India is known to have the largest market of two-wheeler vehicles globally. Thus, buying and selling of second-hand two-wheelers has increased tremendously too.
A second-hand two-wheeler is much more affordable and inexpensive as compared to a brand new one. Hence, people are finding it easier to purchase a second-hand bike. Another reason one may opt for a second-hand bike rather than a new one is if they are a beginner. It is wise to purchase a second-hand bike if your new to riding, get used to it, see how comfortable you are, how efficient it is for you and other things. It will help you decide if in future you want to invest in a new bike that will serve the purpose efficiently for you. For the daily commute, as said earlier it is advisable to buy a second-hand bike as it also needs less maintenance and offers an adequate mileage.
Two-wheeler insurance policies are insurance plans that offer coverage if any damage occurs to a bike or its riders, as a result of an unfortunate or unforeseen situation. It is exemplary as it the best solution to safeguard oneself from liabilities that will burden oneself. There are two types of two-wheeler insurance policies.
Comprehensive policies are the insurance plans that offer coverage to every kind of damage or injury to the bike and the rider.
Liability only policies are insurance plans that offer coverage to only third party rider or his/her vehicle.
Steps to get second-hand bike insurance:
At the time of purchasing a second-hand bike, the seller will have to show you the documents that state the two-wheeler is insured. Once you have purchased it, make it a point to buy or renew your second-hand two-wheeler insurance policy. At the time of your two wheeler insurance renewal online or offline, you also are presented with the option of shifting if you are not satisfied with the current benefits.
You can renew your two-wheeler insurance online by visiting the insurance company’s official website.
- Type the previous policy number and date of expiry.
- Customize as per convenience.
- Make the payment for the policy to renew.
You can personally visit your insurance company branch carry out this renewal process offline too.
Some other methods of renewing your second-hand bike insurance policy are through mobile banking apps too. However, if you are changing the insurer then make sure you check their reliability, compare various two wheeler insurance online plans with different insurance companies and contemplate on your coverage requirements. After considering all these factors, only then proceed.
7 tips for buying two-wheeler insurance for a second-hand bike:
- Transfer of two-wheeler insurance policy: It is important that you get your second-hand bikes insurance transferred by the seller to your name. Delay in doing so, will lead to penalties being charged. Else, you will have to purchase a new policy.
- Compare two wheeler insurance policies: While buying a bike can be an easy decision, choosing an insurance policy is confusing. There are a ton of insurance policies available, each with their own alluring benefits and advantages. It is necessary for you to research and compare policies of two wheeler insurance online and thus see what suits you the best financially.
- Limited time offers: Limited time offers are established to again lure a large group of customers. Be vigilant and choose the right offer to save on some extra bucks.
- Details: Be extremely cautious while providing your details while buying the new insurance policy. Not providing correct personal details and nominee information, can lead to delays and other issues. You need to be extra careful during your two-wheeler insurance renewal online process as all details need to be filled by you.
- Coverage requirement: Be aware of your coverage needs and according seek for insurance plans. Depending upon your bike utility and expense, select a plan with the required coverage amount.
- Premium: It is important that you know all the details of the bike you are purchasing. Ask the seller for all the necessary documents and details of the bike. Your premium is decided on the basis of the cubic value of your bike. If your bikes cubic value is high, you will have a high premium.
Read the terms & conditions properly and reviews too.
Thus, comparing does save a lot of money but it needs some time and effort. It is indeed a good idea to compare two wheeler insurance policies online before purchasing your two-wheeler insurance plan so that you choose the one which best suits your needs.