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Friday 15 November 2019
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5 steps to buy a used two wheeler insurance

5 steps to buy a used two wheeler insurance

Motorcycles form a major chunk of automobiles plying on Indian roads. The number is going to only increase in the coming years. Keeping this forecast in mind, bike manufacturers are launching new models frequently to capture a lion’s share of the market.

While you are spoiled for options, it does not necessarily mean you purchase a brand-new model. There is always the option of buying a used bike from a recognized dealer that comes with bike insurance. It is a cost-effective option to own a two-wheeler. However, buying an excellent quality used bike needs a good deal of research and effort.

How to buy a used two wheeler

  • The first point of order is to know the type of bike you want. Maybe you are looking for a regular 150 CC two-wheeler for your office commute, not a sports bike.
  • If you go to a dealer, you will get the benefits of a thoroughly checked and cleaned two wheeler. That’s because the dealership needs sales to earn profits. Buying from a private owner will save you on costs but the risk of buying a damaged model is considerable unless you know the owner.
  • Inspect the bike and its parts carefully for any damages.
  • Once you have inspected the bike, sit on it and hit the roads. Test ride the bike more than once and on different terrains to examine its performance.
  • If the test drive has satisfied you, ask if he or she is willing to transfer the two wheeler insurance to the bike. Check the background of the insurance provider and its insurance claim If satisfied contact the insurer immediately. If not, make sure to insure the bike online as soon as you buy it. Online because it is convenient and you attract lower premiums and the Motor Vehicles Act mandates every bike owner to have insurance.

How to buy/ transfer a used two wheeler insurance

People buy two wheeler bikes based on their changing needs and the changing trends in the two wheeler industries. Many of them also purchase a second-hand vehicle. While buying a new bike, you must buy either a new two wheeler insurance third party plan or a comprehensive car policy. While purchasing a second hand two wheeler, you need to get the existing insurance policy transferred to your name.

Here is how it is done:

  • Apply for two wheeler insurance transfer as soon as possible after the purchase
  • Buy the two wheeler insurance plan which can fulfill all your requirements
  • Mention all the details regarding the transfer of ownership in the proposal form
  • Submit all the documents mentioned above to the insurance provider
  • After submission of the required forms, an investigator from the insurance company will inspect the bike
  • A nominal transfer fee also has to be paid by you for transferring the two wheeler insurance policy
  • Once everything is verified by the insurance provider, the two wheeler policy will be transferred to your name