Owning a vehicle is one of the greatest accomplishments that people work for during their lifetimes. Often, people tend to choose second-hand vehicles.
People tend to look for various options when they’re thinking about buying a vehicle. Often, the situations don’t allow for a brand-new purchase which is why people tend to shift towards second-hand vehicles. Now, any vehicle would require insurance since accidents or thefts can happen at any time; people need to be protected. Claiming insurance can be tricky when it comes to second-hand bikes. We should take a look at all the information that should be kept in mind.
Transferring the insurance for the bike
One of the major rules that people generally are not aware of is that the insurance should be transferred for the bike within 14 days of the purchase. The vehicle’s insurer should be notified of the sale. They might ask for the submission of the following documents:
- Registration or sale documents for the purchase
- Address proof
- Identity proof
- Photograph of the owner
- DL of the owner
- PUC certificate (if asked)
Nowadays, insurance can be claimed online by submission of scanned documents. Visit the website, upload the documents, wait for verification and pay the fee for insurance.
Tips for insurance for second-hand bike owners
There are 5 major tips that should be followed by the owner of the second-hand vehicle:
- Checking if the Zero-Depreciation add-on is available: The value of a second-hand bike is much less as compared to newer vehicles. The Zero-Depreciation add-on ensures that the bike retains some resale value if the owner thinks about selling the bike off.
- Getting the NCB transfer certificate: The No Claim Bonus is an easy way for the owner to get some discount on the premium amount. Make sure that the NCB has been transferred on the bike; otherwise, the premium amount might be much more costly for the owner.
- Knowing the Insurance Declared Value: This is the value of the bike on a current-market basis. The IDV should be accounted for, and the owner should decide whether to set it low or high.
- Making sure that the information is correct: Any mistakes in the information can lead to the insurance policy being cancelled and the person being fined by authorities.
- Preferring to buy insurance online: Being able to transfer insurance without hassle is one of the major parts of buying insurance. One should prefer buying it online since they can get lucrative deals. This also helps keep up with the 14-day deadline.
What if the transfer is not done?
The most obvious thing here is that as soon as the 14-day window closes, the insurer is legally allowed to shut down the owner’s request. If the traffic police catch the owner without the document, they could be fined. In case of any theft incidents or accidents, the insurer will deny any claims for insurance money.