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  • Sunday, September, 2021| Today's Market | Current Time: 04:25:25
  • With oil prices steeply increasing, it makes even more sense nowadays to use a two-wheeler to commute, over a car. It’s easy to drive, low on maintenance, gives higher mileage and of course, it is budget-friendly.

    Many of us consider purchasing a second-hand bike because of the affordability factor. But a lot of things need to be checked like the condition of the bike, overall kilometers the bike has been used for all the essential documents like RC book etc.. are in place. Whether it’s a brand new bike or a used one, bike insurance is a mandate.

    Read More: Nifty Add-Ons For Your Two Wheeler Insurance

    What is Second-Hand Two-Wheeler Insurance?

    A Second hand bike insuranceis similar to a regular insurance policy that you purchase for a brand new bike. It’s an agreement between the insurer and the person, wherein the insurance company gives in writing the coverage it offers to the vehicle in case there is any damage to it, clearly chalking out the terms and conditions.

    An important part of buying a used bike or a scooter is second hand bike insurance. A lot of people fail to check if the insurance policy is in good standing while purchasing a used bike and have it transferred to their name while taking a handover.         

    Importance of Second-Hand Two-Wheeler Insurance

    The Motor Vehicle Act in India makes it mandatory for every bike user to hold valid two-wheeler insurance, let it be a new bike or even a second-hand bike when they bring the bike on the road.

    Failing to abide by this law can cause the rider to be penalized with an amount of rupees 2000 or even imprisonment in some cases. Along with good standing bike insurance, a rider should always carry a valid driving license, registration certificate, and emission certificate.

    Read More:  Online vs Offline Two-Wheeler Insurance: Which one to choose?

    Benefits of Two-Wheeler Insurance

    Apart from being a legal obligation, there are other benefits of bike insurance that make it indispensable.

    Third-Party Liabilities: Nobody wants or expects to ever meet with an accident, it’s an unforeseen event that leaves a person shaken mentally, physically, and sometimes even financially. With the basic third party insurance for bike in place, at least you can be at peace that financial liabilities that may arise if there is damage to the third party’s property, vehicle, or person will be taken care of, removing the stress from your pocket.

    Own Damage Coverage: You can purchase comprehensive bike insurance for your second-hand two-wheeler so that if ever your used bike is damaged due to a mishap, you can claim the bills for any repairs that it may require. This type of bike insurance also covers your used vehicle against theft, natural calamities, or even vandalism.

    Read More: How can I renew my two wheeler insurance policy?

    Add-on Covers: You can also choose to add additional coverage to your second-hand vehicle. Having add-on coverage adds a layer of protection. From 24/7 roadside assistance, engine protection cover to return to invoice cover, several aspects can be taken care of with additional coverage.   

    How to Get or Renew Insurance Policy for Two-Wheelers Online

    With the advent of technology, one can easily purchase new two-wheeler insurance online without any hassle. There are several reputed insurance companies like Godigit that offer second-hand bike insurance and you can follow the below steps to apply for one.

    • Log on to the online website of the insurance company.
    • Enter all the mandatory details like the bike registration number, bike owner personal details, make, model of the bike, engine number, etc.. to see the quote of the two-wheeler insurance policy premium and initiate the process.
    • The insurance company will send an agent to survey your used bike.
    • Keep all the bike documents ready including your identity proofs like Adhaar card or passport or voter’s id and also your passport size photos.
    • You can scan the documents online too and send them to the insurance company.
    • Once you make the payment you will receive the policy through email, which you can download and carry with you next time you take your bike for a spin.

    To renew the existing policy,

    • Log on to the online website of the insurer.
    • Click on the renew section and enter your current policy number. Keep in mind to initiate the renewal before the existing policy expires. If you don’t do so, you will have to go through the process of applying for a new one afresh.
    • Once you pay the premium amount, the renewed documents will be sent through email which you can print.

    We hope the above information helped you understand everything you should know about second-hand bike insurance.

    Read More: Which is Better: Comprehensive Bike Insurance vs Third Party