There are many reasons why one would want to sell their two-wheeler. They might have outgrown it or bought a new one. Some might even keep their vehicles idle in their garage for a long time. They have to do a bike insurance renewal for no purpose. Giving up a two-wheeler might be difficult emotionally. While some might let it sit out and rust in their garage, others try to find a way to give it a new life!
If you are one of them, you have come to the right place! This article will go through the steps required to ensure your old bike is handed over to its new owner safe and sound, from checklist to bike insurance.
Checklist to Ensure While Selling Your Bike
- Finding the correct buyer
- Preparing the documents
- Making the bike ready for handover
- Creating a listing
- Transferring bike ownership
Let's go through each point to ensure you are well informed about everything you need!
Finding the Correct Buyer
It's crucial to find the right buyer for your bike before anything else. You have the option of selling it either directly to a buyer or a dealer. Mind that dealers will bargain for a lower price for your bike. Selling to a dealer could be your best bet if you want to get rid of the vehicle with two-wheeler insurance. You won't have to hassle because the dealer will handle all the paperwork and procedures.
The person who quotes the highest is the ideal owner for your motorcycle. Typically, people sell their two-wheelers to friends, acquaintances, or businesses that deal in used motorcycles. Your ability to negotiate well and your bike's physical condition will determine your vehicle's price.
Confirm if the new buyer has essential identity documents, such as an Aadhaar Card. Avoid selling your two-wheeler to anyone who lacks valid bike insurance or refuses to go through the appropriate documentation process.
To receive the best price for your bike, though, you should go straight to a buyer if you have more time. By taking time for this process, you will have the mental satisfaction that you found the right owner. Ensuring the buyer's legitimacy helps find serious buyers and filter out others.
Preparing the Documents
Make sure you have all your documentation, for example, bike insurance. Additionally, the documents transfer process should happen promptly, whether you are working with an agency or an independent buyer. The two-wheeler insurance transfer has to happen as soon as the money gets transferred. Since the certificate and bike insurance policy for your two-wheeler must be carried when riding it, these documents should be changed to the new owner's name.
Some of the necessary documents required for the process are:
- Your bike's title entitles the licence to you and acts as proof of your ownership.
- The driver's licence with no dues left.
- Sales contract that outlines all of the purchase's terms and circumstances.
- Test drive agreements permit test drives before the sale, ensuring the bike's safety.
- Bike insurance certificates.
Along with these documents, you also need to bring some forms. Those are:
- Road tax certificate.
- Application and grant of no objection certificate.
- Notice of transfer of ownership of a motor vehicle.
- Application for intimation and transfer of ownership of a motor vehicle.
These are forms 28, 29, and 30 from the Ministry of Road Transport and Highways website.
Making the Bike Ready for Handover
Before the bike reaches the buyer, mechanical problems must be diagnosed by a qualified mechanic. To make your work easier, here's a checklist of all essential things to check,
- Change of engine oil.
- Vehicle wheel alignment.
- Chain force.
- A battery check.
- Check your throttle, clutch, and brakes.
- Check the brake fluid.
- Engine air filter cleaning.
- Checking control cable lubrication.
Tighten all nuts and bolts while you're at it. It includes the mounts for the fuel tank, the handlebar, the turn indicators, and the fenders. Ensure a smooth bike start. Nothing is worse than addressing a problem when a potential buyer shows up.
A well-maintained bike that is clean and attractive, with all of the necessary paperwork neatly organised in a folder together with the owner's handbook, spare key, and tools, immediately increases the bike's worth in the eyes of potential buyers.
Creating a Listing
Ensure that your bike is well-presented and has quality images if you want to make a good impression when you list it. The photos have to be taken from various perspectives so that potential purchasers may evaluate the bike fairly from multiple perspectives.
To draw in potential buyers, provide crucial information for the buyer, such as the vehicle's age, the brand and model, etc. It is advantageous to state your justification for the sale, the asking price, and whether or not the price is negotiable. Include a list of your contact information. Transparency will be achieved by agreeing to a test drive before the transaction. Add your bike insurance details for a more detailed listing.
Along with this, other crucial facts should not be left out of the listing, such as any history of accidents, current two-wheeler vehicle insurance (if active), and the bike insurance company for such bike insurance.
Transferring Bike Ownership
Once you have decided to sell the bike, confirm that you have completed all the required documentation for the transfer of bike ownership and first-party bike insurance. Ensure that the two-wheeler and all associated documents are transferred from you to the next owner. To complete the transfer, the RTO needs forms 28, 29, and 30.
Transferring the two-wheeler insurance within 15 days of selling the bike is crucial. For the insurance to be transferred, the individual buying your bike must submit their driving licence, Aadhaar number, or PAN. The additional documents must be present with the third-party liability coverage.
Read more - Understanding Two Wheeler Insurance Transfer
When selling your bike, keep the forenamed points in mind. By doing this, you may receive the best pricing with the most openness and guarantee a positive experience for you and the customer. If you fail to transfer your bike insurance, you can be liable for any damages and repairs resulting from an accident, as the policy is still in your name. Therefore, keep in mind that you are required to transfer your bike insurance online with the bike.
Read more - Top Selling Bike Insurance Plans of 2022