No matter how much we grow we always carry some traces from the past and some valuable items do not ever leave their place. You will always have a similar feeling for the first bike you purchased. Due to your age or change of lifestyle, you might not drive your old bike, but you would never want to sell it for pennies.

Though old, you can still get bike insurance because someday you would want to use it. So, let’s look at everything you need to know about insurance for old bike.

Let us be real and know that an old two-wheeler cannot be safe to ride unless it is taken for due services. When your bike is more than 10 years old, you can consider it really old. 

So, old bike insurance means the insurance plan you buy to insure your old two-wheeler, whose value has depreciated over the years. For example, buying insurance for bike which you own for more than 10 years would be considered old two-wheeler insurance. You may choose between different insurance plans such as Comprehensive bike insurance or Third-Party bike insurance.

You need to buy bike insurance for your old vehicle to protect it against the risk of:

• It is mandatory by law to have at least Third-party Bike Insurance in India, whether you have an old bike or new.

• Damage through fire or any event that is beyond control.

• Loss due to bike theft or total damage of your bike that is beyond repair.

• Liability which may arise due to the damage to any third-party property resulting from an accident involving your bike.

• Liability which may arise due to bodily injury to any third party resulting from an accident involving your bike.

You need to take care of a few things before buying insurance for old bike. Here’s your checklist:

The utility of the bike

You may own an old bike but only you can best know how much the usage is and what is the utility of it. With every year passing, the value of the bike is depreciated. Think about the IDV and match it with the utility so that you can decide on the type of cover to buy. You should know the benefits of buying Comprehensive Insurance because in any case, Third-Party Liability insurance is a must.

Know about the insurance policies

There are more than 25 general insurance companies in India. All of them offer motor policies with different coverage limits and conditions. You should carefully visualize what your need is and know who can best offer you the solution.

Policy conditions

When you have decided on an insurance company, you should read the policy conditions of the same. Somewhere there may be a clause which you may realize later like deductibles.

Compare policies online

Motor insurance policies can either be purchased online or offline through agents of the insurance companies. Read the wording to understand the terms and conditions mentioned, you should first compare the products. It will be a wise thing to do before buying an insurance policy.

Check for add-ons

The owner of any two-wheeler can have options to get some add-on covers also. But add-on covers can be added to the vehicle up to 15 years old. You can choose add-ons like Passenger Cover, Zero Dep Cover, Medical Cover, and accessories cover. You will have to pay an extra premium to avail these covers.

The IDV of the bike

In India, you get motor insurance policies for one year. With each year, the IDV of the vehicle is reduced by some percentage. When your vehicle is old, you have lesser IDV and lower premium. It simply implies the value of the bike which will be considered for that particular year.

The Depreciation Value of Bike

Before buying the policy for your old bike, decide or know what is the depreciation applicable to the value. In case of any mishap, the reimbursement will be based on the depreciation applicable to the vehicle. As the age of the bike increases which means it gets old, the percentage of the depreciation increases.

The premium of any vehicle is calculated based on its IDV, past claim experience, accessories fitted, if any and other factors. For an old bike, the premium for the insurance is based on factors like:

• The engine capacity of the bike.

• The age of your bike.

• The Insured’s Declared Value of the bike.

• The No Claim Bonus of the bike.

Consider you bought Royal Enfield bullet, more than 10 years old, from your close friend. You have a passion for bike rides but before you start to use it, you want insurance cover for the same.

It is good that you are being wise and choose safety over challenges. But the procedure to procure the insurance policy when you are buying an old bike is completely different. For that you can choose either of the two:

Buy/Renew Old Bike Insurance in 4 simple steps

Step 1 - Go to Bike Insurance page, Fill your Vehicle’s Make, Model, Variant, Registration Date. Press ‘Get Quote’ and choose your choice of Plan.

Step 2 - Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).

Step 3 - Give us details about your previous insurance policy- Date of expiry, Claim made in the last year, No Claim Bonus earned.

Step 4 - You will get quote for your premium. If you have chosen a Standard Plan you can customize it further by selecting add-on’s, setting the IDV. You will see the final premium on the next page. 

How is the Premium Calculated for an Old Bike Insurance?

The premium of any vehicle is calculated based on its IDV, past claim experience, accessories fitted, if any and other factors. For an old bike, the premium for the insurance is based on factors like: