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. So, here we'll explain you the process to get it.
In recent times, two-wheelers have become a lifeline for the common man as it is the most used transport. The reasons for its popularity can be higher mileage, lower maintenance cost, and of course, budget. Bikes have a slight edge over four-wheelers because of the mentioned factors and they encourage the market of second-hand bikes as well. However, holding insurance for second-hand vehicles is also mandatory. Used bike insurance is similar to standard motor insurance vehicles for new two-wheelers. Also, two-wheeler insurance can either be a third-party or comprehensive insurance policy. It protects the bike from damage and losses caused to third parties and the insured vehicle.
Why get your second-hand bike insured?
- Covers own damage
With the purchase of comprehensive bike insurance, you can claim your damage. In other words, in case of damages to the insured due to an accident or mishap, the insured person can claim the repair bill. The comprehensive plan also covers third-party liabilities and protects the insured's bike from natural calamities as well.
2. Legal obligation
As per the Motor Vehicles Act, 1988, every two-wheeler owner should carry bike insurance while driving. It is a compulsory document, in addition to the registration certificate, driving license, and emission certificate that all the riders must hold.
A theft could leave you in despair and may impact your finances as well. The insurer will pay the present market value of the vehicle if it is stolen. Therefore, protecting your liabilities in case of theft of your second-hand bike with the insurance policy is an important aspect.
4. Third-party liabilities
Third-party insurance will protect you from legal liabilities arising out of damages or losses to the third party, bodily injuries, property damages, and death. Hence, used two-wheeler insurance cover will safeguard you against any risks.
How to get an insurance policy for the second-hand bike?
You can get an insurance policy for a used bike either if you are not happy with the current insurance policy’s premium/coverage or if it has lapsed. You can buy new second-hand two-wheeler insurance online from different insurance providers. The process to buy used two-wheeler insurance is mentioned below:
- Visit the website of an insurance company.
- You will have to submit the scanned copy of your RC, copy of an invoice, and identity proof and you have to enter the bike registration number, owner details and get a bike insurance policy quote.
- Once you initiate the insurance process, the company will send a surveyor to inspect the two-wheeler.
- Make the payment of the premium and get the insurance policy instantly via email.
Documents required to purchase a second-hand bike insurance policy
Similar to normal bike insurance, the documents to buy used bike insurance are the same. Below are the details:
- Original (existing) policy document of the bike.
- Address proof documents such as Voter’s ID, Passport, Aadhaar, etc.
- The Registration Certificate (RC) with the new owner’s name.
- Passport size photographs.