Protect Your Vintage Ride With Two-Wheeler Insurance After 15 Years

In India, every two-wheeler, whether a motorcycle, bike, or scooter, needs third-party insurance, even if it is 15 years old. You can protect your vintage ride and keep it legally roadworthy with a suitable two-wheeler insurance plan.

So, keep reading to learn the various benefits of buying two-wheeler insurance after 15 years for your favourite bike. Also, know how to renew your old bike insurance and the common factors that impact the insurance cost, such as the bike’s make, model, age, and no-claim bonus.

Why Does Your Bike Need Two-Wheeler Insurance After 15 Years?

Under Section 146 of the Motor Vehicles Act, 1988, riding a bike of more than 15 years old without two-wheeler insurance can lead to a monetary penalty of ₹2,000 or imprisonment for up to three months for a first-time offence.

Moreover, beyond meeting the legal requirement, bike insurance renewal after 15 years also offers several important financial and protection benefits.

Hence, here are the top 5 benefits of buying a two-wheeler insurance after 15 years are mentioned below:

Reduce Maintenance and Repair Costs

Over time, the parts of a two-wheeler become brittle and more prone to mechanical failures. An easy way to reduce maintenance and repair costs is with a two-wheeler insurance plan designed for bikes over 15 years. The policy will cover most of the legal and financial responsibilities, as per policy terms.

Legal Compliance

As mentioned above, it is mandatory under the Indian Motor Vehicles Act to purchase third-party bike insurance if you do not want to be legally penalised. It means that you need a minimum third-party liability insurance policy if your bike is 15 years old or more.

Peace of Mind During Fitness Check

Under the Central Motor Vehicles Rules in India, it is mandatory for vehicles older than 15 years, including two-wheelers, to qualify for a fitness check and vehicle re-registration to remain on the road legally. An active bike insurance plan will make the process easier and enhance the chances of passing the fitness check.

Get Financial Security

Ensuring you have bike insurance after 15 years of owning it will make you feel more financially protected. Most comprehensive bike insurance plans cover accidental damage, theft and natural or man-made damage. A suitable bike insurance plan will keep your out-of-pocket expenses lower.

Affordable Premium

Not every bike owner knows that the premium of an old bike is generally lower than that of a brand-new bike. This is primarily because the Insured Declared Value (IDV) of an old bike is lower, as its market value reduces over time. A lower IDV leads to a lower premium.

If you are wondering, “How to calculate the IDV of a 15-year-old bike?”, the table below mentions the 4 major factors that impact IDV:​

How to Buy or Renew Old Bike Insurance Online?

If you want to buy or renew your two-wheeler insurance after 15 years with the least hassle, choose a reputable car insurer like Bajaj General Insurance. The easy steps you have to follow online are mentioned below:

1. You can either do it through the website or download the Bajaj General app.
2. Log in with your registered mobile number and enter the OTP. New users can also log in with a quick OTP verification.
3. Enter your vehicle details and existing policy details (if any).
4. Check the coverage and necessary updates when renewing your existing policy. You can reduce the premium if there is an existing renewal offer.
5. Add or remove riders according to your preferences.
6. You can check the insurance price through the app or portal.
7. Check whether all the details are accurate. If yes, confirm and proceed.
8. Choose your preferred payment mode and pay for your two-wheeler insurance online.
9. You will receive an instant confirmation once the payment is successful. You will also receive the updated policy details on your registered email ID.

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

5 Factors That Impact the Insurance Cost of a 15-Year-Old Bike

Numerous factors impact the price of a two-wheeler insurance after 15 years. If you want to save money when buying an insurance policy for your old bike, make sure you consider all the points mentioned below:

Make and Model

The first thing an insurance company considers when determining the cost of bike insurance after 15 years is its make and model. It helps them assess the risk level and also check the current market value of your bike.

For example, you might have to pay a higher premium for sports bikes or luxury bikes. On the other hand, you might have to pay a more affordable premium for economy bikes.

Age of the Bike

Your bike's age also impacts the insurance premium of a 15-year-old bike. Generally, vehicle insurance companies quote higher premiums for new bikes than older models. This is primarily because they consider the value lost due to depreciation and lower coverage. In fact, the premium for your 15-year-old bike will be more than the premium for a 20-year-old bike.

No Claim Bonus

The No Claim Bonus (NCB) is a benefit bike owners can avail even if their bike was bought 15 years back. You just need to have a comprehensive two-wheeler insurance policy and maintain a claim-free record in the previous policy year. It starts from 20% and can reach 50%, depending on the claim-free years.

Tips for bike owners: You can maximise premium discounts for two-wheeler insurance after 15 years by driving safely and avoiding accidents to ensure that you do not lose your NCB.

