India is one of the largest consumers of two-wheelers around the world. This means, that a lot of two-wheelers are bought on a daily basis. However, if you read between the lines, there is an exciting prospect as well. Since more and more people are buying new bikes, it opens up a world of opportunities for second-hand bikes as well.
There are several instances where bike owners want to jump ship and buy the latest entrant in the market. This allows users to pick up a bike that is relatively new by not actually paying the full amount for the bike. A win-win situation for sure.
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However, one must not get carried away with all this. One of the most essential parts of buying a second-hand bike is two wheeler insurance.
The laws remain the same for a new as well as a second-hand bike. As per the Motor Vehicle Act of 1988, all bikes must have valid bike insurance on them at all times. Here is a list of the major reasons why one should buy bike insurance for their second-hand bike.
1. Natural Disaster: There are a lot of places in the country which are prone to natural calamities such as floods, earthquakes, landslides etc. In recent times, there have been multiple instances where cities have been badly impacted by the same.
If you do not want to be caught in the crosswinds and pay for repairs from your pockets, getting bike insurance is important. Your two wheeler insurance will take care of any expenses arising as a result of natural calamities.
2. Man Made Nuisance: If your vehicle is safe from natural calamities, there are a lot of man-made issues that you would need protection.
Buying two wheeler insurance will give you immunity against incidents such as theft, vandalism, burglary, warlike perils, strike, etc. The policy covers service costs or replacement expenses arising out of such incidents.
3. Legal Clearance: As already mentioned, the law requires all vehicle owners to have valid insurance on them always. If you fail to do so and are caught by traffic police, be ready to shell out a hefty fine.
This would also ensure that you do not end up paying for repair or medical expenses related to third-party individuals or properties.
4. Peace of Mind: It would be very difficult for you to go to sleep on a regular basis if your vehicle is not insured. If you do not have a dedicated parking spot, the fears can get even worse.
Having your bike insured will give you a sense of security and complete peace of mind. So that you can park your vehicle without any concerns or take it out on rides without being worried.
5. Discounts: Getting into a habit of renewing your bike insurance online or even offline is a good habit. Once you are regular, you can expect to benefit from perks and discounts. The most common being NCB or no claims bonus.
If you do not claim your policy during a term, you stand to benefit from discounts. It starts from 20% for the very first year and goes all the way up to 50% for five consecutive years.
You have the option to buy bike insurance online as well. Over the last few years, more and more people are inclined towards buying policies online for several reasons.
Firstly, buying a policy online is quicker than buying them offline. The amount of paperwork and documentation involved is also greatly reduced.
Since most of the insurers are present in the online space, you have a lot of options to choose from. And most importantly, you will be able to bag a policy that is light on your pockets as well.