A transfer of ownership and insurance of any two-wheeler is necessary while purchasing a second hand bike to avoid the future complications regarding registrations, document transfer, etc. It is mandatory under Indian law of Motor Vehicle Act, 1988.
If you are already buying a used bike or second-hand bike, Make sure you are paying the right price after considering the below:
If you are selling your bike to another person, along with transfer of your ownership, it is important to transfer the insurance of the bike as well as. You will be eligible for benefits like retention of No-Claim Bonus, if you have not claimed your insurance while the policy was active. You can avoid future legal liability with the help of the insurance, if the bike is in a mishap.
This is the most important step to follow to free yourself from all the legal liabilities that the new owner may cause. Ensure you have done all the procedures correctly while transferring the ownership of the bike correctly because that lays one foundation for bike insurance transfer. Here is what you need to do to transfer bike insurance for the new buyer:
Above is the general procedure for bike transfer. Normally, the following documents is what you need for bike ownership transfer.
Be aware of the basic procedures and documents required for two wheeler insurance transfer. Because many people while purchasing a used bike do not check for insurance and third party insurance transfer and end up buying new insurance at a higher cost. Once all the procedures are complete, the buyer should cross check the received documents for future liabilities. It might be a second-hand bike that you are purchasing but when you bring it home, it’s as good as your new bike. So keep calm and start riding your new bike.
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