Tips on Insuring Your Vintage Bikes

  • Author :
  • TATA AIG Team
  • Last Updated On :
  • 08/09/2023

Two-wheelers are the most reliable and convenient mode of transportation in the city, but it's a dream of every biker to go on a long road trip. Well, it's true that travelling satisfies the soul, and riding your two-Nothing beats the thrill of owning a motorcycle with a long history. It's a really fulfilling experience for many riders since the sensation of owning a piece of history is unique.

As the owner of a vintage bike, you already know that your prized possession will be among the world's most historically significant two-wheelers. It comes to the sense that you would want to ensure that your remarkable machine is adequately covered with the appropriate form of bike insurance.

But what's a vintage bike, and what to know before insuring it?

Well, it is not always easy to differentiate between a classic bike from a vintage one, but as a standard rule, it all boils down to the two-wheeler's age. For instance, if your motorcycle insurance is between 10 and 20 years old, it'll be qualified for future classic bike insurance coverage.

However, if your two-wheeler is more than 30 years old, it will be classified as vintage and will be qualified for vintage motorcycle insurance coverage.

But how do you go about finding the best cover for your vintage motorcycle? Well, with Tata AIG, it could not be easier. Being a leading insurance provider in India for the past two decades, we understand how loving your vintage motorcycle is to you. This is why we offer a wide array of vintage bike insurance policies tailored to your specific requirements.heeler makes the journey even more enjoyable since any destination appears within reach. You simply need to wear your biking gear, start your two-wheeler, and you're at your destination in a few hours.

However, long-distance biking necessitates a theoretical as well as a practical grasp of body dynamics and riding physics. When a pillion rider is added to the equation, the physics of two people balanced on two wheels turns out to be far more challenging and complex. Being a rider, it is your obligation to look after safety when you have a pillion on the bike.

Any damage or injury sustained by the pillion might detract from the enjoyment of your travel, thus, it is critical that you consider certain things related to pillion rider safety as well as yourself.

Everything's not in your hand. You're cautious while travelling, but misfortunes land suddenly without knocking. But there's one thing that you can do - obtain a decent bike insurance policy. Good insurance for 2-wheelers will cover your financial losses in the event of bike damage. With the correct insurance for two-wheelers, you may even claim services such as on-the-spot repairs, roadside assistance, and so on.

Since there are loads of insurance companies in India providing two-wheeler insurance, you can go online and compare two-wheeler insurance policies and select the one based on your requirements and budget.

At Tata AIG, we provide insurance for two-wheelers at affordable rates, extending protection to you as well as your pillion rider on the road. With smartly picked riders or add-ons, your Personal Accident Coverage can be extended to your pillion rider. If an accident occurs, in that case, Tata AIG will pay for the hospital bills, making sure you don't need to pay the bills out of your pockets.

Now coming to the central theme of the blog regarding things to consider for your pillion's safety during a long-distance bike trip. Continue reading to learn more.

Insuring Your Vintage Bike

As per the Motor Vehicles Act 1988, two-wheeler owners must carry at least third-party insurance for bikes. It makes no difference whether you're riding a regular modern-day motorcycle or a vintage bike. If it's ridden on the roads and highways of India, it has to be covered by a third-party bike insurance policy.

The risks related to riding a two-wheeler on Indian roadways are the same for classic or vintage bikes as they are for modern and technologically-advanced motorcycles, and oftentimes third-party liability insurance policy isn't sufficient. No need to worry since comprehensive or long-term two-wheeler insurance will protect you financially from any damages to your vintage motorcycle caused by an accident, natural calamity, theft, or man-made activities.

If your vintage motorcycle is damaged as a result of an accident, the repair costs might skyrocket since specific parts of your vintage motorcycle are difficult to come by. This might place a significant financial strain on your shoulders. However, comprehensive coverage for your vintage motorcycle will undoubtedly relieve you of part of that load.

You may also include certain riders or add-ons for your vintage motorcycle into your long-term two-wheeler insurance coverage. These add-ons or riders will cover any charges that may occur during the time of your vintage motorcycle repair. In addition, if you renew your vintage motorcycle insurance coverage timely, you'll receive an NCB (No Claim Bonus).

Tata AIG, being a trustworthy insurance carrier, gives you the option to buy vintage bike insurance online from the convenience of your couch while eliminating the need to fill up loads of paper, ensuring peace of mind.

Top 7 Tips on Insuring Your Vintage Bike

Listed below are some tips that you might consider when it comes to insuring your vintage bike:

Ask for Complete Policy Copies

Consider asking for complete insurance policy copies from each possible instance carrier so you may compare bike insurance coverages, terms, and, perhaps, most importantly, policy inclusions and exclusions.

Do Not Skimp on Definitions at the Start of the Policy

You should not skim through the definitions at the beginning of your vintage bike insurance plan. The definitions are critical for understanding how the insurer implements the policy's coverages. For instance, the insurance firm's definition of a "vintage" or "classic" motorcycle may place certain restrictions on the two-wheeler, like how frequently it may be utilised for anything apart from bike exhibitions, parades, or club functions. There may also be a minimum age requirement for the bike to be eligible.

Exclusions Are Critical

The "exclusions" section of the bike insurance plan is crucial - the sales pitch always tells you what's included, but the exclusions page informs you what is not. Exclusions might be specified in many areas inside the policy paper, so double-check them since they may apply to different elements of the plan. As the old adage goes, "what the bold print goes, the fine print takes away". So make sure you understand the policy exclusions before shaking hands with an insurance provider.

Understand Dispute Resolution

Dispute resolution can be a critical component of the policy. If you and the insurance company disagree about whether a claim should be paid or how much it should be paid, the policy may provide a mechanism for resolving the issue, such as binding arbitration. This may incur additional charges for you, so it's important to understand what is necessary. The policy may require that an expert assessor be called in by either side to determine the amount of value for a classic bike, and if they disagree, a third party resolves their disagreements. Again, this process incurs additional costs for both the insured and the insurer.

Examine the Obligations

Examine your responsibilities as an insured party in the case of a loss or accident. Failure to comply with such rules may result in the insurance provider refusing to reimburse the loss in some cases. This may entail supplying certain records, such as police reports and medical records, as well as consenting to specific medical examinations, if necessary.

Understand What Motorcycle Use Influences Coverage

Coverage might be compromised if the motorcycle is leased, rented, or utilised for commercial purposes. Obviously, if the motorcycle is involved in any illegal activity and sustains major damage due to it, the coverage may suffer.

Know The Insurance Policy's Geographical Boundary Limitations

The policy territory may be stated in considerable detail, and understanding where the limitations are might be useful if you plan to ride or exhibit the bike in regions that are not covered because claims stemming from accidents outside the policy territory may be denied.

Winding Up

A vintage motorcycle is usually cherished by its owner. If you possess one, it must be loved by you as well. Thus, it's your duty and responsibility to take utmost care of your bike. So, follow these important tips when it comes to insuring your vintage bike with a decent bike insurance policy.

At Tata AIG, we have always put our client's interests first, providing round-the-clock assistance to help our clients in times of need. We carry forward the brand of Tata, and you may expect reliable and thorough help throughout the entire claim procedure.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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