What to do when you sell your motorbike?
Selling your motorbike can be a traumatic experience. Not only have you got to sell your trusty ride but you’ve also got to complete a checklist as long as your arm to make sure everything is done properly.
We’ve compiled a guide to make sure you stay on the right side of the law and avoid any nasty surprises when you’ve got rid of your motorbike.
The V5C is the most important document when you’re selling your motorbike. It is how you inform the Driver and Vehicle Licensing Agency (DVLA) that you are no longer the registered owner of the car, and who the new owner is as well.
Despite us being in a digital age, this is something that must be filled in in person and signed.
If you are selling your motorbike privately you must:
• Complete Section 6 of the V5C.
• Sign Section 8 of the V5C.
• Get the buyer to complete Section 8 on the V5C.
• Give the buyer the completed V5C Section 2.
• Send the V5C to the DVLA in Swansea.
If you are selling to a motor trader then the process is slightly different. You must:
• Complete Section 3 of the V5C.
• Get the details and signature of the motor trader as specified on the V5C.
• Send the completed Section to the DVLA in Swansea.
• Give the uncompleted Section 2 of the V5C to the motor trader.
Within four weeks, the DVLA will send you a reply confirming that you are not liable for the motorbike anymore.
Update your insurer IMMEDIATELY
Once you have sold your motorbike you must cancel or update your Insurance Policy immediately.
If you do not cancel or update your insurance policy you could still be liable for the motorbike and forced to pay costs if the new owner is uninsured and involved in an accident.
Unless you have a new motorbike, you will not be able to update your policy, in which case you must cancel it. If you are updating your policy to cover a new motorbike, you may have to pay a charge to change the details. Similarly, the cost of your insurance policy may change, depending on your new bike.
You will usually be charged for cancelling your insurance, too, however you should be refunded some of your unused premiums – it may not be the full amount however.
Be aware, if you cancel your insurance before the end of the policy, you will lose your No Claims Bonus.
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