So, times have changed, you have landed upon a better job, you earn a lot more and the first thing that comes to your mind is ‘Let me buy that motorcycle which I have been dreaming of for the last many months’. While the complete focus, quite naturally, is on your upcoming acquisition, an equal attention, if not more, should be given to your current bike which needs to be disposed off judiciously.
Finding a buyer who is ready to give you a good amount for your used bike is not the only thing you should be worried about. There are two things that are often neglected which you should keep in mind.
Now that you have got your buyer, the next thing that you need to ensure is transfer of ownership. By transferring the ownership, you are ensuring that you are free from any liability that may arise in case of an untoward incident by the new owner.
Suppose, the new owner is involved in some kind of an illegal activity/accident and your old motorcycle is still under your name – it could land you in a big legal trouble. While enjoying your new motorcycle you surely would not want to visit the legal departments sorting out something which doesn’t have any relation with you.
To facilitate the process, the seller needs to handover the Registration certificate and insurance certificate to the new owner. Apart from these, the local RTO will also require the following forms to initiate the transfer.
- Form 28 (Transfer of Ownership)
- Form 29 (No Objection Certificate) and
- Form 30 (which is an intimation of transfer)
Bike Insurance Transfer
Many of you may not know that the motor insurance is for the owner of the insurance policy and is not linked to his motorcycle. In simple terms, if you have been a careful rider, you can carry forward your good record (read No Claim Bonus and other benefits) to the insurance policy of your new motorcycle.
Save Money – Let us say you are a very careful/responsible rider and have not been involved in any kind of an accident; which infers that you are enjoying a good No Claim Bonus on your existing insurance policy, in monetary terms. You can carry your savings forward when you transfer the insurance policy. A No Claim Bonus certificate from the insurance company is required for this process.
No Liabilities – In case the new owner of your motorcycle is involved in an accident and if the policy is still under your name, you could be held liable for the damages. Therefore, a bike insurance transfer saves you from a lot of hassles in such case.
Apart from the fact that it is legally binding, if something is saving you money and freeing you from legal hassles, shouldn’t it find a prime spot in your motorcycle exchange plan checklist? You can also do your bike insurance transfer online; convenience multiples!
Parting Tip: You should always ensure that your older motorcycle has completely been disconnected from you legally to save yourself from any issues.