Things to Know if you are Insuring Someone Else’s Bike
12 Feb 2018
Things to know if you are Insuring Someone Else’s Bike.
Accidents, mechanical damage, engine failure, theft – these are a few of the scenarios no bike owner wants to be in. Though trouble has a way of appearing unannounced, having a bike insurance would mean at least your financial losses are covered for. Apart from the fact that it is mandated by the Motor Vehicles Act under the Indian Law, the financial cover a two wheeler insurance policy provides is something a responsible rider would like to have.
But what if you’re riding a bike that is not insured, and find yourself in a situation that puts you at risk, along with the vehicle?
A common belief amongst people who might not fully be aware of how motor insurance works is that only the bike owner can buy two wheeler insurance for the vehicle. But this is a misconception. You can buy bike insurance for a vehicle that does not belong to you, on behalf of the owner.
Let’s assume it is a company-owned vehicle but you have been hired to drive it, or a vehicle with an expired insurance that once belonged to your dad, maybe even the bike owned by a friend that is mostly used by you. Regardless the scenario, there are no restrictions preventing you from purchasing a two wheeler insurance online or otherwise, on behalf of the insured. This is worth your time, especially considering the fact that benefits of buying two-wheeler insurance are many.
Why is this required? Why should you insure a vehicle that does not belong to you? If these are the questions running through your mind, there are a few scenarios where buying two wheeler insurance for someone else’s vehicle might be a good idea.
At the time of buying the insurance, the vehicle owner can mention the names of multiple people who might be using the bike. Let’s assume your name is not in the list but you happen to be the most frequent rider using the vehicle on a regular basis. If you do happen to get into an accident, you are not entitled for the insurance claim since you would be an unauthorized rider on paper. It is best to have a two wheeler insurance cover that protects you from the financial liabilities of riding the bike.
You are entitled to all the standard benefits that come with the bike insurance, be it a third- party two wheeler insurance policy, or the comprehensive cover. As a policy holder, you can customize the comprehensive bike insurance with add-ons that suit the vehicle’s usage the best. In case of an accident or theft, you can apply for a claim as long as you have a valid license.
At the end of it, it all boils down to abiding by the law and being responsible for your future. You do not want to be caught in possession of a bike that is not insured. Not only does this put the owner at risk with the law but you might also be facing trouble yourself. However this flexibility that allows you to buy two wheeler insurance regardless of whether you’re the owner or not, ensures you’re covered.