A bike lets you commute in the easiest possible way. It is fast, quick and also economical to use. That is why many of you either own a bike or think of buying a bike at the earliest.
Buying a new bike requires a considerable amount of funds which might prove unaffordable. That is why many of you choose to buy a second-hand bike. A second-hand bike is cheaper and also fulfills the traveling need without pinching your pockets.
While you can easily buy a second-hand bike online or through used bike dealers, the paperwork involved in buying a second-hand bike is not a very simple thing.
There are a lot of forms and documents which would be needed to be filled and submitted when you buy a second-hand bike. Do you know what documents these are? Let’s find out –
Buying a second-hand bike involves the transfer of ownership and transfer of two wheeler insurance policy existing on the bike. For these transfers, the following documents are required –
RC Book of the Bike
The first document which is important in transferring the ownership of the bike is the RC book. The RC Book needs to be updated to change the name of the owner of the bike.
When you are buying the bike, the RC book should contain your name as the bike’s legal owner. You should, therefore, submit the RC book to the RTO and request for a change in ownership.
Form 28, 29 and 30
Forms 28, 29 and 30 are important forms which should be filled in and submitted to the RTO for changing the RC book.
o Form 28 – No Objection Certificate
o Form 29 – Notice of transfer of ownership
o Form 30 – Report of transfer of ownership of the motor vehicle
Besides these three important forms, Form 35 would also be required in case the bike is hypothecated to a bank against a two wheeler loan. This form should be signed by the bank with a NOC indicating that the loan has been paid in full and the hypothecation can be removed from the RC Book.
Road Tax Card
The existing owner should also provide the buyer with the bike’s road tax card stating the road tax paid on the bike.
If the bike has a valid PUC certificate, the same should be transferred to the new buyer. If, however, the PUC certificate has expired, the buyer should avail a new PUC certificate after getting the bike tested for PUC.
Other Documents of the Buyer
The buyer would also require other documents like his photographs, address proof, and identity proof. These documents would be required to be submitted both to the RTO and also to the insurance company for changing the ownership of the two-wheeler insurance policy.
The last and also the most important document is the insurance certificate of the existing bike. After the RC book has been updated with the details of the new buyer, the ownership of the two-wheeler insurance policy also needs to change in the name of the buyer.
To change this ownership, the updated RC book, request for changing the ownership, the required fee and the buyer’s documents would have to be submitted to the insurance company.
When all the submitted documents are verified by the insurance company, the name of the buyer would be updated in the new bike insurance policy. This new bike insurance policy would continue providing the coverage on the bike with only a change in the name of the owner.
Moreover, the accumulated no claim bonus of the two-wheeler insurance policy would be retained in the name of the original owner and offered to him through a no claim bonus certificate.
So, if you are buying a second-hand bike, know these documents which would be required at the time of purchase. You don’t have to wait for bike insurance renewal for transferring the bike and completing the paperwork. The transfer can be done any time when the bike is sold whether it is at the time of bike insurance renewal or during the coverage tenure.