Second Hand Two Wheeler Insurance
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After purchasing a second hand/used bike, it is important for you to get the two wheeler insurance policy transferred to your name by approaching the bike insurance company within the next 14 days of purchasing the bike. Riding a bike on Indian roads without an active bike insurance policy as per the Motor Tariff Act is illegal, thus it is important for the bike owners to get themselves insured with at least a third party insurance policy.
Why Is It Important to Get Your Used/ Second-hand Two Wheeler Insured?
Getting a bike insurance policy for your second-hand bike is not just legally mandatory but it also provides a variety of benefits. Highlighted below are the reasons why second-hand bike insurance is necessary:
1. Legal Obligation
While riding on public roads in India, it is important to carry bike insurance according to the Motor Tariff Act. It is one of the legally important documents to be carried alongside a driving license, PUC certificate and Registration certificate of your vehicle.
2. Third Party Liability
This insurance policy safeguards the policyholder from legal liabilities emerging out of loss/damage caused to a third party. It will cover the cost bearable by the policyholder for any loss/damage to a third party property or bodily injury.
3. Theft of Bike
Theft of your second-hand bike could lead you to a state of despair and negatively affect your finances. In case your bike is insured then the insurer is bound to pay you the present market value of the stolen bike. Therefore, safeguarding your two-wheeler with a bike insurance policy is extremely important.
4. Own Damage Coverage
Through a comprehensive cover or standalone own-damage cover, you can make a claim against any kind of loss, theft, or accident of your own bike from the insurance company.
Insurance Scenarios When You Buy A Second hand/Used Bike
At the time of buying a second-hand bike, generally, two scenarios arise:
- CASE 1: Need to Purchase a New Insurance Policy
- CASE 2: Existing Insurance Policy
Let us understand what is to be done when the above-mentioned situations arise:
CASE 1: Need to Purchase a New Insurance Policy
In case you are not satisfied with your existing bike insurance policy coverage/premium or if the policy has expired, you can get a new bike insurance policy for your two-wheeler. To buy a new insurance policy, you can follow the below given steps:
Step 1: Visit InsuranceDekho and enter your bike’s registration number.
Step 2: Click on ‘Get Your Quote’.
Step 3: Fill in the required details like your bike’s brand, model, etc.
Step 4: Enter your personal details such as name, mobile number, etc and click on ‘Submit to get quotes’.
Step 6: Do the payment and your second-hand bike insurance policy will get issued to you within some time.
Case 2: Existing Insurance Policy
If you are buying a second-hand car with already existing insurance, then it is needed that you get the insurance policy for your second-hand bike transferred to your name. Most second-hand bikes required bike insurance policy renewal within some time. When such scenarios arise, it is important for the bike owner to get their policy transferred within 2 weeks' time to their name.
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How to Transfer Bike Insurance Policy
To transfer the ownership of your existing bike insurance policy, you can look at the steps that are given below:
- Begin by visiting the RTO office alongside the previous owner, then fill form 29 and file a request application mentioning the reason for the transfer of ownership.
- Provide the bike insurance copy which is self-attested.
- Afterward, you are required to fill form 30 and submit to the Regional Transport Office.
- Now, submit the self-attested photocopy of your address proof and a PUC certificate.
- Alongside other documents, you are required to provide an attested copy of PAN/Form 60/Form 61.
- At last, deposit the fee as applicable.
The entire process would take around 10-15 days. Therefore, meanwhile, you can ensure about the bike insurance policy and whether you wish to continue with an existing policy or want to buy a new insurance policy.
Things to Remember While Insuring a Second Hand Bike
While insuring a second-hand bike, you should be aware of a few below given aspects:
- Ensure that the RC of the bike is transferred to your name.
- With high coverage and a low premium amount, maximum coverage will be provided to your second-hand bike.
- Make sure you check the Insured declared value of your second-hand bike, it is an estimate of the present market value of your vehicle. In case of total damage/loss to your bike, this is the sum insured that would be paid.
- You can also expand your bike insurance coverage with various add ons available like zero depreciation cover, NCB, invoice protection, etc.
- If you wish to change your insurance company, then do before-hand research about the services offered, their performance, etc before you choose the optimum insurance coverage for your second-hand bike.
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Is it Compulsory for a Second-hand Two-Wheeler to have Insurance?
According to the Indian Motor Tariff, every two-wheeler driving on roads must have at least a third party insurance policy. If caught driving without one, you can be punished with a fine of Rs. 2,000 and/or be imprisoned for up to 3 months. This law applies to second-hand two-wheelers too.
What are the Documents Required for Transferring an Existing Insurance Policy for a Second-hand Two-Wheeler in Your Name?
The following are the documents required for transferring an existing two-wheeler insurance policy to your name:
- Registration Certificate
- Two-Wheeler Details
- Original Insurance Policy
- Dealer’s Name
- NOC from previous policyholder
- Buyer and seller’s personal details
- Driving License and PAN or Aadhar Card
- Contact details.
How Can You Transfer an Existing Insurance Policy for a Second-hand Two-Wheeler to Your Name?
The following steps will guide you to transfer an existing insurance policy for a second-hand two-wheeler to your name. This must be done within 14 days of the purchase by the buyer:
- Step 1: Inform the insurance provider about the sale and ask them what is required for the transfer process. Each insurance company may have slight variations in the documents required.
- Step 2: Provide the mentioned documents, along with the proof of transfer of ownership and the sale deed.
- Step 3: A fee will be charged for the transfer of the policy.
- Step 4: After the fee is paid. The insurance company will begin the transfer process. In some cases, there may be an inspection of the bike before the transfer is approved. The whole process should take 14 days.
Do You Need an Own-Damage Cover for a Second-Hand Two-Wheeler?
An own-damage cover, unlike the third party insurance policy, is not compulsory. However, without it, you will not have protection against damages to your car in case of a mishap, natural calamity or theft. Keep in mind, the compensation you receive for an own-damage claim will be subject to depreciation rate.
What is the Process of Renewing Bike Insurance?
The following steps will help you renew an existing bike insurance policy:
- Step 1: Visit your insurance provider’s website.
- Step 2: Enter the required details such as the existing policy particulars, registration number of the two-wheeler etc.
- Step 3: The renewal amount will be mentioned and you will have to make the payment through one of the available payment methods.
- Step 4: After the payment process is completed, the new policy document will be sent to your registered email ID.
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