Local trains, buses, autos, and metros are probably the most common means of public transport, but the increasing rush and frequent stopping at every stop wouldn’t be the best thing to experience early in the morning. People prefer buying a second-hand bike to get rid of these things, as it is economical, feasible, and comfortable.
If you’re willing to beat the Bangalore traffic and transport expenses, you should go ahead with purchasing a second-hand bike. But one thing to be extremely cautious about while buying a used bike is ensuring you get all the essential documents from the seller, failing which can land you in legal and financial troubles. Be it old bike insurance papers or a NOC, we’ve prepared an ultimate list that will help you collect all the necessary documents from the seller.
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Documents You Must Collect from the Bike Seller
When you compare public transport with a huge rush to a second-hand bike, you’ll find the latter is a safe, convenient, and better way of traveling. If you want to stay safe while traveling, start looking for a used bike from today. But before you finalize any deal; be sure to ask about the following documents from the seller:
- Vehicle Purchase Document
With so many bike sellers available online, you would want to ensure the bike you’re purchasing is not stolen. A valid vehicle purchase document or invoice mentions the owner’s name, bike details, and other essential information you should know before purchasing a used vehicle.
- Bike Insurance Papers
To ensure a trouble-free vehicle purchase experience, always ask for the bike insurance papers, If you start driving the pre-owned vehicle without insurance, you may end up paying an unnecessary fine, bike insurance protects you from accidental damages. So transfer existing insurance policy on your name within 15 days of vehicle purchase.
If the existing insurance policy is expired or about to expire, you can check online and go for a company providing old bike insurance before taking the bike on the road.
IDV & Insurance Premium: For those you are thinking about, what is IDV in bike insurance? It is just the vehicle’s current market value, i.e., the original vehicle price minus the depreciation. As IDV plays an important role in deciding the insurance premium, make sure you keep the following point in mind.
When you’ve purchased the second-hand bike, you will have to mention the IDV or the Insured Declared Value in the insurance policy. The lower the IDV, the lower the premium, and vice-versa. After purchasing a second-hand bike, some people quote a lower IDV to save on premiums, but it can hurt their financials in the long run if their vehicle meets an accident and its repair costs exceed the IDV. The best way to prevent such potential financial risks is by mentioning the right IDV in your two-wheeler insurance policy. You can either mention the price you’ve paid for purchasing the used bike as your IDV or get its IDV evaluated by professionals.
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- Registration Documents
One of the most important documents you must collect from the previous vehicle owner is the bike registration document. It is as important as collecting valid old bike insurance papers. If any seller refuses to give the registration document, avoid purchasing the two-wheeler from him. You will have to get the vehicle ownership transferred to your name, so you take a copy of registration documents, original document, the crime report of NCRB, Form 29 & 30, a copy of the PUC certificate, and a copy of your ID and residence proof to the RTO. After the ownership has been legally transferred, you can take the bike and explore the best solo travel destinations or any place you want.
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- Ask for Road Tax Payment Receipt
Whether you own a two-wheeler or four-wheeler, paying the road tax is a must. It is usually paid during the time of vehicle registration. To avoid any fines at a later date, it is best to collect the RTO road tax receipt copies before finalizing the deal.
- Collect NOC
If you’re buying a bike that was originally purchased on a bike loan, you will have to get a NOC certificate and a stamped Form 35 from the loan provider, stating loan clearance. If you don’t collect these documents, you won’t get the bike ownership transferred to your name legally.
- Pollution Certificate
Every bike owner needs to get a pollution certificate before freely riding on the roads. If you’re purchasing a used bike, don’t forget to collect the PUC certificate from the seller. Else continuing to ride a used bike without having a pollution certificate will attract hefty penalties. If you want to travel like a smart explorer, do ask for this document before sealing the deal.
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- Transaction Documents
You must create a sale/purchase agreement with the seller on a notarized stamp paper. A delivery note should also be kept after receiving the physical delivery of the bike. All these documents may be needed later, so store them together for convenience.
Just like you wouldn’t take a risk riding without a helmet, you shouldn’t risk buying a used vehicle without collecting the documents mentioned above. Now that you know what documents are needed, what is IDV in bike insurance, and other essential details, purchasing a second-hand bike won’t be difficult or troublesome.