How to Get Two Wheeler Insurance for Bikes Older Than 15 Years?

Insurance for bikes older than 15 years is important for maintaining financial protection and legal compliance. As vehicles age, old vehicles are more prone to damage over time. and require comprehensive coverage to safeguard against unexpected expenses. Understanding the process and importance of old bike insurance ensures peace of mind for owners.

What is Old Bike Insurance?

Old bike insurance is a policy designed specifically for two-wheelers older than 15 years. It provides financial protection against damages, theft, and third-party liabilities. This type of insurance ensures that even older bikes are covered, offering peace of mind to the owner. The policy can include coverage for natural calamities, man-made disasters, and personal accidents. Given the age of the vehicle, it's crucial to have a comprehensive plan that considers the increased likelihood of maintenance and repairs.

How to Buy/Renew Old Bike Insurance Online?

Purchasing or renewing two-wheeler insurance after 15 years online is straightforward.

1. First, visit the Bajaj Allianz General Insurance Company’s official website and enter your bike details for a quote.
2. Modify your coverage options based on your needs, such as selecting a comprehensive plan or third-party liability.
3. If you are renewing, provide your previous policy information. Next, set the Insured Declared Value (IDV) and choose any add-ons, such as zero depreciation or roadside assistance.
4. Finally, review the details and make the payment online. Your renewed policy will be issued immediately, ensuring continuous coverage for your bike.

The Importance of Insuring a 15-Year-Old Bike

Insuring your old bike is not just a legal formality; it offers multiple benefits that enhance your financial security and peace of mind. Here's why it is important:

1. Legal Compliance

Third-party insurance is mandatory under the Motor Vehicles Act, ensuring you avoid hefty fines and legal trouble.

2. Financial Protection Against Repairs

Older bikes are more prone to wear and tear, making insurance a safety net for covering repair costs. Coverage for Accidents: Comprehensive insurance protects you from unexpected expenses due to accidents, reducing financial stress.

3. Protection Against Theft or Natural Disasters

Insurance safeguards you from losses due to theft, floods, fires, or other unforeseen events.

4. Third-Party Liability

In case of an accident involving another person or property, insurance covers the damages, sparing you from financial burdens.

5. Peace of Mind

Knowing your bike and finances are protected ensures worry-free rides, even with an older vehicle.

Factors Affecting the Insurance Premium of Old Bikes

When insuring an old bike, several critical factors come into play that directly impact the premium amount. Understanding these elements can help you make informed decisions, ensuring optimal coverage while managing costs effectively. Several Factors Determine The Premium For Insuring An Old Bike are:

1. Bike's Age and Model
2. Insured Declared Value (IDV)
3. Location of Use
4. Coverage Options
5. No-Claim Bonus (NCB)
6. Deductibles
7. Type of Policy

Why Does Bike Insurance Cost Reduce as the Vehicle Gets Older?

Bike insurance costs reduce as the vehicle gets older due to depreciation. The Insured Declared Value (IDV) decreases over time, reflecting the bike's lower market value. Consequently, the premium, calculated as a percentage of the IDV, also reduces. However, while the base premium might be lower, owners might choose additional covers or add-ons that can influence the overall cost. Despite the lower premiums, it's crucial to ensure that the coverage remains adequate to protect against potential risks and repair costs. Read More: Pros and Cons of Buying a Bike During the Year-End Sale

Calculation Of Premiums For Bike Insurance After 15 Years

1. Determine the bike's Insured Declared Value (IDV), which reflects its current market value after depreciation for two-wheeler insurance after 15 years.
2. The premium is usually calculated as a percentage of the IDV for two-wheeler insurance after 15 years. Other factors influencing the premium include the bike's make and model, location, and usage for two-wheeler insurance after 15 years.
3. Optional add-ons such as zero depreciation, engine protection, and personal accident cover can increase the premium for two-wheeler insurance after 15 years.
4. Claim history impacts the premium, with no-claim bonuses potentially lowering costs for two-wheeler insurance after 15 years.
5. Calculators on insurer websites simplify the process by providing instant premium quotes based on input details for two-wheeler insurance after 15 years.

Getting insurance for a bike older than 15 years is a legal requirement and a smart financial choice. It protects against accidents, theft, and liabilities to others, which are crucial as the bike gets older. Owners should consider the Insured Declared Value (IDV) and different coverage choices to ensure their bikes stay well protected from possible risks and uncertainties on the road. Read More: Is Bike Insurance Mandatory For 5 Years?

Conclusion

Getting insurance for a bike older than 15 years is a legal requirement and a smart financial choice. It protects against accidents, theft, and liabilities to others, which are crucial as the bike gets older. Owners should consider the Insured Declared Value (IDV) and different coverage choices to ensure their bikes stay well protected from possible risks and uncertainties on the road.

FAQs

1. Is motor insurance mandatory for old two-wheelers?

Yes, motor insurance is mandatory for all two-wheelers, regardless of their age. According to the Motor Vehicles Act in India, every vehicle must have at least third-party liability insurance. This law applies to old two-wheelers as well, ensuring you’re financially protected against liabilities arising from accidents involving third parties.

2. Are older bikes cheaper to insure?

Yes, older bikes are generally cheaper to insure because their Insured Declared Value (IDV) decreases with age. IDV represents the bike's current market value, which determines the maximum claim amount you can receive. As the bike's value depreciates over time, the premium for comprehensive insurance tends to be lower. However, third-party insurance premiums are regulated and do not vary based on the bike’s age.

3. Which is the suitable motor insurance for my old bike?

For older bikes, you can choose either:

1. Third-Party Insurance: Mandatory and cost-effective, covering liabilities towards third parties.
2. Comprehensive Insurance: Offers broader coverage, including damages to your bike, third-party liabilities, and theft. It’s suitable if your bike is still in good condition or has high usage.

4. Is bike insurance mandatory after five years?

Yes, bike insurance remains mandatory even after five years. You must renew your two-wheeler insurance on time to comply with legal requirements. You can opt for a long-term policy to avoid yearly renewals. Riding an uninsured bike is a punishable offense and can lead to fines and other penalties.

5. What documents are required to buy insurance for my old bike?

To buy insurance for your old bike, you typically need:

1. Registration Certificate (RC) of the bike.
2. Previous insurance policy (if applicable).
3. Pollution Under Control (PUC) certificate.
4. Identity proof (e.g., Aadhaar, PAN, or Passport).
5. Bike details, including the model, manufacturing year, and engine number.
6. For online purchases, a digital copy of these documents is usually sufficient.

6. What should I do if my old bike is damaged beyond repair due to an accident?

If your old bike is damaged beyond repair:

1. Inform your insurer immediately: Report the accident and initiate the claim process.
2. Survey and assessment: The insurer will assess the bike's condition and declare it as a total loss if repairs cost more than the bike's IDV.
3. Claim settlement: The insurer will compensate you up to the bike’s IDV as per the policy terms.
4. Dispose of the bike: Once the claim is settled, the insurer may take possession of the damaged vehicle. You should also ensure the bike is deregistered at the RTO to avoid future liabilities.

*Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.