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Buying a bike? Keep this document list handy!

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Buying a motorcycle is the dream of every youngster in India. It is also a joyous occasion for those who are young at heart. The kind of fun that bike riding gives can never be matched by any other kind of vehicle. If you are looking to buy a new motorcycle or scooter, always check dealer prices, especially insurance where you can save money on your two-wheeler insurance.

Buying online insurance for a new bike is a great way to save time and effort. Common benefits for you if you buy two wheeler insurance online include:

• Online insurance is cheaper than dealer insurance

• You can choose your preferred insurer

• You get a larger cashless services network

• You can select your own Insured's Declared Value (IDV)

• You can bring forward insurance of another two-wheeler with some extra premium

• You can bring forward any accumulated no claim bonus

Documents for buying the bike from your own money:

1. Identity Proof: The identity proof is needed to register the two wheeler in your name. Copies of your Driving License, Passport, Aadhaar card, Voter ID Card or Identity Card issued by the Armed Forces (Indian Army, Navy or Air Force) can be used here.

2. Address Proof: This document is needed by the Regional Transport Office (RTO) to confirm that you are a resident of the state where the two wheeler is to be registered. Acceptable options are Passport, Driving License issued by the state where two wheeler is to be registered, Voter ID card of the same state or UT, Aadhaar card, Electricity or Water Bill as well. You can also provide the MTNL or BSNL phone bills. These will also be needed for your new bike insurance policy.

3. PAN Card: PAN card is an all India document issued by the Income Tax Department. It is meant to ensure that payment is done using proper means and there is no risk of money laundering or black money transactions in the sale.

4. Photo: Your photo may be needed by some RTOs to be pasted on the two wheeler registration form. However, with Aadhaar-based authentication, the need for a physical photo is declining, but it is best to carry a few copies.

5. Payment instrument: The payment instrument can be a bank cheque, demand draft or any other mode acceptable to the dealer. Please be advised that if you pay by a credit card, you will need to pay 2-3% Merchant Discount Rate (MDR) as well.

Documents for getting the bike financed from a financial institution:

1. Income Proof: This can be in the form of salary slip or bank statement if you are a business owner. Minimum 6 months of documentation is commonly needed.

2. Income Tax Returns: Your income tax returns and Form 16 may be needed by the lender for further income confirmation.

3. Post-dated and Cancelled Cheques: These are needed for safety and National Automated Clearing House (NACH) standing instruction purposes. Most lenders will send back your post-dated cheques when the loan is fully paid off while some destroy them on their own end. You can also put stop instructions on those cheque numbers in your bank after the loan is paid off.

Conclusion

We know that you are excited to bring home your dream bike, but in your excitement do not forget to take the necessary documents to the bike showroom. We also suggest that you research on two wheeler insurance before visiting the dealer. This will help you negotiate a better deal with regard to your bike insurance policy.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry

A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.

Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle."

Few other articles:

• Ride your two-wheeler safely

• All about Bike Insurance

• Things to Know About Motorcycle Insurance in India

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