Second Hand Two Wheeler Insurance

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 5: Select the best plan depending upon your coverage and budget requirement. Also, to extend your coverage, you can choose to add on covers like zero depreciation, key loss cover etc.

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.

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.