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

To get old two-wheeler insurance for a bike, you need to provide your vehicle details, valid registration documents, and, if applicable, previous policy information. It is best to choose between comprehensive and third-party coverage, fill in the required information, and purchase or renew the policy online or offline.

The premium of the policy depends on factors such as the bike’s age, Insured Declared Value (IDV) and selected coverage.

This blog will provide you with information regarding how insurance for bikes older than 15 years works, factors that influence the premium, required documents, and some practical tips for choosing the right policy for your ageing to-wheeler.

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 General Insurance Limited’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.

Also Read: Steps by Step Guide To Claim Two Wheeler Insurance For Your Scooty

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:

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

Also Read: 6 Factors to Consider While Renewing Bike Insurance 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.

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.

Also Read: Is Bike Insurance Mandatory For 5 Years?

Things to Check Before Buying Old Two-Wheeler Insurance

If you are wondering, “Is insurance available for bikes older than 15 years in India?” The answer is yes. However, when purchasing old two-wheeler insurance, insurers may evaluate the condition of your bike more closely than they would for a newer vehicle.

Since motorcycles older than 15 years are likely to have experienced significant wear and tear, ensuring that your bike is roadworthy can improve your chances of getting suitable coverage.

Keep Your Fitness Certificate Updated

In India, two-wheelers older than 15 years may require a fitness assessment during registration renewal. A valid fitness certificate demonstrates that the vehicle is safe for road use and can simplify the insurance renewal process.

Maintain Service Records

Regular servicing records can help establish that your bike has been well-maintained. For example, if a 17-year-old commuter bike has documented servicing, tyre replacements, and engine maintenance records, insurers may view it as a lower-risk vehicle.

Ensure Documentation Is Complete

Before applying for vehicle insurance, keep the following documents handy:

1. Registration Certificate (RC)

2. Pollution Under Control (PUC) Certificate

3. Previous insurance policy details

4. Identity and address proof

5. Fitness certificate (where applicable)

Also Read: Get Two Wheeler Insurance for Second-Hand Bike

Tips to Reduce the Premium on Old Bike Insurance

While older bikes generally attract lower premiums because of depreciation, there are additional ways to make insurance more affordable without compromising on coverage.

Preserve Your No Claim Bonus (NCB)

If you have not made any claims during the policy period, you can earn a No Claim Bonus. Over time, this discount can significantly reduce your renewal premium. For instance, a rider who maintains a claim-free record for several years may receive substantial savings on comprehensive insurance renewals.

Choose Add-ons Wisely

Not every add-on is necessary for an ageing bike. Evaluate the bike's current market value and usage before opting for additional covers. Roadside assistance, for example, may be more useful for older bikes that are prone to breakdowns than certain high-cost add-ons.

Opt for Voluntary Deductibles

A voluntary deductible is the amount you agree to pay from your pocket during a claim. Choosing a higher deductible can help lower your premium, making it a practical option for experienced riders who rarely file claims.

Common Challenges Faced by Owners of Older Bikes

Owners of ageing motorcycles often encounter unique insurance-related challenges.

1. Spare parts may be difficult to source, increasing repair timelines.

2. The bike's market value may be significantly lower, reducing the Insured Declared Value (IDV).

3. Some insurers may request vehicle inspections before issuing comprehensive coverage.

4. Certain add-ons may not be available for very old vehicles.

Despite these challenges, maintaining active old two-wheeler insurance remains important because it protects against third-party liabilities and unexpected financial losses.

Conclusion

Getting old two wheeler 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.

If you are looking for a reliable motor insurance plan for your bike, choose Bajaj General Insurance’s Two Wheeler Package Policy at an affordable premium and enjoy the benefits of extended coverage.

Frequently Asked Questions

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, it is legally mandatory to get a third-party motor insurance cover, which is a cost-effective plan that only covers liabilities toward third parties. However, if you want 360° protection, you can choose a comprehensive insurance plan. The plan comprises both third-party and own damage cover.

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 offence 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 the registration Certificate (RC) of the bike, a previous insurance policy (if applicable), a Pollution Under Control (PUC) certificate, Identity proof (e.g., Aadhaar, PAN, or Passport), and bike details, including the model, manufacturing year, and engine number. 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, inform your insurer immediately about the accident. The insurer will then assess the bike’s condition and determine whether the damage has caused total loss or if repairs will cost more than the bike’s IDV.

Based on that, the insurer will compensate up to the bike’s IDV mentioned in the policy terms. After claim settlement, the insurer will take possession of the damaged vehicle. 

*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.