Choosing the right second-hand bike is as time-consuming and tedious as buying a brand new bike. Although people usually prefer purchasing a new vehicle with their hard-earned money, it can sometimes be impossible owing to budget constraints. Buying a used bike allows people to choose a high-end model they couldn’t have purchased because of the high price.

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But you shouldn’t stop at just finding a good used bike and buying it. Securing it and getting it insured under two-wheeler insurance is also essential. When you invest in second-hand bike insurance, you protect your bike from the financial damages arising from third-party obligations.

The coverage can vary depending on the insurance type you choose. Investing in bike insurance can appear like an additional expense, but it shouldn’t be avoided. Some reasons you should buy insurance for your second-hand bike are shared below.

• Protection from Legal Obligations

The Indian Motor Vehicle Act has made it mandatory for two-wheelers to get insured before getting on the roads. If you’re ever caught riding an uninsured bike anywhere in India, you can be subjected to heavy penalties/fines from the concerned authorities. The fine and penalty can vary depending on whether you’ve been caught for the first time or you’re a repeat offender.

Depending on where you stay, you can search for the latest fine and penalty slabs online to stay informed. To stay away from penalties, always ensure you’re riding an insured bike. You should carry the insurance papers while driving, so you don’t encounter any problem with the traffic police.

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• Financial Assistance for Repairs

Bike repairs can be heavy on your pockets, especially when you don’t have enough savings or funds secured for it. Whether the bike got flat tyres due to bad roads or the headlights got damaged due to a minor collision, every repair in such instances will cost money. But if you have insured your two-wheeler under excellent insurance, you can file claims to the insurer towards repair expenses.

Invest in second-hand bike insurance that covers repair costs if you want to prepare yourself financially for such expenses. To ensure you don’t face any unpleasant experience while filing a claim, always check whether the insurer has placed any limit regarding the number of repair claims you can file or if there exist some other related terms and conditions exist. The clearer you are about the terms and conditions, the better.

• Coverage for Own Damage

Damage caused to a bike during a road accident or collision can result in severe damage. And the repair costs for such damages can be high on the pocket. You can turn to your insurer for claims whether the two-wheeler or the policyholder has been affected. But not every insurance will cover its own damages, like third-party insurance that only covers third-party financial obligations.

To cover your own damages, you will have to invest in comprehensive two-wheeler plans. Since the comprehensive policy offers better coverage, it comes with relatively higher premiums than third-party plans. You can use any online bike insurance calculator to estimate the premium you’ll have to pay for the type of insurance you want. It will help you pick the right insurance plan from the many.

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• Financial Protection from Losses Arising from Theft or Natural Calamities

No one can predict when they can fall victim to damages caused by natural calamities. But they can always prepare themselves in advance to nullify the effect of potential damages. It is one reason bike owners have actively started investing in bike insurance with the best coverage.

As a second-hand bike owner, you should invest in insurance that protects you against the financial damages caused due to possible theft or natural calamities. The comprehensive plan covers damages caused due to these events, so look for a comprehensive bike insurance policy offered by insurers.

• Third-Party Risks

You can get sued by third-party individuals or property owners if you cause injury or damage during a road accident. Such cases often translate to hefty compensation to the affected people, and the bike owner can bear a substantial financial strain. If you don’t want to see yourself in a similar situation, you should invest in second-hand two-wheeler insurance that offers third-party coverage.

The standard third-party insurance can be ideal if you’re only looking for financial protection from third-party financial risks. But if you want enhanced protection, like protection for your bike and yourself, consider having a comprehensive bike insurance plan. Both these policy types cover third-party risks, so the policyholder doesn’t risk draining his life savings to compensate the affected parties.

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• Enhanced Benefits from Add-ons

Although standard bike insurance offers decent coverage, it is often not enough for bike owners. It is where the use of add-ons comes into the picture. With specific add-ons, bike owners can enhance their vehicle’s insurance coverage.

For example, by investing in a roadside assistance add-on with the regular comprehensive insurance plan, you can take advantage of facilities like towing service, spot repair, quick help getting a taxi at the stranded spot, etc. The benefits can be different with different add-ons.

Securing Second-hand Bike Under Insurance is a Must

Second-hand or brand-new bikes are always special to people and should be insured for protection. If you intend to use your second-hand bike long-term and make the most from your investment, insuring it under the best insurance shouldn’t be ignored. 

The better coverage you offer to your bike, the more you can boost your chances of using it for long. Bike insurance is a safety net that will protect you from the financial damages caused to your bike and, due to your bike, securing your savings. So if you’re ready to have a fruitful riding experience, invest in reliable bike insurance at the earliest.

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