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Buy/Renew 2W Insurance Policy for Old Two Wheelers & Bikes
No matter how much we grow we always carry some traces from the past. Imprint deep inside our mind and heart, 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, but you can still get the bike insurance because someday you would want to use it. And let’s not welcome undue worries when insurance is easily available nowadays.
What is an Old Bike Insurance?
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. Though the depreciation in the two-wheeler starts right when you purchase it.
Buying insurance for the bike which is old and the value for which has depreciated can be referred to as old bike insurance. The insurance you choose may be a Comprehensive bike insurance or the Third-Party bike insurance.
Why it is important to Insure an Old Bike?
You need to buy bike insurance for your old vehicle to protect it against the risk of:
- Damage through fire or any event that is beyond control
- Theft
- 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 the bodily injury to any third-party resulting from an accident involving your bike
What to look for when Insuring the Old Bike?
You are out in the market to buy the best mobile phone. You will look for the latest technology, storage capacity, camera quality and other similar features like this. Now consider that you want your old laptop to run as new. So, what will you do? To enhance its capacity and improve its performance, you will get the latest operating system installed in it.
Similar to what we just considered, you need to look for a few things before you buy an old bike. Some of those factors which will help frame your opinion include:
Things to remember while Insuring an Old Bike
| Age of the vehicle | Depreciation |
|---|---|
| 1 year < age < 2 years | 10% |
| 2 years < age < 3 years | 15% |
| 3 years < age < 4 years | 25% |
| 4 years < age < 5 years | 35% |
| 5 years < age < 10 years | 40% |
| 10 years < age | 50% |
# 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.
How to Buy/Renew Old Bike Insurance online?
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: