The Internet has made lives simpler. Gone are those days when you needed to meet the seller or buyer in person in order to crack the deal. With various digital platforms available, selling stuff has become easier. Every day, many people around the world set up the online sale of things they do not need and many buy such things if they like the deal. The online deals are not just limited to clothes and electronics anymore, but nowadays, people also sell cars and two-wheelers online.
Although selling two-wheelers online is very easy, officially transferring their ownership to a new owner still confuses sellers. Furthermore, many of you think that transferring two wheeler insurance is even more complicated. As a result, many chose to ignore rather than doing it. Your confusion is appropriate up to a certain extent as both transfers involve certain legal steps. This article is written to clear your confusions and uncomplicated things for you.
Procedure to transfer ownership of your bike
At first, you need to notify the RTO authorities where your bike is registered to transfer the ownership to a new owner. To do this, you need to submit the following forms,
>Application and Grant of No Objection Certificate- Completed Form 28
>Notice to Transfer of Ownership- Completed Form 29
>Application for Intimation and Transfer of Ownership- Completed Form 30
You have to sign and submit these forms along with chassis of your two-wheeler. In addition to obvious things like your address proof and photographs, you need to submit related Certificates like- Registration, Tax and PUC along with a copy of bike insurance.
In the case when you are selling a bike in a different state from where it is registered, you need to submit NOC of the registering RTO. If the debt of your bike is due, you also need the lender's NOC.
In case of the death of the person under whose name the bike is registered, the successor needs to submit succession certificate issued by competent authority, Form 60 and an affidavit by the applicant and other legal heirs keeping their right in applicant's favour.
Procedure to transfer your two wheeler insurance policy
Being legally responsible for your bike, it is your job to transfer the bike insurance to the buyer within 14 days. If not, you will lose the advantages like No Claim Bonus you earned on your insurance. Moreover, transferring insurance frees you from future liabilities
Transferring bike insurance is a simple process where you need to intimate the insurer about the sale. The documents required are,
>Original document of the policy
>Address proof and photographs of the new owner
The insurance company starts the procedure of transfer after submission of the above documents and payment of transfer charges. Some insurers allow transfer of two wheeler insurance online.