How to Buy Two-wheeler Insurance After 15 Years: Steps, Cost & Documents?

Insurance for bikes older than 15 years is important for maintaining financial protection and legal compliance. As vehicles age, they become more prone to damage. 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.

Why Should You Have Two-Wheeler Insurance for Your Bike After 15 Years?

Are you planning to buy motor insurance for your bike, which is older than 15 years? Why do you need Two-wheeler insurance after 15 years?

Ensuring 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. ലീഗൽ കംപ്ലയൻസ്

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. മനസമാധാനം

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

ഒപ്പം വായിക്കുക: Impact of Bike Modifications on Two-Wheeler Insurance Premiums

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 a third-party liability policy.

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.

How to Calculate Premium for the Two-Wheeler Insurance After 15 Years for Your Bike?

1. Check Your Bike’s Current Value First 

Start by finding the Insured Declared Value, or IDV. This is your bike’s current market price after depreciation. For two-wheeler insurance after 15 years, insurers don’t use fixed depreciation charts. They decide the IDV with you based on the bike’s age, condition, and model.

2. Know How the Premium is Worked Out 

Your own-damage premium is a small percentage of the IDV, usually 2% to 4%. On top of that, you pay the government-fixed third-party cover and GST. Location, engine size, and claim history also change the final amount for two-wheeler insurance after 15 years.

Imagine you purchase a new bike named Bajaj Pulsar 150.

If you buy insurance immediately after buying the bike. 

1. Ex-showroom price: ₹1,20,000 

2. IDV after 6 months with 5% depreciation: ₹1,20,000 – ₹6,000 = ₹1,14,000 

3. Own-damage premium at 3% of IDV: ₹1,14,000 × 3% = ₹3,420 

4. Add third-party premium: ₹1,366 for 150cc 

5. Add 18% GST on total: ₹3,420 + ₹1,366 = ₹4,786 × 18% = ₹861 

6. Total yearly premium: ₹5,647 approx

Now, buying Two Wheeler insurance after 15 years for the same Bajaj Pulsar 150 

1. Market value drops sharply. Insurer and you agree on IDV: ₹25,000 

2. Own-damage premium at 3% of IDV: ₹25,000 × 3% = ₹750 

3. Add third-party premium: ₹1,366 for 150cc 

4. Add 18% GST: ₹750 + ₹1,366 = ₹2,116 × 18% = ₹381 

5. Total yearly premium is approximately ₹ 2,497.

However, adding add-ons such as engine protection, zero depreciation, and personal accident coverage can increase your premium for two-wheeler insurance after 15 years.

This is because your premium falls as the bike gets older because the IDV drops. But third-party cover stays mandatory and doesn’t reduce with age. So, buy motor insurance from Bajaj General as soon as possible when you buy the bike to get the highest IDV protection from day one.

ഒപ്പം വായിക്കുക: 5 വർഷത്തേക്ക് ബൈക്ക് ഇൻഷുറൻസ് നിർബന്ധമാണോ?

What are the Factors You Must Consider While Buying Two-Wheeler Insurance After 15 Years?

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. ഇൻഷ്വേർഡ് ഡിക്ലയേർഡ് വാല്യൂ (ഐഡിവി)

3. Location of Use

4. Coverage Options

5. നോ ക്ലെയിം ബോണസ് (എൻസിബി)

6. Deductibles

7. Type of Policy

What are the Essential Documents to Buy a Two-Wheeler Insurance After 15 Years?

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

1. Registration Certificate (RC) of the bike.

2. Previous insurance policy (if applicable).

3. പൊല്യൂഷൻ അണ്ടർ കൺട്രോൾ (പിയുസി) സർട്ടിഫിക്കറ്റ്.

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.

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.

ഒപ്പം വായിക്കുക: ബൈക്ക് ഇൻഷുറൻസ് പുതുക്കുന്നതിന് ആവശ്യമായ ഡോക്യുമെന്‍റുകൾ

ഉപസംഹാരം

Consider comprehensive coverage and IDV value before getting two-wheeler insurance after 15 years for your bike. This is a smart financial decision and a legal requirement to protect your bike, which is older than 15 years, from third-party liability and accidental damage.

Choose motor insurance with easy, hassle-free quotes for your bike that's older than 15 years with Bajaj General Insurance. Get roadside assistance and engine protection bike insurance add-ons with comprehensive two wheeler insurance to drive stress-free.

പതിവ് ചോദ്യങ്ങള്‍

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 is used frequently.

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 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 a total loss if repairs exceed 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.

*സാധാരണ ടി&സി ബാധകം. ഇൻഷുറൻസ് പ്രേരണാ വിഷയമാണ്. ആനുകൂല്യങ്ങൾ, ഒഴിവാക്കലുകൾ, പരിധികൾ, നിബന്ധനകൾ, വ്യവസ്ഥകൾ എന്നിവയെക്കുറിച്ചുള്ള കൂടുതൽ വിവരങ്ങൾക്ക്, വിൽപ്പന പൂർത്തിയാക്കുന്നതിന് മുമ്പ് ദയവായി സെയിൽസ് ബ്രോഷർ/പോളിസി നിബന്ധനകൾ ശ്രദ്ധാപൂർവ്വം വായിക്കുക.

നിരാകരണം: ഈ പേജിലെ ഉള്ളടക്കം പൊതുവായതും വിവരദായകവും വിശദീകരണവുമായ ആവശ്യങ്ങൾക്കായി മാത്രം പങ്കിടുന്നതുമാണ്. ഇത് ഇൻ്റർനെറ്റിലെ നിരവധി സെക്കന്‍ററി സ്രോതസ്സുകളെ അടിസ്ഥാനമാക്കിയുള്ളതും മാറ്റങ്ങൾക്ക് വിധേയവുമാണ്. ബന്ധപ്പെട്ട തീരുമാനങ്ങൾ എടുക്കുന്നതിന് മുമ്പ് ദയവായി ഒരു വിദഗ്ധനെ ബന്ധപ്പെടുക.

ഇൻഷുറൻസ് പ്രേരണാ വിഷയമാണ്. ആനുകൂല്യങ്ങൾ, ഒഴിവാക്കലുകൾ, പരിധികൾ, നിബന്ധനകൾ, വ്യവസ്ഥകൾ എന്നിവയെക്കുറിച്ചുള്ള കൂടുതൽ വിവരങ്ങൾക്ക്, വിൽപ്പന പൂർത്തിയാക്കുന്നതിന് മുമ്പ് ദയവായി സെയിൽസ് ബ്രോഷർ/പോളിസി നിബന്ധനകൾ ശ്രദ്ധാപൂർവ്വം വായിക്കുക.