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Two Wheeler Insurance for Second Hand Vehicle
Sep 5, 2022

Get Two Wheeler Insurance for Second-Hand Bike

When you buy a new two-wheeler, you have two alternatives when it comes to the insurance cover — select a dealer-provided policy or purchase a separate two wheeler insurance cover. So, making the decision should be fairly simple. But when you are buying a pre-owned vehicle, how does one choose an insurance plan? This comprehensive guide will help you in selecting a suitable insurance plan when it comes to second-hand bikes for all types of two-wheelers and different purposes.

Are There Separate Insurance Plans for Second-hand Bikes?

Pre-owned bikes do not have separate insurance covers. Same insurance policies are available for both - new as well as pre-owned bikes. The terms of the plan define the coverage in both cases.
  • Learning About the Different Insurance Plans

There isn’t just one insurance company that offers policies for second-hand bikes. There are a plethora of them. Selecting the right insurance cover requires you to know what each policy covers. To begin with, there are two types of policies — third party bike insurance and comprehensive bike insurance. Both these plans have a different scope, and hence, it becomes essential to select the right coverage before buying one for your second-hand vehicle. *
  • Comparison of Insurance Plans

The second step after acquiring information on the different policies is to compare them side-by-side. Comparison is an effective way to filter out those policies that do not check your insurance requirements. All such plans can be excluded and only those that are suitable can be considered before narrowing down on one policy. To aid in the comparison of the available options, insurance companies offer a two wheeler insurance premium calculator, which is a free tool. This tool is effective in filtering several plans not only based on the price, but also on the features, policy coverage, and add-ons available. *
  • Setting the Right IDV

Your bike’s IDV or insured declared value is nothing but the maximum amount that the insurer will have to pay in the event of damage beyond repair to your bike. When buying comprehensive policies, you may come across this term, and hence, ensuring the right IDV is essential. The IDV is arrived after accounting for the age of your vehicle, based on which depreciation is calculated. Therefore, whenever buying a second-hand bike, make sure to set the right IDV, based on its appropriate age. *
  • Verify the Insurance Terms

Once you have narrowed down on a specific policy, it is crucial to not skip this step of verifying the policy terms. The policy documents contain minute details of when the coverage will be active and when it won’t. Thus, to be on top of your insurance cover, it is best to be familiar with the insurance terms before you buy any policy. *
  • Applying for a Two-wheeler Insurance Plan

After understanding the policy, comparing the available options, and setting the right terms, you can apply for an insurance cover. Online application of insurance plans makes it simple to buy a suitable coverage for your second-hand, bike right from the convenience of your home. * *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.

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