Astrology

insurance for second hand bike

March 7, 2022
Bharat Times

Owning a vehicle is one of the biggest achievements people work for in their lifetime. Often people opt for second hand vehicles.

People look for different options when they are thinking of buying a vehicle. Often, conditions do not allow for brand new purchases, which is why people turn to second-hand vehicles. Now, any vehicle will need insurance as an accident or theft can happen at any time; People need to be protected. In case of old bikes, making an insurance claim can be difficult. Let us take a look at all the information that needs to be taken into account.

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transfer insurance for bikes

One of the major rules that people usually don’t know about is that the insurance must be transferred for the bike within 14 days of purchase. The insurer of the vehicle must be informed of the sale. They may ask to submit the following documents:

  • Registration or sale document for purchase

  • address proof

  • identity proof

  • owner’s photo

  • owner’s dll

  • PUC certificate (if asked)

Nowadays, insurance claims can be made online by submitting scanned documents. Visit the website, upload the documents, wait for the verification and pay the fee for the insurance.

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Tips for Insurance for Second Hand Bike Owners

There are 5 key tips that a second hand vehicle owner should follow:

  • Checking if zero-depreciation add-on is available: Second-hand bikes cost a lot less than new vehicles. The zero-depreciation add-on ensures that the bike will retain some resale value if the owner decides to sell the bike.

  • Obtaining NCB Transfer Certificate: No Claim Bonus is an easy way for the owner to get some discount on the premium amount. Make sure the NCB is shifted to the bike; Otherwise, the premium amount may be too expensive for the owner.

  • Knowing the Insurance Declared Value: This is the value of the bike based on the current market. The IDV must be accounted for, and the owner must decide whether to set it more or less.

  • Ensuring that the information is correct: Any mistake in the information may result in cancellation of the insurance policy and fines may be imposed on the person by the authorities.

  • Prefer buying insurance online: Being able to transfer insurance without any hassle is one of the major parts of buying insurance. One should prefer buying it online as they can get attractive deals. It also helps to maintain the 14-day time frame.

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What if the transfer doesn’t happen?

The most obvious point here is that as soon as the 14-day window closes, the insurer is legally allowed to close the owner’s request. If the traffic police catch the owner without documents, they can be fined. In case of any theft incident or accident, the insurer shall deny any claim for the sum insured.

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