There is an increasing need for a personal vehicle with the rising population. It has made travelling in public transport not only tedious but also stressful. At such times, it is a pleasure if you can travel using your own vehicle, be it a car or bike. With easy finance options available, buying a car or a motorcycle has become more convenient than ever before.
One may prefer the convenience of a bike to avoid the long traffic snarls. The mobility a bike offers even while riding is unmatchable by any other means of transport. Moreover, the maintenance costs are economical as compared to maintaining a four-wheeler. Once you decide to buy a bike, opting for a second-hand one will save you a lot of money. Sometimes during a tight budget and an urgent need, a second-hand bike is the better choice. Here are some tips that you should keep in mind while buying one –
1. Zero Depreciation Add On
While availing bike insurance, remember to enquire for a zero depreciation cover. The advantage of a zero depreciation is there is no reduction in the value of your motorcycle while filing for a claim in case of damages. It is one of the most useful add-ons you can avail when you buy an insurance cover. The downside to a zero depreciation plan is that it is not available for all bikes.
2. Avail any accumulated NCB
NCB or No Claim Bonus is a monetary benefit awarded to the policyholder in case of a claim-free policy year. This bonus is granted at the time of renewal of your insurance plan. There is a misconception that such an NCB is linked to the vehicle, but that is not the case. This bonus element is associated with the policyholder and can be claimed at time of a subsequent renewal even when you buy a new vehicle.
3. Get the correct IDV
IDV is the abbreviation for insured declared value. It is the market value of your bike at the time of purchase. When you buy a second-hand bike, its current valuation is less than its showroom price. Lower declaration of IDV reduces the motor insurance policy premiums. In case of damages, if the actual expenses are more than the declared value, the policyholder has to bear these expenses above the IDV.
4. Ensure Correct Information
While getting a second-hand bike transferred, ensure that changes are being made in all necessary places. There have been instances where bike insuranceclaims are denied due to incorrect or a mismatch of information among the various documents.
5. Surf before your Buy
With the ease of internet technology, buying a two wheeler insurance 3rd party or a comprehensive policy, has become hassle-free. You can compare the various plans offered by your insurer and select the one that suits you. Also, don’t forget to browse through the various add-ons that are available and provide broader coverage for your bike.
So the next time, you head out looking for your next sports bike or a city cruiser, look out for these points. Stay at peace, knowing you are protected in case of any damages with your motor insurance policy.