Last Updated on August 3, 2022 by Tabraiz
Buying a second-hand bike entails a lot of formalities that you must complete before going for a ride! You have to acquire all the documents named after the first owner. The insurance certificate of a vehicle is one of such vital parts of the paperwork you need to complete for the purchase. The availability of used bikes in Bangalore has increased with the expansion of online platforms. You do not have to go through the hassle of going from one place to another in search of your favourite bike. You can buy and renew the insurance of your old bike online by completing all the formalities in a few simple steps. Here is all you need to know.
Whether it be for the love and passion for vintage or a financial obligation, you may choose to buy used bikes for any preferable reason. Once you are done with your purchase, you have to complete the formality of renewing the insurance coverage. You have to complete different procedures under certain circumstances. For more information on buying used bikes in Bangalore, click here. Let us understand all you need to do to get your used bike’s insurance coverage renewed.
The insurance coverage of any vehicle has to be renewed and transferred after a period.
Renew Used Bike Insurance Cover: Know All Steps To Follow
The first task you need to complete after buying a second-hand bike is going for an insurance renewal at your earliest. To complete this process, you have two options. You can either use the offline method or make the wise move of completing the entire process online. Follow the given instructions to make the process easier!
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Steps To Follow For Offline Renewal
- Visit the registered branch of the insurance company with all the documents.
- Fill out the renewal form with all the details and required information.
- Consult an executive and submit the form with all the documents. Complete all the formalities as instructed.
- Wait for the renewal application to process.
Steps To Follow For Online Renewal
- You can apply for an insurance renewal online directly from the official website of the insurance company.
- Go to the site and search for the renewal form.
- Fill in the required details of the bike you have chosen from all used bikes in Bangalore. You will need to scan these documents and attach all the copies at the end of the application. This interface may differ from one insurance company to another.
- Pay the renewal amount using online payment methods. You must ensure using a secure portal for this task.
Reasons To Get A Proper Second-Hand Bike Insurance
Many buyers do not prioritise insurance renewal for used bikes in Bangalore. However, you will find plenty of reasons to get proper insurance coverage for your second-hand bike.
- Every vehicle owner is bound to own insurance coverage for his vehicle if he wishes to take the wheels on the road legally! Therefore, you must also have insurance for your second-hand bike.
- Going for renewal with some added benefits is a better alternative than buying a new one.
- A comprehensive insurance cover will save you from legal liabilities in case of any misfortunate accident.
- The insurance premiums of second-hand bikes that have existing insurance policies are lower than that of a new bike!
Documents Required For Old Bike Insurance Renewal
Every insurance company demands certain documents that you can use to fulfil the insurance coverage requirements. You should keep all these documents handy and make sure to submit them on time. Here is the list of documents you need to renew the insurance of your used bikes in Bangalore.
- First, get all the documents related to the bike, including the RC book, insurance certificate, and PUC (Pollution Under Cover) certificate. A copy of these forms and documents will do the work for you!
- Second, you will need to submit a few self-attested copies of your ID card and address proof. These documents will help you in the transfer process as well.
- Third, you will need to give a self-attested copy of your PAN card or any of the forms 60 and 61.
Submit all these documents along with Form 30 to the insurance company to proceed with the renewal. You should ensure that all these documents are genuine to your knowledge.
The Transfer Process of Used Bike Insurance
The transfer process of used bikes in Bangalore is a simple procedure that you need to complete before applying for a renewal. Since the owner is supposed to apply for the renewal of insurance coverage, you must get it under your name.
- Procure a NOC (No Objection Certificate) from the RTO in which your chosen vehicle was initially registered.
- Try to know the IDV (Insured Declared Value) of your bike for the policy year. This value will help you understand the premiums you pay for the same.
- Go through the policy terms and conditions to see if you need any upgrades or not. If you want to increase your coverage, just request an add-on plan. This way, you will be able to boost the insurance benefits of your second-hand vehicle.
- Once done, submit all the required documents to the insurance company and request to process the renewal.
The Bottom Line
You can reap all the benefits of an insurance policy by renewing the coverage of a used bike. In addition, you can enhance the policy with add-on benefits to get better coverage. Once you have acquired the ownership of any of your preferred used bikes in Bangalore, you must renew its insurance policy and update all the information accordingly. Analyse every aspect clearly and fulfil all the required formalities as per the instruction of the bank and the concerned RTO.
The insurance renewal process of used bikes is an easy task. You just have to provide all the required documents and meet the necessities on time. You can enhance your experience by using a reliable online portal to make the purchase! Ride a bike registered in your name within an affordable range!