As per the latest ruling by the Supreme Court, all two-wheelers must get a long-term third-party two-wheeler insurance policy. This means, irrespective of your bike’s age, you must purchase five-year coverage for your bike. Even if you buy a used bike or scooter, you must ensure the insurance policy stays good for the longterm.
Read on to know how you can purchase a cover for your old two-wheeler:
- Search for a suitable plan online
Research about two-wheeler insurance online and see what coverages could be relevant to your car. The insurance plan must meet your needs as well as be within your budget. Check the policy’s premium, terms and conditions, exclusions, claim settlement and renewal process, the insurer’s reputation and their customer reviews, and information about add-on covers. You can do this from the comfort of your home, at a convenient time.
- Gather all the required documents
If you’re purchasing insurance for a second-hand two-wheeler, your documents play an important role. They are valid proof of the ownership of the vehicle and its current physical condition. The documents you need include:
- Original registration papers of the two-wheeler.
- Documents containing your details such as your ID card and driving license.
- Associated documents regarding your address proof and vehicle ownership transfer.
- Calculate the premium
You can find out the premium payable based on the insurance plan and add-on covers you select. Several premium calculators are available online, where you only need to enter the vehicle’s manufacturing date and registration number to check the price. You must fix a suitable Insured Declared Value (IDV) for your vehicle a sit directly impacts the sum insured. Do not declare a lower IDV in hopes of a lower premium, as you will receive a lower compensation if the need arises. Keep the IDV as close to the current market price as possible.
- Payment process
After filling and verifying the required details, read the terms and conditions and exclusions of the policy. Proceed to the payment gateway and complete the payment process through your preferred method such as a credit/debit card, e-wallet or net banking. Once you pay your policy premium, the insurer will share your motor cycle insurance policy receipt and documents at your email address.
An old or used vehicle can serve you well with regular maintenance. Also, buy the best two-wheeler insurance cover for adequate financial protection against damages or accidents.
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.
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