documents with the forms duly filled the two-wheeler will be transferred to your name legally. If the sale occurs within the same state it will take 14 days and if it occurred outside the state it will take 45 days approximately.
What is the Process of Transferring Two-Wheeler Insurance?
After transferring the ownership of the bike, make sure to also transfer the insurance policy. The buyer of the two-wheeler is expected to get this transfer done within 14 days of the purchase. If the two-wheeler insurance remains in the name of the previous owner, in case of a mishap the new owner will not receive compensation for the losses. Here are the steps you need to take to transfer the insurance of your two-wheeler.
Step 1: Inform the insurance provider about the purchase of the bike as soon as possible. Make sure to check the list of documents required for the process with your insurance provider.
Step 2: Submit the required documents to the insurance provider. Here is a standard list of the documents required:
- RC book with new owner’s name mentioned or proof of sale
- Original policy papers
- Address proof of the new owner
- Passports size Photograph of the new owner
Step 3: After the submission of the required documents the insurance company will begin the transfer process. In certain cases the bike may need to be inspected. A fee will need to be paid by the new owner for the transfer of the insurance policy.
Step 4: The entire process should take no more than 14 days since the process is started.
Takeaway
The above mentioned guidelines will ensure that the documents related to your new two-wheeler are in order after the purchase. Keep in mind, the two-wheeler insurance is an extremely important document. It will keep both you and your two-wheeler protected in case of a mishap by providing compensation for the damage. Moreover, driving without third party insurance in India is illegal and gets you punished. However, if you want coverage for your own damage costs make sure to purchase a standalone own damage cover or a comprehensive insurance plan. If you already have an insurance policy make sure to renew it on time and use the premium calculator before doing so. When purchasing or renewing two-wheeler insurance make sure to do it online. It allows you to compare the different two-wheeler insurance companies, the quotes they offer and their network of cashless garages with just a few clicks. Lastly, if you want to know more about two-wheeler insurance make sure to check out our other articles.
Read More:
Documents That You May Need For Bike Insurance Policy Renewal
How To Use A Bike Insurance Premium Calculator?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
