Getting The Right Coverage For Your Second-Hand Bike

Acquiring the right two-wheeler can be a tough decision, but the thrill of owning one is unparalleled. Opting for a used bike is a budget-friendly alternative, and motor insurance is essential in India. Before making your purchase, delve into our guide on acquiring insurance for a used bike.

 

Insurance For Used Bikes: Why It Matters

Insurance for a used bike is imperative, offering protection against losses and damages to yourself or a third party while riding. Considering the uncertainty of a pre-owned vehicle’s wear and tear, having insurance is crucial for the following reasons:

 

Vehicle Damage:

In case your bike undergoes damage, the insurance plan can cover repair costs.

 

Third-Party Liability:

Accidentally hitting someone can lead to financial responsibility for their losses and medical expenses. Insurance coverage assists in covering these costs. Claims are subject to terms and conditions set forth under the motor insurance policy. *

 

Personal Accident Coverage:

The motor insurance plan covers your medical bills if you are injured while riding. In the unfortunate event of passing away due to a car accident, beneficiaries receive full compensation. Claims are subject to terms and conditions set forth under the motor insurance policy. *

 

Comprehensive Insurance:

Comprehensive bike insurance combines all features to provide complete coverage. When selecting a policy, consider factors like the insurance company’s track record, payment capacity, and claim settlement ratio. Claims are subject to terms and conditions set forth under the motor insurance policy. *

 

Factors Considered By Insurance Companies

Before providing bike insurance coverage for used bikes, insurance companies evaluate the following factors:

 

9679. Driver’s License: A valid driver’s license is a prerequisite for obtaining used bike insurance.

 

9679. Vehicle History: Insurers investigate whether the bike underwent major accident repairs or modifications. Previous maintenance may result in a higher premium.

 

9679. Replacement Parts Accessibility: Insurance costs may be lower if replacement parts for the bike are readily available.

 

9679. Likelihood Of Theft:

Older bikes may be more susceptible to theft due to simpler components, potentially leading to higher premiums.

 

Safety Score And Risk Factors:

A bike with a high safety score may result in lower insurance premiums.

 

Second-Hand Motorcycle Insurance

Insurance providers offer a comprehensive plan covering:

 

9679. Damages from accidents, fires, explosions, acts of terrorism, earthquakes, cyclones, and other natural disasters. *
9680. Compensation for harm caused to a third party or their property in an accident. *
9681. Personal accident insurance for the owner-driver, providing financial security in case of passing away, permanent disability, limb loss, or vision loss. *

 

Tips For Buying Used Bike Insurance

9679. Select The Appropriate Insurance Type: Choose between third-party liability coverage and comprehensive insurance based on the bike’s age and repair needs.
9680. Purchase Bike Insurance Online: Save time and compare policy benefits and premiums online. Insurance providers offer an easy online purchase process for comprehensive, third-party, and own damage coverage. *

 

Steps For Purchasing Or Renewing Insurance

9679. Visit Your Providers Insurance page for more information.
9680. Enter your bike registration number for a premium quote.
9681. Select the desired coverage level and enter the necessary information.
9682. Choose add-ons like Consumable Expenses, Additional Personal Accident Coverage, Depreciation Allowance, etc. *
9683. Cover the premium; the renewed insurance copy will be sent to your address.
9684. Use a Bike Insurance calculator to explore premium rates and coverage details before deciding. Make sure you do the process for bike insurance renewal on time.

 

* Standard T&C Apply

 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.