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Using or purchasing a second-hand bike has its own perks and difficulties. It gives you the convenience you seek. It might be used, but it still signifies your freedom and stands for your needs.
You must understand one essential factor regarding the same: it is a used bike. Although this doesn’t automatically mean that it is a torn asset, it has mileage under its wheels and has been on the road, indicating wear and tear.
Staying safe and protected comes above and beyond anything. Even if the bike is new to you, it might not be new to accidents and might’ve suffered due to something in the past. Now, those technical issues have passed along with the bike. This makes having second-hand bike insurance super important.
While this is not an option because at least third party bike insurance is compulsory for bikes, getting bike insurance for your second-hand bike can be puzzling. If you are looking for reasons to buy a bike insurance policy, you have come to the right place.
Let us discuss the importance of having two-wheeler insurance for your second-hand bike.
Importance of Two-Wheeler Insurance for Your Second-Hand Bike
An Obligation
It is more of an obligation to have insurance than a choice in India. It is a compulsion that you have to have insurance if you are riding a bike. It can result in fines, penalties, or suspension of your license if you are caught without at least a third-party insurance. Although it is advised to always choose comprehensive bike insurance, at least having a third-party one is necessary. It signifies that your bike is protected by insurance in case of accident or loss and compensation for any third-party damage.
Peace Of Mind
Purchasing a second-hand bike is a leap of faith in itself. You have to trust the previous owner or the brand of that motorcycle because the quality of the bike depends solely on it. If there is any kind of damage, theft, loss, accident, or disaster regarding your bike, your first instinct would be to panic. But with insurance, you can stay at peace and calm yourself when something like that happens. You can rely on the insurance because it is your safety net in case of any potential threat to the health of your bike.
Any Liabilities
Imagine there is a case of collision where your bike and someone else’s vehicle dash each other. In this collision, if the other party goes through serious injuries or damage, you will need monetary compensation. Your third-party or comprehensive bike insurance gives you that financial safety net. Since you are personally responsible for the medical bill or repair costs of that third party, you really can use that bike insurance for second-hand bikes for good.
Own Damage
As mentioned above, you are obligated to have at least the third-party policy with you. But that policy will not cover the damage that your bike or you suffer. You will need comprehensive bike insurance at that time. Own damage, which means theft, accidents, vandalism, natural disasters, etc., damaging your bike’s condition. The own damage coverage compensates for your bike’s repair cost and reduces your financial tension significantly.
Add-On Covers
You receive your normal coverage according to your insurance type, but nowadays, the insurance companies offer a lot more than that. You need these additional covers, also known as add-on covers, because a second-hand bike can have technical issues due to wear and tear.
You will receive add-ons like zero depreciation cover, where you receive the entire amount assured without considering the depreciation. You also receive the engine protection cover, which pays for the repair cost of your engine to protect it from damage. The company provides roadside assistance, where if your bike breaks down, you will receive assistance in the same spot.
Conclusion
We can say that having insurance for your second-hand bike is not just a legal obligation but pretty much a necessity. It is a vital step in protecting your two-wheeler. With a good choice of type of insurance and add-ons, you can make the most out of it.
While having a financial safety net is essential, staying away from police penalties, fines, and custody is also essential.
The repercussions of not having insurance can be higher than the premium that you pay for it. There is also the convenience and transparency of securing second-hand bike insurance insurance online. It is always better to stay out of danger, protected, and insured!
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