Insurance For Second Hand Bike

Two-wheelers are a lifeline for the common man. It is one of the most used modes of commute. Factors like budget, high mileage, easy navigability, and low maintenance costs encourage the market of second-hand two-wheelers. People often opt for a two-wheeler bike to spend well within a budget. However, it is a compulsion to own bike insurance for a second-hand bike.

Bike insurance for second-hand bikes is similar to the standard motor insurance that one purchases for a new two-wheeler. You can have a comprehensive insurance policy cover or a third-party insurance cover. Bike insurance secures your two-wheeler from losses and damages incurred in an accident. There are three types of bike insurance policies — third-party liability, comprehensive bike insurance policy, and standalone own-damage cover.

Most insurance providers in India provide all three types of insurance for bikes. Tata AIG is one such insurer where you can compare bike insurance and also calculate bike insurance premiums. You can invest in new bike insurance or have it transferred to your name while buying a second-hand bike.

To hold bike insurance is not just mandatory by law but holds multiple benefits. Know why it is beneficial to own bike insurance for your second-hand two-wheeler.

• Mandatory by law - According to the Motor Vehicles Act, 1988, every biker rider must carry third party bike insurance while biking. Just like carrying a driving licence, emission certificate, or registration certificate, carrying insurance documentation is a compulsion. One who fails to do so can face imprisonment or be punished with an INR 2000 penalty.

• Third-party liabilities - Third-party liabilities can arise out of property damage, demise, bodily injuries, etc., incurred by a third party due to your bike. A third-party insurance cover will safeguard you from such financial expenses. Therefore, second-hand two-wheeler insurance is a necessity to cover accountability or risks involving a third party.

• Self-damage cover - While purchasing comprehensive bike insurance, the owners of second-hand bikes can easily claim for their damages. In other words, if the second-hand two-wheeler sustains any damage due to any mishap or accident, the owner can claim the damages. The purchased insurance for bikes also offers coverage against the damages caused by natural calamities like floods, earthquakes, etc. It also offers protection against man-made damages, like in the case of terrorism and riots.

• Theft of the bike - God forbid, but if your two-wheeler gets stolen, it can hugely affect your financial plans and can leave you in despair. In situations like these, some insurance policies would offer you the market price of the stolen two-wheeler.

Second-hand bike insurance offers additional covers, similar to what a new two-wheeler insurance policy offers. Insurers provide added benefits that serve as exhaustive coverage for the two-wheeler. The add-on insurance coverage for second-hand two-wheelers offers coverage for liabilities that are uncovered under third-party plans or comprehensive policies. Listed below are details on the add-ons of the insurance covers for second-hand bikes.

RTI or Return to Invoice Cover

If your two-wheeler is stolen or suffers damages, the insurer is liable to pay the insured sum or the current market value of the bike. With the Return to Invoice addition, the insurance company will pay you the original invoice amount for the two-wheeler. The amount would include the road tax and registration charges as well.

Zero Depreciation Cover or Nil

In case your bike requires the replacement of old body parts due to an accident, the insurer would bear the costs. The company would consider the depreciation of the bike parts and pay for the repairs or replacements. However, when you have the Zero Deposition Cover or Nil, the insurance company will not evaluate the depreciation of the bike parts before settling the claim.

Engine Protection Cover

A comprehensive insurance policy for a second-hand two-wheeler might not offer coverage for a bike engine. Therefore, if ever the engine of your bike demands a repair, you will have to bear the charges. The insurer might not bear the expense of a new engine. However, if you have the add-on of the Engine Protection cover in your bike insurance policy, the insurance company becomes liable to pay for the engine of your two-wheeler. It even pays for the repairs that the engine requires.

Breakdown Assistance

The add-on of roadside assistance is needed in the case of a bike breakdown. For instance, your bike can break down in the middle of nowhere, and you can be in need of help. You would require assistance to take your bike to the nearest garage or repair shop.

Consumables Cover

Nuts and bolts, screws, engine oil, etc., do not fall under the coverage of a comprehensive two-wheeler insurance policy cover at the time of settlement claim. However, if you add the consumables cover to the insurance policy you buy, it will take care of the consumables of your two-wheeler.

To apply for second-hand two-wheeler insurance is an easy ask, and you can do it online within minutes. There are several insurance providers you can select from. Below is the process to apply for a second hand two wheeler insurance:

• Pick a reliable insurance company like Tata AIG and visit their website.
• Enter the details of your bike, including owner details, registration number, model, etc., such that you can get an insurance policy quote from the company. Or you can also submit a copy of the invoice, a copy of the RC, and identity proof on the online portal.
• Once the process starts, the insurance company will send a survey inspector for the inspection of your bike.
• You must be ready with your bike documents, such as ID proofs and registration certificate, to produce to the inspector when asked.
• The final step includes making the payment for the policy you choose. Once you pay, you will get the policy documentation via email at your registered email address.

A two-wheeler is your companion for your day-to-day life. It can be a problem if it breaks down or imposes additional costs on your pocket. An insurance cover can prove to be a saviour when uncertain times impose financial burdens on you. A second-hand bike insurance cost depends on its Insured Declared Value or IDV. If you choose Tata AIG to buy bike insurance online, you can compare two-wheeler insurance policies on our website and pick a suitable one that serves your purpose.