Things to know about Bike Insurance for a used motorcycle

Having a reliable taxi firm at your disposal is necessary if you travel regularly. It gives you control against rising transportation costs. A two-wheeler is an economical choice to make transportation easier. It is easy on the pocket and glides through the busy roads. But what if you cannot afford it and are in dire need of the vehicle? You have the option to buy a used one.

Used does not necessarily imply old. Many owners sell their newly bought motorbike within a few months. If you look hard enough, a good deal is not far. But your buying decision involves more than just getting an economical vehicle. You must secure it with Bike Insurance. Getting your second-hand motorcycle insured involves making some important considerations:

Insured Declared Value

It is the current market value of the vehicle minus the depreciation. IDV is the maximum sum insured fixed under the Bike Policy for total loss. This means if your motorcycle gets stolen or damaged beyond repair, you get the predetermined IDV as compensation. Hence, it is important to ensure it is reasonable to recover the damages and viable to manage the premium. This is because a higher IDV results in a higher premium amount.

The market value of a new bike keeps decreasing over time. A second-hand model comparatively comes with an even lower value. Hence, purchase a used motorbike that is closest to the showroom price.

Theft probability

A used machine is more attractive to burglars than a brand new one. This is owing to ease of disassembling the parts. Hence, protect your second-hand motorcycle with Two Wheeler Insurance. This way, you get compensation when it gets stolen that helps replace it with a new one. The amount you get depends on the finalised IDV. Installing anti-theft devices is also a great option to enhance safety. Besides, it also helps reduce the premium.  

Vehicle documents

Buying a used motorbike involves an ownership transfer that comes with essential paperwork. These include the registration certificate, purchase receipt, and insurance papers. The former owner must furnish these documents during the transfer. Check the details of the same thoroughly to avoid problems. This way, you face no hassles with the transferred online Bike Insurance.

Spare parts

Insurers maintain a list of popular motorcycles based on the availability of their parts. It makes premium calculation easier. If the used model you purchased ranks higher on the scale, the premium cost is low and vice versa. This is because spare parts availability ensures easy replacement and repair. This, thereby, reduces expenses or work during claim settlement. Therefore, make sure to look into this aspect while finalising the bike. 

Usage history

The premium cost gets determined based on the bike’s value. Hence, 2-Wheeler Insurance providers evaluate its condition for the same. They also look into its history to understand the depreciation. For this, they look for modifications made to it. They check everything from performance enhancers to visual changes. They also consider any restructuring after an accident. This gives them an accurate picture of its value.


The more risk you attract, the higher the premium. Hence, if you want to get an affordable premium on online 2-Wheeler Insurance, buy the vehicle consciously. Choose the one that meets your functional needs without costing your safety. Avoid going for fast accelerators and high-power options as they are harder to insure. Opt for a sustainable and safe model instead.