Things to Know Before You Sell Your Bike
Since you are reading this, you are most likely considering selling your bike. You could either be planning to upgrade your bike, relocating to a new place where your bike may not be very useful, buying a new car instead of a bike, etc. Irrespective of what your reason is, it is time to sell your bike. Here are a few simple tips to aid you in the process.
Get Your Bike Ready
There are at least a couple of aspects when it comes to getting your bike ready. For starters, you need to ensure that all the documents are in place. You must have the RC, insurance, pollution certificate, etc. handy.
Next, you must get your bike squeaky clean. A quick high-pressure wash might not be enough. If you must, get your hands dirty and clean every minute part of the bike. All this effort will pay off when you find a seller. It is recommended that you get your bike serviced for a smoother selling experience.
Setting the Right Price
It is quintessential that you know the value of your bike before posting any ads or letting others know that you are planning on selling your bike. There are several online classifieds that you can use as a point of reference. You can check the price of bikes with similar make and model and year of manufacture. You can also visit a used bike dealer to check the price of the bike. Alternatively, you can visit a trusted service centre or neighbourhood garage to get an estimate of the price.
After the above two steps are complete, you can put up ads to sell your bike. You can use online classifieds to post ads to invite more buyers. Do not forget to include clear and flattering pictures of the bike. Once a potential buyer looks at the ad, they will contact you and take the discussion further.
Process of insurer transfer
Transferring your bike insurance policy to the buyer is important for a couple of reasons. The policy is no longer valid for you and any claims or infractions would be applicable to the new owner and not you. Here are the steps that you need to follow to transfer your bike insurance policy.
You must apply for the transfer of insurance within 15 days of bike ownership transfer.
You must present copies of the Registration Certificate, original policy, details of the bike, the date on which you transferred ownership, policy premium paid, etc.
The buyer of the bike must present his or her PAN or Aadhaar number and driving license for the transfer of insurance.
You must submit the third party liability policy along with the other documents. These steps will ensure that you have a hassle-free selling experience. However, the buyer must carry out a few steps as well. Being aware of these steps will ensure a smoother transition or be helpful if you also plan to buy a used bike.
A buyer must apply for transfer of bike ownership at the RTO along with Form 29 and Form 30 duly filled.
Once all the verification is complete, the bike will be transferred to the new owner within 14 days.
If the buyer and seller reside in the same state, they must report the transfer details to the concerned authority within 14 days. The duration is 45 days if both stay in different states.
An important facetof selling your bike is to transfer your bike insurance policy as well. The above steps will allow you to transfer the policy seamlessly.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
This blog has been written by
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends"getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle".