Insurance For Second Hand Two Wheeler Explained
Published On 18 Sep 2020 By Gunjan
Insurance For Second Hand Two Wheeler Explained
When it comes to the purchase of a second hand two-wheeler, it is considered as one of the hardest decisions to take. One needs to ensure that the vehicle is in good condition, its documents are available and it is available at a good price. A used bike or scooter gives you an edge over new two-wheelers due to their price.
Even if you have a used bike, you should be covered with insurance as it is a compulsion. Therefore, you should have an idea of how insurance coverage works for second-hand bikes to find a good insurance cover for your bike. To make it happen, we have come up with important aspects of used bike insurance to help you understand this topic from the scratch.
What Is Second-Hand Bike Insurance?
Two-wheelers have become a lifeline for a common man as it is the most used transport. The reasons for its popularity are many such as easy to drive, a higher mileage, lower maintenance cost, and of course budget, and so on. These factors encourage the market of second-hand bikes as well. Many people who are short of budget for a new bike or scooter tend to go for a used two-wheeler. However, to hold an insurance cover for a second-hand insurance vehicle is also compulsory.
The used bike insurance is similar to a standard motor insurance for new two-wheelers, where the second-hand two-wheeler can also be covered with third-party, standalone own-damage, or comprehensive insurance policy. An insurance plan shields the used bikes from damage and losses incurred by third parties and the insured two-wheeler. Many people fail to get an insurance plan for their used bike or transfer bike insurance from the owner, but it is very important to hold it.
Why Insurance Is Necessary for Second Hand Two-Wheelers?
The significance of holding a bike insurance for second-hand two-wheeler starts could be supported by various benefits that make it indispensable. Some of them are as follow:
1. Legal Obligation
As per the Indian Motor Tariff, every two-wheeler owner should carry the bike insurance while driving. It is compulsory in addition to the driving licence, registration certificate and emission certificate, which all the riders must hold. Failing to do so could make riders punished with a penalty of Rs. 2,000 and/or imprisonment of 3 months.
2. Third Party Liabilities
Third-party insurance cover will safeguard you from financial liabilities that may arise out of bodily injuries, death, or property damages incurred by a third party due to the involvement of your used bike. Therefore, a two-wheeler third party insurance plan is essential to cover you against any risks or accountability you may incur towards a third-party.
3. Own Damage Coverage
With the purchase of a comprehensive bike insurance, used bike owners can claim for damages owned by their bike. In simple terms, if any damage is sustained by the second-hand two-wheeler due to an accident or mishap, then the insured person can claim for the repair bill. The cover also protects the insured’s bike from natural calamities like earthquake, flood, etc., along with man-made calamities like riots, acts of terrorism, and so on. The comprehensive insurance plan offers coverage for the third-party liabilities as well, which makes it highly beneficial.
4. Theft of the Two-Wheeler
The expenses of damage could be bear sometimes, but theft of the vehicle is hardly bearable by anyone. If your second-hand two-wheeler gets stolen, which you bought spending a huge part of your savings or by taking a loan, it could leave you in despair and impact your finances as well. In such situations, the insurance provider will compensate you with the present market value of your two-wheeler. Such protection is an important aspect of owning a bike insurance.
How to Get an Insurance Policy for a Used Two-Wheeler?
You can easily purchase second-hand two-wheeler insurance online from different insurance providers. Below is the process to buy used two-wheeler insurance:
- Visit the website of Insurance Company
- Enter the bike registration number, owner details, make, model, etc., to get a bike insurance policy quote or you can submit the scanned copy of your RC, copy of invoice and identity proof through the online portal
- After the process is initiated, the insurer will send a surveyor to inspect your two-wheeler
- Be ready with the copy of bike documents like the registration certificate and ID proof
- Make payment of premium for the chosen policy quote and get the policy document via email.
Renew Second-Hand Bike Insurance Policy Online
You can renew the insurance cover of your second-hand two-wheeler online from various insurance companies. Here is the procedure to renew used two-wheeler insurance:
- Visit the website of insurance company
- Go to renewal section and log in with your policy number to get your policy details
- Click to renew bike insurance and initiate the process before your plan’s expiry date
- Pay the premium amount and get the renewed policy document through an email.
Documents Required to Purchase Second-Hand Bike Insurance
The documents to buy an insurance policy for second-hand bikes are similar to the regular bike insurance. Here is the list of those documents:
- Passport size photographs
- Original (existing) policy document of the bike
- New Registration Certificate (RC) with the new owner’s name
- Address proof documents like Adhaar, Passport, Voter’s ID, etc.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.