A perplexing choice is selecting which two-wheeler is right for you – a brand new one or a pre-owned vehicle. While a new bike can be bought for someone with little experience, new riders are generally advisable to try their hands on pre-owned vehicles. When buying a used two-wheeler, its condition, the kilometres ridden, and the price are some of the factors that play a critical role. Two-wheelers offer a quicker solution in commute with higher mileage and lower maintenance cost as compared to its four-wheeler counterpart. But apart from selecting the bike, its insurance is also an important decision.
When it comes to two wheeler insurance for a used bike, it is similar to one that needs to be bought for a new bike. They can be bought either as liability-only plans or comprehensive coverage.Yet, many fail to either transfer or renew and purchase the right policy. Just like a two-wheeler insurance is necessary for new bikes, here are some of the benefits of investing in insurance coverage for used bikes –
- Coverage for third-party risks and liabilities is one of the primary reasons why insurance renewal for pre-owned bikes is advisable. Any costs associated with third-party damages to property or injury to such third persons are covered by the insurance policy.
- For comprehensive plans, the insurance policy also includes coverage for theft, natural calamities and man-made perils. These events can end up destroying your bike causing a hefty financial setback. With a comprehensive coverage to your second-hand bike, you no longer need to worry about these kinds of damages.
- Next, own-damage cover is an interesting benefit when you purchase a comprehensive policy. The insurance policy not only provides protection for damages caused due to third-party liabilities, but also covers the cost of repairs to your bike while offering a provision to include additional covers.
Add-ons for Pre-Owned Two-Wheeler Insurance
Just like a comprehensive bike insurance is available for new bikes, it can also be purchased for second-hand two-wheelers as well. With such comprehensive covers, add-ons can also be purchased. These add-ons are optional policy features that can be opted at the time of purchase or insurance renewal.Since they are additional features, they also increasethe price of your insurance coverage. A two wheeler insurance premium calculator is a nifty tool that can help to estimate the impact of these add-ons on the total cost. Let’s look at few add-ons that can come handy to enhance your insurance coverage –
Zero-depreciation cover:A comprehensive policy that otherwise accounts for depreciation when making a pay-out of the claim pays the entire amount when opted for a zero-depreciation add-on. This guarantees you to receive the entire cost of repairs without deducting depreciation from it. However, for older two-wheelers, it is essential to check the coverage offered since many insurance companies limit this add-on for vehicles up to 5 years of age.
24X7 Roadside Assistance:With the optional coverage of roadside assistance, you no longer have to worry about being stranded on the roads or having to push your bike to the closest service garage. A simple call to your insurer can arrange a towing truck and technician facility to take your bike to the nearest service station.
Consumables Cover: Lastly, old bikes might require frequent repairs in form of consumables like engine oil, nuts and bolts, and more. With a consumables add-on cover, these costs are covered by your insurer which otherwise do not form part of comprehensive bike insurance policies.
These are some add-ons that can enhance your second-hand bike insurance coverage. Make sure to opt for only those add-ons that add value to the insurance coverage otherwise they might bleed your insurance policy. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
