A two-wheeler is an effective way of cruising through heavy traffic and getting rid of your dependence on public transportation for short distances. However, the roads are an unpredictable place, and compared to cars, bikes are more prone to be damaged in an accident. This is because they are comparatively lighter than cars and the passengers are more exposed, while car passengers are much safer. However, you can stay ahead of an unfortunate incident with the help of a bike insurance policy.
However, after a certain point in time, as a bike owner, you may feel the need to sell your two-wheeler and replace it with a better model or go for a car instead. It doesn’t matter why you would want to sell your bike, but you must remember certain things to ensure a hassle-free transfer.
What is bike insurance?
Bike insurance policies are insurance products that provide individuals with risk coverage against physical injury, damage/loss of the vehicle and third-party liability. With the help of your bike insurance policy, you can stay protected against damage and the repair costs you face from an accident.
If you’ve decided to buy two-wheeler insurance, be mindful that there are multiple policies available, and you will have to select the one that suits you perfectly. To pick a suitable policy, you can visit the insurance company’s website. Once on the website, you will get information and premium quotes of the different policies offered by insurance companies. It can be relatively easy for you to compare the various policies.
Along with this, you can also get assistance from the bike insurance calculator to understand the suitability of a plan and make an informed decision. Once you finalise the most suitable plan for your bike, you can make the purchase online, and the insurer will send you the insurance document in a week through the mail. Likewise, you can also download a copy of the document and save it on your computer or mobile device.
Things to Remember Before Selling Your Two-wheeler
- Bike’s market value:
Before you set a selling price on the bike, it is imperative that you first research your bike’s existing value. For instance, you can go to the insurer’s website and check two-wheeler prices of similar models, make and manufacturing year. You can also visit a dealer that sells used bikes and check the bike’s price. If these options do not work out, you can visit any of your trusted service centres or garages in your locality to get an approximate price.
- Bike’s condition:
If you intend to sell your two-wheeler, ensure that the bike is functionally and visibly at its peak condition. Primarily, you must ensure that all of your documents, like the PUC, RC, insurance policy, etc., are up to date and valid. After you have taken care of the documents, check if your bike is looking its best. Getting the two-wheeler cleaned extensively will help you sell your bike faster. Along with getting the bike cleaned, you must also get the bike serviced before selling it. Following these steps will improve the chances of your bike being sold.
- Insurance policy transfer:
After you have fixed the bike and found a buyer for it, you must take steps towards transferring the insurance policy to the buyer. It is imperative for getting the policy assigned to the new owner, as riding the bike without a valid policy will lead to hefty fines. Once you sell the two-wheeler and transfer the policy to the new buyer, you won’t benefit from the plan anymore.
Therefore, the bike, as well as the insurance, is now the new bike owner’s responsibility. If you want to transfer the policy to the new owner’s name, you should follow the steps listed below:
- After approximately 15 days of transferring the bike’s ownership, you must apply for the insurance transfer.
- For a smooth insurance transfer, you must have the relevant documents. These documents include original policy, ownership transfer date, bike RC book, details about the bike, vehicle insurance details, etc. A failure to provide all the required documents may hinder the process.
- The individual purchasing the bike must provide their Aadhaar number or PAN to act as the address proof. Apart from this, they will also need to provide a driving license for transferring the insurance.
- You should also submit the third-party liability policy along with the other documents.
Hence, if you’ve decided to find a new owner for your bike, then you must ensure the bike is in good condition, is priced as per its market value and is insured under the new owner’s name. You can transfer the insurance policy smoothly by following the steps listed above. There’s a possibility that if you miss out on the bike insurance transfer, you will have to pay for the repairs and damage costs upon an accident since the policy will still be in your name. Therefore, it would be better if you transferred the policy along with the bike.