Understanding the Importance of Insurance for Old Two-Wheelers

The Supreme Court of India has made it mandatory to have two wheeler insurance after 15 years in order to obtain a valid permit for riding your two-wheeler. Insurance companies typically offer third-party liability insurance or comprehensive insurance policies to cover vehicle and personal damages.

Most two-wheeler policies require annual renewal. However, insurance companies have started offering multi-year insurance policies lately. The policy can be renewed by the vehicle owner at the end of the term.


Insurance for Older Bikes: It is important to be responsible and properly maintain your two-wheeler if it is more than ten years old. The depreciation period for your motorcycle is calculated from the time of its initial purchase.


Insurance for bikes older than ten years, with a depreciated value, is referred to as old bike insurance. Comprehensive and third-party insurance options are available for older bikes.


Reasons to Choose Insurance for Your Old Bike: Even if your vehicle is old, it is still recommended to have two-wheeler insurance. Bike Insurance coverage provides several benefits, including protection against damages caused by fire, accidents, and theft.

Additionally, two-wheeler insurance also protects against liability arising from damage to third-party property and bodily injury to third parties in case of accidents.


Important Considerations for Choosing Insurance for Old Bikes: When selecting bike insurance policy, it is crucial to consider the following factors to maximize the benefits of your insurance:

Insured Declared Value (IDV): The IDV is a key factor to consider when choosing a two-wheeler insurance policy. It represents the current policy year's value of your bike. It is important to have a good understanding of the premium you pay for the insurance.


Coverage: Various insurance companies offer two-wheeler insurance, so it is important to compare policies and select the best coverage for your old bike. Online services can make it easier to find quotes and offers.


Policy Terms and Conditions: Reading and understanding the policy conditions is crucial to get the most effective benefits from the insurance company. Avoiding any deductibles from the policy is a wise choice.


Depreciation Value: When selecting an insurance policy, consider the depreciation applicable to the value of your bike. In case of an accident, the vehicle's depreciation will be taken into account for reimbursement. As your bike gets older, the percentage of depreciation increases, resulting in a lower insurance value.


Add-Ons with Bike Insurance: When choosing bike insurance online, it is common to opt for add-ons. However, these add-ons are only applicable to bikes that are less than 15 years old. Add-ons may include Zero Depreciation Cover, Passenger Cover, Medical Cover, and Accessories Cover. Choosing add-ons requires paying an additional premium.


Calculation of Premiums for Bike Insurance After 15 Years: Premiums for your bike insurance are calculated based on various factors, including the Insured Declared Value (IDV), past claim experience, fitted accessories (if any), and other factors. For an old bike, the factors responsible for calculating the premium include the bike's engine capacity, the period of usage, the IDV, and any applicable No Claim Bonus.


In conclusion, choosing two wheeler insurance online for your old bike is crucial to protect your bike from damages and ensure the best value for it. However, it is important to consider the mentioned conditions before selecting a bike insurance plan.

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