Insurance Policy for Used Bike
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If you’re thinking of getting a bike for yourself but don’t want to spend a bomb for it, buying a used one can be a good option. Make up your mind and know what to look for in a bike you have your eyes on. Get yourself a bike that will hold up to countless miles of fun and adventure out on the open road.
Confused about what to check, where to start from? Don’t worry, we’ll guide you.
Look for bikes that are appropriate for the type of riding you plan on doing - Ask yourself how and for what purpose you will be using the bike and then mould your search accordingly
Research is a must - Go online, talk to experts to know all you need to know about bikes, especially of the kind you’d like to go for.
Check the bike out - Check the paint, scratches, any fluid leakage, tyres or any wear and tear. Check the general outer body. Keep a keen eye on any dents. Scratches can be considered ok, provided that they aren't too deep
Brakes - A majority of used bikes have drum brakes. So, test the brakes and then decide whether you would want to change them or keep them. Maybe even service would be recommended.
Servicing record - Check with the owner on how many times the said bike has gone for servicing and, for what purposes.
Scan the bike’s VIN number for any error - A vehicle identification number is a unique serial number used to legally identify a vehicle. On most bikes, you’ll find the VIN number stamped onto the steering neck section of the frame, just behind the headlight. Check this number against the number on the official title to make sure they match.
Lights - Headlight bulb, indicators and tail lights should be in working condition and bright enough. If not, replace the bulbs.
Check the papers - The RC book, Bike Insurance, The validity of the bike insurance, Pollution Certificate, Original Invoice, Extended Warranty (if any).
Test drive -Go on a quick ride to check the speed, mileage and if you’re comfortable with its performance or not.
Talk to a local mechanic about scheduling a detailed inspection - Even if you’ve decided to buy your second-hand bike from a private party, it’s wise to have it looked over by a third party before you make any kind of contract.
Once you do settle on a used bike, be sure to take it to your local bike shop for checking if you’re not mechanically inclined yourself. After this is done, it is now time to complete all paperwork which is mainly on transferring the ownership and insurance to your name.
Transfer of ownership is important, and this is how you need to do it:
Step 1 - You need to apply for transfer of bike ownership at the same RTO where the bike owner initially got the bike registered.
Step 2 - Submit Form 29 and Form 30 at the Directorate of Transport office with original documents like RC, insurance, emission test, tax paid receipts, three passport sized photographs address proof of the seller, etc.
Step 3 - After all verifications from the registering authority are done, the ownership along with the insurance of the bike will be transferred to you within 14 days.
Easy right? And the documents you would need are:
According to Rule 81 of the Central Motor vehicles Rule, 1989, these above documents are to be submitted with a registration fee to the registration authority.
Transferring the respective bike insurance is equally important. It is important to ensure you have completed all procedures correctly while transferring the ownership of the bike. This ensures that the procedure of transferring the bike insurance is then easier.
Here is what you need to do to transfer bike insurance:
If your second hand bike does not come with a bike insurance then you must pick one on your own, as it is mandatory by law. The most preferred policy for a second hand bike is a comprehensive insurance policy that can give you maximum coverage with customized add-ons to benefit you. You can either get your bike insured online or visit the insurance company personally with all relevant documents and choose from an array of policies, the policy that suits your bike the best.
Third-Party - Third-party insurance as the name suggest covers third-party losses and Personal Accident for the owner.
What is Covered?
What is not Covered?
We recommend a Comprehensive or Standard Package policy to most customers. But, if you rarely ride your bike or it’s too old already, the Third-Party Liability only may not be a bad idea either.
Comprehensive Policy - This policy Covers third-party losses, damages caused by accidents to your bike and Personal Accident for the owner. This is a comprehensive or standard two-wheeler insurance policy which can give your bike and of course your pocket the utmost financial security.
What is Covered?
We give you the right add-ons for complete protection of your secondhand bike. Choose the best bike insurance add-ons with your policy to reap maximum benefits.
If you have more questions, get in touch with us. We will be happy to help!