2510
3 min read
Updated on Aug 08, 2023
When done properly, buying a pre-owned bike can turn out to be a smart decision. By done properly, we mean if you have done your bit of research and have a trusted mechanic test and verify the bike. Two-wheelers are one of the most efficient ways of moving around in the country. And given the soaring petrol prices, they make even more sense.
A pre-owned bike is not only more affordable but is lighter to maintain as well. Since the bike would usually be a bit old, you would end up paying a smaller policy premium as well. However, should you get insurance for your newly bought pre-owned bike? The simple answer is Yes.
As per the Motor Vehicles Act, it is mandatory for any vehicle to have valid insurance on them always. It is irrespective of whether the bike is new or old. Thus, riding your pre-owned bike without insurance can land you in trouble. You would not only end up paying hefty fines but the financial liability of any incident falls on your shoulders as well.
Visual stories by PayBima
There are two different ways by which you can secure insurance for your bike:
The standard way is what a lot of us are already aware of. After you buy the bike, you can purchase new insurance for the bike via any insurance aggregator or directly with an insurance company. You can compare two wheeler insurance online to get the best deals.
When you compare two-wheeler insurance, you will receive insurance quotes from various insurance providers. You can browse through the different policy coverage and the premiums for the same. You can also browse through the different add-ons available to enhance your policy.
And the best part of it all is that when you compare two-wheeler insurance, you do not have to pay anything for the comparison.
Also Read: Does Two-wheeler Insurance Get Cheaper as Your Bike Gets Older?
However, there is another smarter way of handling insurance if you wish to buy an old bike. If the previous owner of the bike had valid insurance and there is still some time before renewal, you can transfer the policy to your name. Here are the documents that you would need to transfer the policy to your name.
In order to transfer the insurance, you need to apply for the same with the insurance provider within 14 days of the bike’s purchase. You would then need to fill up a proposal form stating the details of the ownership transfer.
Also Read: Does Two-wheeler Insurance Get Cheaper as Your Bike Gets Older?
You need to submit Form 29/30/Sale deed along with any other document that the insurance provider might ask for. After paying a nominal transfer fee, the policy will be transferred to your name.
Irrespective of which method you follow, it is essential that you buy insurance for the bike that you purchase. Buying your policy through insurance brokers online will help you save a considerable amount of time and money.
Also read: How Multi-Year Insurance Plan is Beneficial for Your Bike?
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
On average, 100 million bikes and 67 million cars are produced every year across the globe. With such a humongous number, you can assume the.
The performance of your bike or the way it runs depends on various things, including the quality of your two-wheeler tyres. Alloy wheels and spoke.
You cannot ride a two-wheeler without insurance, at least not without the mandatory third-party insurance. But what if the policy you bought for your vehicle.
Acquiring a new bike is an exciting time of your life. A bike gives you the liberty of mobility and a sense of confidence. However,.
For a rider, the sense of freedom while riding a bike is exhilarating. However, the thrilling adventures on the road can take an unfortunate turn.
Like in many countries across the globe, wearing a helmet is compulsory in India while riding two-wheeler vehicles. However, do you know the various helmet.
Until recently, Motorcycles occupied the two-wheeler segment in India. However, the trends are changing now with scooters taking over the market slowly and steadily. Let.
India is one of the countries with a vast two-wheeler or scooter market. Manufacturers keep bringing in new scooter models to make this vehicle as.
In India, every two-wheeler owner must mandatorily have a two-wheeler insurance policy as a compulsory document to ride a bike freely on the roads. But.
Are you planning to buy bike insurance online? If so, you should have a good understanding of some jargons in the insurance sector, especially related.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue