Used motorbikes are a hot-selling product on online shopping portals. The cost advantages of a used motorcycle make it a popular choice with bike riders today.
But many people who have jumped onto this bandwagon have come to realise that buying a used motorbike can become a daunting experience. Many such bike owners end up with stolen bikes. Some discover defects in the future performance of the bike.
Checklist before buying a used motorcycle
Here are some pointers to save you from such problems while buying a used motorbike.
1. Check its History
Ignoring the history of the vehicle is one of the major mistakes buyers make. Check the maintenance records (service book) as well - a serviced bike is worth its weight in gold.
Find out the distance (number of kilometres run) covered by the motorcycle. Check the insurance policy to find out the claims history of the vehicle. This will help you in finding out whether the vehicle has been involved in an accident.
2. Condition of Vehicle
Check the frame of the motorcycle to look for dents. Look for scratches on its body and signs of accidents.
Though scratches are common with used motorcycles, it helps you judge the price that you need to pay. Check tires, oil, lights, indicators and all other accessories. If you have any doubts, clarify them immediately
3. Test ride
Take a test ride to get a feel of the motorcycle. Keep the following points in mind.
Scrutinise documents
- Operate all the different controls - brake, accelerator, headlights and gears.
- Drive the motorbike in all possible road conditions - slopes, straight roads and curves.
- Find out if there is too much smoke coming out of the exhaust.
4. Ownership Documents
Only buy a used motorcycle from its original owner, or you could risk becoming an unsuspecting owner of a stolen motorcycle.
Check documents of ownership and registration. These include registration certificate, insurance policy, loan documents, road tax receipt, etc.
How to transfer bike ownership?
Transferring ownership is a legal necessity when buying a used motorcycle. Here is how to do it step-by-step:
Step 1: Collect these documents from the seller:
- Original RC
- Form 29 and Form 30 (duly signed by the seller)
- NOC from RTO (if bought from a different state)
- NOC from the lender (if the vehicle was under finance)
- Two passport-size photographs
Step 2: Submit the documents at the buyer’s local RTO:
- Include ID and address proof, along with applicable fees
Step 3: Get the new RC issued in your name:
- This may take a few weeks; check the status online if available in your state
Remember, failure to transfer ownership can result in fines and in case of an accident, the previous owner may still be held liable.
How to transfer bike insurance?
After transferring ownership, it is equally important to update the bike insurance policy. Here’s how to proceed:
Step 1: Contact the insurance company
Inform them of the ownership change and request a transfer of the policy.
Step 2: Submit necessary documents
- Copy of the updated RC (or proof of submission for ownership transfer)
- Copy of the old insurance policy
- Form 29 and 30
- Address and ID proof
Step 3: Inspection (if required)
Some insurers might inspect the vehicle before transferring the policy.
Step 4: Pay the transfer fee
After approval, a new policy document will be issued in your name.
If the previous owner had only third party bike insurance, consider upgrading to a comprehensive policy for better protection.
Types of policies for used bikes
A used motorcycle can be insured under different types of bike insurance policies:
1. Third party bike insurance
- Legally mandatory in India
- Covers damages done to someone else or their vehicle and property
- Does not cover damage to your own vehicle
2. Comprehensive bike insurance
- Includes third-party cover plus own-damage protection
- Covers accidents, theft, fire, natural disasters and more
- Recommended for higher value or regularly used second-hand bikes
3. Standalone own-damage policy
- Can be added if you already have a third-party cover
- Provides flexibility in choosing providers for different components
For an older bike, choose a policy based on its current market value and your usage pattern. Always compare features like cashless garage access, IDV (Insured Declared Value) and the claim process before buying.
Conclusion
After going through all the trials and tribulations of research, you would be in a position to gauge the fair price of your potential family member. Negotiate the deal well to avoid overpaying. Ensure that you complete all legal formalities, including documentation.
Also, don't forget to secure your ride with a suitable two-wheeler insurance policy. You can look forward to a long partnership with the motorbike when it passes all the above tests. If it fails? Well, move on to the next one!
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.