Just like any other two-wheeler insurance, second-hand bike insurance is one that protects one from damage and losses caused to third-parties and oneself.
Why get a second-hand bike insured?
Does the second-hand bike you bought look good to you? It might be, but we cannot be sure of the wear and tear from the previous owner. Insurance is essential for your second-hand bike. Why? Let us understand, keeping the following assumptions in mind:
# Imagine the second-hand bike you bought has a loose gear. While you were riding amidst all the traffic, your gears stopped working and in moving your way ahead, an accident was caused. This accident damaged the mudguard of your bike and twisted the handle.
Insurance, in this case, would cover the cost of repairs for damage to your bike. Hence, insurance policy is a must for your second-hand bike in any circumstance.
# An insurance cover will save you from the legal liabilities that may arise if you happen to hit a pedestrian (third-party) while he/she is crossing the road. In the last few minutes when the traffic light signaled yellow, you tried to cross the road and at the same time, a pedestrian started to cross the road hurriedly. And in the very next second you both were in an accident. Your hit made him fall to the ground leading to a fracture in his hand.
It was completely your fault and hence you will be liable to pay for the losses. An insurance policy will pay for the expenses you have to bear for the third-party's bodily injury.
# To follow the traffic rules while driving is mandatory not only to save yourself but also to prevent hurting others on the road.
Think of an evening when a group of boys went on their daily bike ride. One out of those sped up on the second-hand bike he had purchased. Suddenly, a car came from the right side of the road and it hit him. The driver of the bike fell and died. He had an insurance cover in which he opted for compulsory PA cover for the owner-driver. It will pay the nominee of the owner of the vehicle, in case of death and disability.
To keep away the financial burden of repairs and treatment after injury due to an accident, we need bike insurance. Use Bike Insurance Calculator to get the premium for your second hand bike insurance.