Location

Not every bike owner looking for two-wheeler insurance is aware of the fact that their location also plays a vital role in determining the premium. Generally, you have to pay a lower premium in rural areas as they have less risk and congestion, as compared to urban areas.

For example, if the bike you have owned for the last 15 years was registered in an urban area, you have to pay a higher premium, as such areas are more prone to theft and accidents.

Driving History

Your driving history also impacts the insurance premium. You can expect it to be lower if you have a clean driving history without any claims, accidents or road violations. Your insurer will check your driving history to calculate your risk. A better risk profile will also lower your insurance cost.

If you are wondering “How to calculate premium for two-wheeler insurance after 15 years?”, you can even use a bike insurance calculator. Some of its benefits are:

1. You just have to enter some basic details, such as the bike’s variant, make, model and registration number.
2. Choose from TP or comprehensive coverage and check the benefits they offer.
3. Adjust the IDV, as it impacts the premium amount.
4. Mention your location, as it determines the risk profile of the area.
5. Check the add-on cover options, such as roadside assistance or rider protection.

How to Reduce the Insurance Premium of a 15-Year-Old Bike?

You can reduce the insurance premium of your 15-year-old bike by choosing suitable add-ons and renewing the policy at the right time. Some more tips you can follow to save money on premiums for two-wheeler insurance after 15 years are mentioned below:

Install Security Devices

An easy way to prevent your 15-year-old bike from getting stolen is by installing verified anti-theft devices. A security upgrade will enhance its safety and project you as a responsible owner. Most insurance companies quote lower premiums for bikes with security equipment installed, especially those approved by the Automotive Research Association of India (ARAI).

Check Policy Tenure

You can ensure that you need to buy a new two-wheeler insurance for your 15-year-old bike by checking the tenure of the existing policy. Most of the multi-year policies are available at discounted rates. Not only does it help you save money, but you also do not have to worry about renewal dates every year.

Compare Insurance Policy

Instead of choosing any random insurance policy for your two-wheeler, make an informed decision by comparing policies before making a purchase. You will also have better peace of mind by ensuring that the insurance company is reliable. You can check their settlement ratios and review features of their bike insurance policy online.

Also Read: Is Bike Insurance Mandatory For 5 Years?

3 Vital Things to Consider Before Buying 15-Year-Old Bike Insurance

Buying a two-wheeler insurance after 15 years is generally easy if you choose a reputable insurance company like Bajaj General Insurance. However, it is always advisable to consider some vital points if you want to have better peace of mind.

Personal Details

The personal details you provide when applying for two-wheeler insurance are very important, especially if the bike you own is 15 years old or more. Not only should you fill in the personal details accurately but also recheck them before submitting the proposal form.

If you find any error in your name, address or contact number, get it modified by the insurer immediately.

Policy Number

The policy number of your two-wheeler insurance is the unique identifier you will require when filing a claim, renewing your policy or contacting customer support for any query.

If you have received an email or SMS  mentioning the policy number after you have purchased the policy online, check whether it matches the number mentioned on your policy documents.

Fitness Certificate Linkage

Since your 15-year-old bike must qualify for a fitness check and the bike should be re-registered to remain on the road legally, make sure that your policy is aligned with the re-registration and fitness certificate.

Final Thoughts

Two-wheeler owners can make informed decisions when buying two-wheeler insurance after 15 years of owning a bike if they know the benefits they offer. Additionally, you can also save money by following some tips that can help you lower the insurance premium.

Bike owners looking for a reliable motor insurance plan can choose Bajaj General Insurance’s Two Wheeler Package Policy. They offer vehicle insurance plans at affordable premiums. You can also enjoy the benefits of extended coverage.

Frequently Asked Questions

What type of add-ons should I choose when insuring my 15-year-old bike?

If you are choosing two-wheeler insurance for your old bike, it is advisable to add additional features or add-ons like roadside assistance, zero depreciation and engine protection.

Does my two-wheeler need insurance even after 15 years?

Yes, you need two-wheeler insurance even if your bike is older than 15 years. The Registration Certificate (RC) of a two-wheeler expires once it crosses 15 years from its initial registration date. You can ride it legally if you renew the registration and third-party insurance.

Do I need to maintain service records for my old bike?

Yes, it is advisable to maintain servicing records for old bikes as it shows your bike as a lower-risk vehicle. The insurance premium for a well-maintained and regularly serviced bike is generally lower.

Which documents are necessary when buying two-wheeler insurance after 15 years?

Some of the vital documents you need when buying insurance for your old bike are the vehicle’s registration certificate, PUC certificate, existing insurance policy, your identity proof and your bike’s fitness certificate.

Can I drive a 15-year-old bike on Indian roads?

Yes, you can drive a 15-year-old bike on Indian roads if the bike is well-maintained and you have a valid RC, an active insurance and a fitness certificate.

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Disclaimer: 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 change. Please consult an expert before making any related decisions.