Old Bike Insurance crapping?

Buying insurance for 2-wheelers that are comparatively new, i.e., only two to five years old, is fairly easy. It’s because insurers easily insure these vehicles without getting into too much detail. As a result, when the vehicles are in the first five years of their lifecycle, there are very few chances of breakdowns and unexpected mechanical problems.

However, what if you have got an old vintage bike or a scooter? As mentioned above, you cannot ride a bike, no matter if it’s new or old, without a valid bike insurance policy. Also, you would want to protect your beloved bike from any kind of damage and mishaps.

For these reasons, you may have to purchase an old bike insurance policy. We at Tata AIG offer old bike third-party insurance and old bike comprehensive insurance plans. For example, with Tata AIG, you can get two-wheeler insurance for up to 20-year-old bikes. Thus, getting 20-year-old bike insurance is easy and quick.

You must buy third-party insurance for an old bike if you want to ride a bike or scooter in India. So, if you’ve got an old bike, you need to buy an old bike insurance policy to stay on the right side of the law and avoid getting penalised by the traffic cops. Additionally, a comprehensive old bike insurance policy provides financial protection to your bike against theft and damages.

Below are the reasons why you should procure two-wheeler insurance for a 15-year-old bike:

• First, to protect your bike from natural disasters, such as earthquakes, floods, tsunamis, storms, lightning, etc.
• To protect your old bike from man-made disasters, such as road accidents, fire, theft, etc.
• To protect yourself from liabilities that may arise due to property damage or bodily injuries inflicted on a third party during an accident involving your bike.

When you go out in the market to buy anything, you look for the best product, the best price, and the best features. Similarly, when you go out to buy a new insurance policy for an old bike, there are several factors that you should look for. Let’s discuss them one by one:

• Coverage

The most crucial thing about two-wheeler insurance for a 15-year-old bike is the coverage it provides. Not all bike insurance plans offer the same coverage. It may differ in terms of Insured Declared Value (IDV), cashless repair facility, own-damage coverage, etc.

You should decide which type of coverage you need for your old bike and then choose the best bike insurance for your old bike. For example, if you want only the mandatory third-party liabilities to be covered, you can opt for a standalone old bike third-party insurance policy. However, if you want to get coverage for your own damages, too, you should go for comprehensive bike insurance for old bikes.

• Premium

When you buy any new insurance policy for an old bike, you’re required to pay the price for it, which is known as the premium. You can either pay a one-time premium, or you might have to pay regular premiums at fixed intervals. In the case of bike insurance, you may have to pay annual premiums to keep your policy active.

While buying or renewing your old bike insurance policy, you must consider the premium that you will have to pay for it. Old bike insurance price depends upon several factors, including the type of coverage you opt for, add-ons you attach with your policy, and the IDV of your bike. It also depends upon whether you have an old bike third-party insurance or a comprehensive bike insurance plan.

• No claim bonus

No Claim Bonus or NCB is the bonus given by insurance companies to policyholders if they do not make any claim on their policies during a year. In the case of two-wheeler insurance, this bonus is generally given as a discount on premiums at the time of policy renewal.

If you’re purchasing a new bike insurance policy for an old bike or if you’re renewing your old bike insurance policy from another insurer, you should never forget to avail of the NCB. But, of course, you should also opt for the insurer that’s offering the highest NCB for every claim-free year.

• Availability of add-ons

Two-wheeler insurance companies offer various add-ons to enhance the coverage of their base policies. Some commonly available bike insurance add-ons in India include zero depreciation cover, roadside assistance cover, engine damage cover, NCB protection cover, etc.

You should choose your add-ons carefully while procuring an old bike insurance policy. For example, if you live in a location where floods are common, you should mandatorily opt for the engine damage cover.

Similarly, if you go for frequent road trips on your bike, you should always attach the roadside assistance rider with your base policy. You can add these add-ons to your policy when you renew your old bike insurance policy.

Having a bike insurance policy is mandatory in India, no matter if you’re riding a new bike or an old one. If you’ve got an old bike that is more than 10 years old, you need to procure an old bike insurance policy. It’s prudent to compare two-wheeler insurance plans from various insurers before making your purchase.

While comparing your options, you should consider several factors, including coverage, premium, availability of add-ons, and claim settlement ratio of the insurer.

With Tata AIG, you can compare two-wheeler insurance online and choose the best bike insurance policy for your old bike.