Transferring Two-wheeler Ownership & Its Insurance
Updated On Dec 31, 2021
In case you are selling your two wheeler, know how to tranfer ownership and it insurance of the two-wheeler.
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Many individuals in India buy used motorcycles. Before purchasing, the buyer must have the bike examined and the seller's ownership transferred. Both parties must go through a procedure to transfer ownership of the bike and insurance. So, let us begin by explaining the procedure of transferring bike ownership and the documentation that is necessary to do so.
Transferring Ownership and Insurance of a Two-Wheeler
Although it is simple to sell motorcycles online, legally transferring title to a new owner remains a source of uncertainty for sellers. Furthermore, some of you consider that switching bike insurance is significantly more complicated. As a result, many people chose to overlook the problem rather than take action. To some extent, your confusion is reasonable, as both transfers include distinct legal processes. This post aims to clear up any doubts you may have and clarify things for you.
Transferring Ownership of a Bike
The following is the method for transferring bike ownership: Checklist of documents to keep track of Let's move on to the transfer of bike insurance from the seller to the buyer. Buying a bike and transferring your insurance to the buyer Every year, motorcycle manufacturers introduce new and improved models, luring you to buy them and sell your old ones. Once you've decided to sell your old bike, you'll need to transfer the bike's insurance to the new owner. You should notify your insurance provider before changing ownership of the policy so that they are kept up to date. However, it is critical to transfer the insurance policy to the new owner because the insurance company would not pay anything if the bike is involved in an accident in the future.
Transferring Insurance Ownership
Pay a visit to the RTO office where you registered your bike.
Submit forms 29 and 30 to the RTO's directorate, together with your RC, insurance certificates, Emission test papers, and other relevant paperwork. Also, as per the requirements, provide a passport-size picture. Once you've completed the procedure and submitted all of the required paperwork, the RTO will review them and, if all is in order, will transfer insurance ownership to the new owner.
What to do in Certain Situations?
If the buyer lives in the same state as you, you must transfer ownership to the regulatory party within two weeks. If the buyer lives in a different state, you must notify the regulatory body within 45 days after the transfer of the insurance. If the previous owner of the bike passes away during the procedure, the buyer must notify the regulatory body within 30 days.
Selling a bike is typically favourable since it allows you to repay part of the new ride's hefty expenditures. Customers are also on the search for secondhand motorcycles at a low price. When you sell your older bike, don't forget to transfer your insurance coverage to the new owner. While most people remember to transfer their motorbike registration, they should also think about how important it is to transfer their motorcycle insurance. If the bike is involved in an accident in the future, avoiding such a transfer may result in significant legal issues for both you and the new owner of the bike.
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.