Insurance Policy for Old Bikes
Overview
As bikes age, they may face higher wear and tear, increased maintenance needs, and greater exposure to risks on the road. Whether using the motorcycle for daily commuting or occasional rides, old bike’s insurance provides financial protection against unexpected events while helping bike owners to comply with legal requirements. This article explains the esse
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Insurance Policy for Old Bikes
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What is Old Bike’s Insurance?
Old bike’s insurance generally refers to insurance coverage for older or previously owned motorcycles. An insurance policy for old bikes’ helps protect you against covered risks such as accidents, theft, natural disasters, and third-party liabilities. Like any bike insurance policy, the premium and coverage depend on factors such as the bike's age, condition, Insured Declared Value (IDV), and the type of cover you select.
Why is it Important to Insure an Old Two-Wheeler?
Your bike may be old, but that doesn't make it any less valuable. Keeping old two-wheeler insured can save you from unexpected expenses and legal hassles.
Here are a few reasons why insuring an aged bike is important:
- Stay Legally Compliant: Every bike on Indian roads must have at least a valid third-party insurance policy, irrespective of its age.
- Protection Against Unexpected Expenses: Repairs after an accident, theft, or damage can be expensive. The right insurance cover can help manage these costs, subject to the policy terms and conditions.
- Cover for Third-Party Liabilities: If your bike causes injury to another person or damages someone else's vehicle or property, third -party insurance can help cover the associated legal and financial liabilities.
Types of Insurance Plans Available for Old Bikes
Owners can choose from various old two-wheeler insurance options based on their protection requirements. They are available depending on the age, condition, and usage of the bike. Here is looking at these policies at a glance:
Third-party Insurance
This mandatory cover is the minimum insurance required by law. It protects against third-party injury, death, or property damage caused by the insured vehicle. However, it does not cover damages to your own bike.
Standalone Own Damage Insurance
A standalone own damage policy covers damages to the insured bike caused by accidents, fire, theft, or man-made events, subject to the policy terms. It must be purchased along with a valid third-party insurance policy.
Comprehensive Bike Insurance
Comprehensive old bike’s insurance combines third-party liability cover with own damage protection under a single policy. Depending on the insurer and selected add-ons, it may offer broader financial protection than standalone third-party coverage.
Can You Insure an Old Second-Hand Bike?
Yes. Insurance for second hand bike purchases is available provided ownership records and vehicle documents are updated accurately. Buyers should ensure that insurance is transferred to the new owner's name immediately after purchase.
After purchasing a used motorcycle, transferring the insurance policy into the new owner's name is equally important to ensure uninterrupted coverage.
Transfer of Ownership and Insurance
When buying or selling a used bike, ownership transfer should be completed with the Regional Transport Office (RTO), and the insurance policy should also be transferred to the new owner.
Failure to transfer the insurance policy may create complications during claim settlement or legal proceedings following an accident.
Transfer of No Claim Bonus (NCB)
A No Claim Bonus (NCB) is generally earned by policyholders who do not raise claims during the policy period. Since the NCB belongs to the policyholder rather than the vehicle, it may be transferred to another eligible bike owned by the same individual, subject to the insurer's terms and conditions.
Factors Affecting the Insurance Premium of Old Two-Wheeler Vehicles
The premium for old motorcycle insurance depends on several key factors. They are as given below:
- Age of the bike
- Insured Declared Value (IDV)
- Make and model
- Bike’s current condition
- Location of registration
- Type of coverage
- No-Claim Bonus (NCB)
- Add-on covers
- Traffic violation and claim records
Older vehicles generally have lower IDVs, which can affect premium calculations.
Best Add-ons for Old Bike Insurance
While add-ons* are generally available with comprehensive policies, selecting suitable optional covers can strengthen the old motorcycle insurance by offering additional financial protection. Here is understanding them in detail:
Zero Depreciation Cover: Helps to claim the complete cost of replacing damaged car parts with brand-new parts
Roadside Assistance: Helps during emergencies such as breakdowns, flat tyres, battery failure, or towing requirements.
