Insurance For Used Two-Wheelers: All You Need To Know
By Carandbike Team
2 mins read
Published on August 1, 2022
- We tell you all you need to know about insurance for used bikes
- We list out insurance tips for used bike owners
- Whether it is a new two-wheeler or a used model, insurance is must
People tend to look for various options when they're thinking about buying a vehicle. Often, the situations don't allow for a brand-new purchase which is why people tend to shift towards second-hand vehicles. Now, any vehicle would require insurance since accidents or thefts can happen at any time; people need to be protected. Claiming insurance can be tricky when it comes to second-hand bikes. We should take a look at all the information that should be kept in mind.
Transferring the insurance for the bike
One of the major rules that people generally are not aware of is that the insurance should be transferred for the bike within 14 days of the purchase. The vehicle's insurer should be notified of the sale. They might ask for the submission of the following documents:
- Registration or sale documents for the purchase
- Address proof
- Identity proof
- Photograph of the owner
- DL of the owner
- PUC certificate (if asked)
Nowadays, insurance can be claimed online by submission of scanned documents. Visit the website, upload the documents, wait for verification and pay the fee for insurance.
Tips for insurance for second-hand bike owners
There are 5 major tips that should be followed by the owner of the second-hand vehicle:
- Checking if the Zero-Depreciation add-on is available: The value of a second-hand bike is much less as compared to newer vehicles. The Zero-Depreciation add-on ensures that the bike retains some resale value if the owner thinks about selling the bike off.
- Getting the NCB transfer certificate: The No Claim Bonus is an easy way for the owner to get some discount on the premium amount. Make sure that the NCB has been transferred on the bike; otherwise, the premium amount might be much more costly for the owner.
- Knowing the Insurance Declared Value: This is the value of the bike on a current-market basis. The IDV should be accounted for, and the owner should decide whether to set it low or high.
- Making sure that the information is correct: Any mistakes in the information can lead to the insurance policy being cancelled and the person being fined by authorities.
- Preferring to buy insurance online: Being able to transfer insurance without hassle is one of the major parts of buying insurance. One should prefer buying it online since they can get lucrative deals. This also helps keep up with the 14-day deadline.
What if the transfer is not done?
The most obvious thing here is that as soon as the 14-day window closes, the insurer is legally allowed to shut down the owner's request. If the traffic police catch the owner without the document, they could be fined. In case of any theft incidents or accidents, the insurer will deny any claims for insurance money.
Great Deals on Used CarsView All Used Cars
- 85,000 km
- 70,123 km
- 49,000 km
- 83,000 km
- 55,000 km
- 75,000 km
- 41,489 km
- 1,18,054 km
- 77,000 km
- 44,300 km
-16141 second ago
The standard W175 is now priced from Rs 1.22 lakh (ex-showroom) positioning it under the W175 Street.
-14824 second ago
The scooter is offered with a special battery subscription scheme, which drives the initial price down and requires the buyer to pay a monthly subscription fee
-13961 second ago
The design patent shows the final production EV will be close to the Sierra concept showcased at the 2023 Auto Expo.
-6912 second ago
The model is offered in both single and double cab guises in Algeria, while Brazil focuses solely on the four-door model
-1941 second ago
The Renault Kwid and Triber get benefits up to Rs 50,000 while the Kiger gets maximum discounts of up to Rs 65,000
16 hours ago
The partnership looks to set up 7,000 electric vehicle charging stations across India.
17 hours ago
Stellantis and Ample have already established a pilot program that will begin in Madrid, Spain, in 2024 and will be using 100 Fiat 500e EVs within Stellantis Free2move car-sharing service.
19 hours ago
The one-off creation is mechanically identical to the standard Chiron Super Sport but features elements inspired by the Type 57 SC Atlantic such as the bespoke paint finish and chrome grille.
20 hours ago
Bridgestone will take over from Hankook, which is the present tyre supplier for the single-seater electric racing championship.
21 hours ago
Measures undertaken by Renault include complimentary road-side assistance, expedited insurance claim settlement and extended working hours at service centres.
1 month ago
Here's a checklist on how to inspect a used two-wheeler before making a purchase decision.
Based on the model year and the condition of the motorcycle you can get a used TVS Apache RTR 160 4V for around Rs. 60,000 to Rs. 1 lakh. But before you start looking for one, here are some pros and cons you must consider first.
Planning to buy a used KTM 390 Duke? You can get a few years older model for around Rs. 1 lakh to Rs. 2.5 lakh, depending on its condition. But before you start looking for one, here are some pros and cons you must consider.
Planning to buy a used motorcycle, but are confused as to what to get? So, to help you decide better, here's our top pick from each of these categories, which you can consider buying from the used vehicle market.
The Xpulse 200 has been in the market for over three years now, and depending on the model year and its condition you can get one for anywhere between Rs. 85,000 to Rs. 1.2 lakh.