Ready to buy your brand-new bike? Congratulations! It is normal to be excited and a tad bit overwhelmed when purchasing a new bike, especially if you are not too great with the documentation process. But we are here to make things easier for you.
When buying a new bike, comparing the different models helps you in the long run. You know of all available pros and cons of each model and the right fit or you. Similarly, do not forget to purchase two wheeler insurance once you finalise the bike. As essential it is to compare vehicles before buying, it is equally important to compare the bike insurance policies.
Here is a compilation of the documents you need to keep in mind when getting yourself a new bike –
- Identity Proof – To register a two-wheeler in your name, you need something to prove your identity. It is a good idea to keep copies of your driving license, passport, Aadhaar card, Voter ID card or any other Identity Card you may have, issued by Armed Forces- Indian Army, Navy, or Air Force) to use for the registration.
- PAN Card – PAN or permanent account number issued by the Income Tax Department is an all India document that showcases that the payment you have done is through proper means, and there are zero risks of black money transactions, fraudulent practices, or money laundering in the sale of the vehicle.
- Address Proof – This is a very important aspect of buying a new bike. The Regional Transport Office (RTO) needs this document to confirm that you are a resident of the state in which the bike is going to be registered. You can give your electricity or water bill, Voter ID card of the state you are in, driving license issued by the same state, passport, Aadhaar Card, and so on.
- Photo – Some RTOs require you to paste your photograph on the two-wheeler registration form. Even though Aadhaar Card has made it redundant and it may not be required at some places anymore, it is still best to keep a few copies of your photo handy with you in case you need it.
- The instrument of Payment – Whether it is a DD, bank cheque or any other mode of payment, keep it with you. Note that if you choose to pay via a credit card, then you also will need to pay a specified fee of the MDR or Merchant Discount Rate.
For a bike that is financed via a financial institution, there is a slight change of documents that are required.
- Income proof: When obtaining finance from a bank or lender, you need to produce proof of income as to how you shall repay the loan. For self-employed individuals, it can either be a bank statement or your income tax returns. A minimum of six-month bank statement is required in that case.
- Post-dated cheques and cancelled cheque: These are another set of documents needed for your safety according to the National Automated Clearing House (NACH). When the loan is fully paid off, most lenders send back the post-dated cheques, and some destroy them. Once the loan is paid off, you can also choose to put stop instructions on the cheque numbers in your bank.
Once you have purchased your brand-new bike, do make sure you get two wheeler insurance 3rd party or comprehensive cover. A comprehensive plan can be customized as per your needs with add-ons which are available at a fraction of a price. So, go get your vehicle insurance online today!
