Old Bike Insurance

Get a comprehensive guide on buying a two-wheeler insurance policy for old bikes. Learn about the things to consider, tips to reduce premiums, how to buy bike insurance policies, and more.
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3 min
30-March-2024

Old bike insurance refers to insurance coverage specifically designed for older motorcycles, typically more than 10 years old. While these bikes may hold sentimental value, it's crucial to protect them from unforeseen events with comprehensive insurance coverage.

Insurance policies for older bikes/two-wheelers

Old bike insurance policies provide financial protection for older motorcycles against various risks such as accidents, theft, natural disasters, and third-party liabilities. It offers coverage similar to standard bike insurance policies and can be a comprehensive or a third-party insurance policy.

Why is it important to insure an old bike?

Insuring an old bike is crucial for preserving its value, complying with legal requirements, and protecting against potential financial losses. Here's why insuring your vintage motorcycle is essential:

  • Preserves value: Insurance helps maintain the value of your vintage bike by covering repair costs in case of damages.
  • Legal compliance: In many countries, including India, it's mandatory to have insurance coverage for all motor vehicles, including old bikes.
  • Protection against loss: Insurance provides financial protection against theft, vandalism, or accidents, ensuring you don't suffer significant losses.

What to look for when insuring the old bike?

When insuring an old bike, several factors need to be considered to ensure adequate coverage. Here are some key aspects to keep in mind:

  • Coverage options: Choose a policy that offers comprehensive coverage, including third-party liability, own damage, and personal accident cover.
  • Insured Declared Value (IDV): Ensure the policy provides adequate IDV to cover the market value of your old motorcycle.
  • Add-ons: Look for additional features like zero depreciation, roadside assistance, and engine protection for enhanced coverage.

Things to consider while insuring your old two-wheeler

Insuring an old two-wheeler requires careful consideration of various factors to ensure comprehensive coverage and protection. Here are some important things to keep in mind:

  • Maintenance records: Keep records of regular maintenance and upgrades, as this can affect the insurance premium and coverage.
  • Restoration value: Consider the time and money invested in restoring your vintage bike when determining the insurance coverage needed.
  • Usage patterns: Communicate the frequency and purpose of using your old bike to your insurer to ensure you have the right coverage.
  • IDV: Older bikes have lesser IDV and lower premium. But is is critical to carefully consider the IDV before buying the insurance policy.

Two-wheeler age

Depreciation

1 year to 2 years

10%

2 years to 3 years

15%

3 years to 4 years

25%

4 years to 5 years

35%

5 years to 10 years

40%

Exceeding 10 years

50%

 

How to buy/renew old bike insurance online

Buying or renewing old bike insurance online offers convenience and flexibility. Here's a step-by-step guide to purchasing or renewing insurance for your old motorcycle:

  • Research: Compare insurance policies from different providers to find the best coverage and premium rates for your vintage motorcycle.
  • Online platforms: Utilise insurance aggregator websites or the official websites of insurance companies to buy or renew old bike insurance conveniently.
  • Documentation: Keep all necessary documents such as registration details, previous insurance policy, and ID proofs ready for a seamless online purchase or renewal process.

How to buy old bike insurance from Bajaj Finance Insurance Mall?

The process of buying two-wheeler insurance for your old motorcycle from Bajaj Finance Insurance Mall is straightforward. Follow these steps to secure your two-wheeler in just a few clicks:

  • Provide vehicle details
    Fill in the necessary details about your bike, including the variant, registration number, and manufacturing year.
  • Research and compare
    Explore different insurance providers and compare their plans, coverage, and premiums.
  • Choose coverage
    Select the type of coverage that you want – third-party, comprehensive, or additional add-ons.
  • Personal information
    Enter your personal details, including contact information and address.
  • Make payment
    Complete the payment process using a secure online gateway.
  • Receive policy
    Once the payment is successful, you will receive the insurance policy document instantly via email.

How bike insurance is calculated for old bikes

The calculation of insurance premiums for old bikes depends on several factors, including the age, condition, and value of the motorcycle. Here's how insurance premiums are typically calculated for older motorcycles:

  • Age and condition of the bike: The age and condition of your old bike, along with its make and model, are significant factors in determining the insurance premium.
  • Insured Declared Value (IDV): The IDV of the motorcycle is calculated based on its market value, considering depreciation, and influences the premium amount.
  • Previous claims history: A clean claims history may result in lower premiums, while a record of past claims could lead to higher premiums.

Tips to reduce the insurance premium for an old bike

Reducing insurance premiums for an old bike can help save money while ensuring adequate coverage. Here are some effective tips to lower the insurance premium cost for your vintage motorcycle:

  • Compare policies from different insurers: Compare quotes from different insurers to choose the one that offers the best value and the most competitive premiums. The Bajaj Finance Insurance Mall platform allows you to do exactly this and choose your preferred policy.
  • Use NCB discounts: Take advantage of NCB discounts during renewal.
  • Avoid small claims: Paying for minor repairs out of pocket instead of filing small claims can help maintain a lower premium rate over time.

Old bike insurance is essential for protecting your vintage motorcycle from various risks and ensuring peace of mind while riding. By understanding the importance of insurance, choosing the right coverage options, and following tips to reduce premiums, you can safeguard your cherished two-wheeler for years to come.

Frequently asked questions

How do I get insurance on my old bike?

You can obtain insurance for your old bike by contacting insurance providers, either directly or through online platforms, and selecting a suitable policy for your vintage motorcycle.

Can a bike be insured after 20 years?

Yes, many insurance companies offer coverage for bikes that are more than 20 years old. However, the availability of coverage and premium rates may vary depending on the condition and make of the bike.

Is bike insurance mandatory for an old bike?

Yes, bike insurance is mandatory for all motor vehicles, including old bikes, as per the Motor Vehicles Act. It ensures financial protection against liabilities arising from accidents or damages caused by the insured bike.

What to do for insurance if the bike is 15 years old?

If your bike is 15 years old, you can still purchase insurance coverage for it. However, it's essential to provide accurate details about the bike's age, condition, and usage to the insurer when applying for coverage.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.