Planning To Buy A Second Hand Bike? Here's Your Guide To Insuring It Safely
The traffic on the streets of India is just increasing. You feel agitated and believe that a bike or a scooter will be the solution to your problem. Buying a two-wheeler is considered one of the sought after solutions to avoid the long queues and traffic jams. But due to everyone being in a hurry, the number of road accidents has spiked up.
Even when deciding upon the vehicle that fits your budget you are always confused. Depending on your budget and situation, you do plan to buy a bike but can’t decide on how to reach a conclusion. To save more, the final decision is to buy a second hand bike but don’t know how to check everything and feel scared if someone fools you on the way to buy two wheeler insurance?
Our families feel that buying second-hand bikes is a more practical decision and India is home to one of the largest second hand bikes. To prevent more accidents, the government launched ‘The Motor Vehicle Act’ which makes it compulsory for every two-wheeler rider to have valid insurance. But do you think about how you can buy two wheeler insurance or do the bike insurance renewal online
For people who have decided to buy a second hand bike but are not sure about the important checklist to keep while you buy two wheeler insurance. Here’s an in-depth look:
Documents required for paper check:
Once you have selected your bike. Do you know the documents required or what if you have your bike insurance renewal online?
- Registration Certificate (RC) of the bike: Check the chassis and engine number with the RC of the bike.
- Tax Certificate: For a tax certificate that is valid at the time of buying the bike.
- Insurance: Check for the valid insurance papers. Try bargaining the price of the bike in case the insurance is not valid. Also figure about if there is bike insurance renewal online.
- Valid PUC Certificate: Important to check the Pollution Under Control certificate is necessary. You must get the cost of PUC from your pocket if it is not valid.
- Service History of the bike: What is the service history of the bike? Good servicing means the bike is in nice condition.
- NOC: It is also important to ensure to get the bike transferred by applying for NOC at the particular RTO.
Two-wheeler insurance types:
- Comprehensive two-wheeler insurance: It covers your own damage to your vehicle along with the damage of the vehicle that has been damaged in case of an accident.
- Liability two-wheeler insurance: Liability insurance covers damage that has occurred to the opposite vehicle. This is also known as third-party insurance.
Points to keep in mind while you choose to buy two wheeler insurance:
Cashless Garages: Every insurance company has its own authorized network garages where you can repair your damages without paying a single penny. While choosing the right company, look for this feature.
Add on or riders feature: This feature gives you extra insurance coverage feature with taking little premium for your two wheeler. It has various types of coverage like zero depreciation cover, accessories cover, medical cover, passenger etc.
Claim settlement ratio: Before buying term insurance be careful. This feature denotes how much a claim comes from the insurance company.
Claim settlement process: When you consider an insurance company for your two wheeler, look into their claim settlement process, always it will be hassle free and quick.
Type of coverage: Checking what type of coverage provided by every two wheeler insurance company.
Customer care support: This is another important factor that you can’t ignore. the customer care support must have 24*7 facility because the future is unpredictable where we don’t know what future we will see in your next day.
Fraud details to be aware of:
If you are planning to buy two wheeler insurance from the dealer who is selling you the two-wheeler, you might land yourself into these troubles:
- You might be paying a higher premium on the two-wheeler insurance.
- You may have a lower Insured Declared Value (IDV) on the two-wheeler insurance.
- The two-wheeler insurance company may not have many cashless garage networks.
- The dealer might not provide information regarding add-on covers.
- The claim process is also not explained while purchasing a policy from the dealer.
- The dealer might sell only third-party two-wheeler insurance to all, while comprehensive two-wheeler insurance might be a better option for few.
List of companies while you buy two wheeler insurance
The top two-wheeler insurance companies are as follows:
- Bharti AXA
- HDFC Ergo
- Bajaj Allianz
- TATA AIG Insurance
- Reliance General Insurance
- New India Assurance
- SBI General Insurance
To conclude, multiple companies provide some of the best bike insurance plans in the country. One of the most significant advantages of our time’s technological advancements is that you can do everything online now. If you wish to buy bike insurance for your two-wheeler from the comfort of your home, you can visit the insurer’s website and pick a suitable plan for you and if you are not comfortable you can always call your dealer.
Two wheeler insurance is a bliss as it provides financial assistance to the owner in case of loss or damage to the insured vehicle. These wear and tear could be due to man-made or natural disasters.
