As the most common form of transportation, two-wheeler vehicles are essential to most people’s everyday lives. The vehicle’s budget-friendly, user-friendly, long-lasting, and low-maintenance nature is just one of the numerous factors contributing to its widespread acceptance. These factors also boost the used bike demand.
Many people purchase a pre-owned two-wheeled vehicle instead of a brand-new one to save money. Settling on a used motorcycle may not be an easy decision. The vehicle must be fairly priced, in good condition, and must have proper documents.
But the law requires that you also have insurance on a used bike too. To get suitable insurance coverage for your bike, you should understand how insurance coverage for used motorcycles operates.
What Is used bike insurance?
The used bike insurance can be comparable to the regular vehicle insurance for new two-wheelers. The second-hand two-wheeler can also be insured with a third-party or comprehensive policy.
Insurance for two-wheeler policy protects used bikes against damage and losses by third parties and the covered two-wheeler. Many individuals don’t know how to transfer insurance of second-hand bike from the previous owner. The process is not complicated at all. Within 14 days of the registration transfer, the new owner of the bike must file an application to the insurance company for the transfer of insurance coverage. *
If you are a biker who still does not know why it is important to wear helmet while riding a bike, then you should keep in mind these two reasons –
- For your own safety *
- If you are found not wearing a helmet during an accident, then you may lose your bike insurance claim *
How to renew two-wheeler insurance after expiry?
If the insurance policy has lapsed, then you can renew your insurance policy online or offline with a number of insurance providers. However, for offline renewal, your vehicle inspection before renewal is a must. *
The steps to renew used two-wheeler insurance are as follows:
- Visit the insurance company’s website*
- Check out the renewal tab and fill in the specifics of your policy*
- Check the premium amount and then click to renew your bike insurance*
- Pay the required premium *
- Receive the updated policy document through email*
Several advantages can substantiate the necessity of second-hand bike insurance. The following are a few:
- Legal obligation: According to the Indian Motor Tariff, every two-wheeler driver must carry motorcycle insurance. In addition to the driver’s licence, registration certificate, and emission certificate that all riders must possess, this is also required. Failure to do so might incur a fine of Rs. 2,000 and/or imprisonment for three months. *
- Third-party liabilities: Third-party insurance coverage may protect you from financial consequences caused by your used bike that may result to some bodily injury, or property damage to a third party *
- Own damage protection: With the purchase of a comprehensive bike insurance policy, owners of second-hand bikes can file claims for damages to their bikes.
If an accident or incident causes any damage to the used motorcycle, the insured person can file a claim for repair costs. The coverage also protects the insured’s bicycle against natural disasters, including earthquakes and floods, and man-made disasters, such as riots and terrorist activities. *
- Theft of the motorcycle: The costs associated with vehicle damage are occasionally manageable, but vehicle theft is nearly impossible for anyone to tolerate.
If your used motorcycle gets stolen, it could leave you despondent and affect your finances. In such cases, the insurance company may compensate you for the motorcycle’s current market worth. This protection can be an essential component of bike insurance. *
Additional coverages for used motorcycle insurance
Coverage for insurance for two wheelers can be comparable to that of a brand-new two-wheeler. *
Similarly to policy coverage, there are add-on covers for used two-wheelers. Effective add-on covers for used two-wheeler insurance gives coverage for liabilities not covered by the comprehensive policy. Engine protection cover, the pillion rider, road assistance etc., are add-ons available, for a separate fee. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.