Engine Protection Cover: Offers coverage for certain engine-related damages arising from insured events, as specified in the policy.
Consumables Cover: Pays for essential, small items like nuts, bolts, screws, lubricants, and engine oil that are replaced during repairs and usually excluded from standard policies.
Return to Invoice Cover: Helps bridge the gap between the invoice value and claim settlement in specified situations.
Documents Required to Buy Old Bike’s Insurance
Purchasing old bike’s insurance online generally requires the following documents:
- Bike Registration Certificate (RC)
- Previous motor insurance policy (if any)
- Identity proof
- Address proof
- Pollution Under Control (PUC) Certificate
- Vehicle information
- Photos of the bike
Exact requirements may differ based on the insurance provider and policy type.
Common Mistakes to Avoid While Buying Old Bike’s Insurance
When purchasing old two-wheeler insurance online, avoid:
- Choosing inadequate coverage
- Ignoring policy exclusions
- Underestimating IDV requirements
- Delaying renewals
- Not comparing policy benefits
- Failing to verify ownership details for used bikes
- Overlooking useful add-ons that may suit your riding requirements.
Careful comparison can help identify the most suitable insurance policy for old bikes.
How to Purchase Old Bike’s Insurance Online?
Buying old bike’s insurance online is generally simple. Many bike owners prefer two-wheeler insurance online for old vehicle because of the convenience and quick policy issuance process.
Here's how to go about it:
Visit the Insurer’s Website or App: Go to the insurer’s website or open the mobile app. Enter your bike and personal details to receive a quote.
Choose Your Coverage: Select the type of coverage that suits your needs and add any optional covers, if required.
Complete the Payment: Review your policy details, make the payment online, and your policy documents will be sent to your registered email address.
How to Renew Old Bike’s Insurance Online?
Timely old bike’s insurance renewal helps maintain uninterrupted coverage and avoids policy lapses. To renew SBI General Insurance’s motor insurance follow the steps mentioned below:
Log-in to Your Account: Visit the SBI General Insurance website or open the mobile app and sign in using your registered details.
Select Your Existing Policy: Choose the bike insurance policy you wish to renew and review the coverage and policy details.
Update Your Details (If Required): Make any necessary changes to your personal information or vehicle details before proceeding.
Review and Pay: Verify the premium amount, apply any eligible discounts if available, and complete the payment. Once the renewal is successful, your renewed bike insurance policy will be shared with you via email.
Why Choose Old Two-Wheeler Insurance from SBI General Insurance?
SBI General Insurance makes it easy to purchase or renew two-wheeler insurance online for old vehicle owners with a simple and convenient digital process. Along with reliable coverage, you get access to 9,277+ network garages for cashless repairs, a presence across 140+ locations in India, a smooth claims process, and 24x7 customer support whenever you need assistance.
Whether you're purchasing two-wheeler insurance online for old vehicle or renewing an existing policy, SBI General Insurance offers flexible coverage options to suit your needs. The exact coverage, inclusions, exclusions, waiting periods, and claim conditions are subject to the applicable policy wording.
Conclusion
Choosing the right old bike’s insurance can help protect your two-wheeler against unexpected financial liabilities while ensuring compliance with legal requirements. Before purchasing or renewing a policy, compare coverage options carefully and review the applicable policy wording to understand the benefits, exclusions, terms, and conditions.
Why Customers Love Us?
FAQs
Yes. During old bike’s insurance renewal, policyholders may be able to review available coverage options and choose a different plan, subject to insurer guidelines, underwriting requirements, and policy eligibility conditions.
Modifications may influence coverage and premium calculations. It is advisable to inform the insurer about any significant modifications to ensure that the policy accurately reflects the bike's condition and usage.
Yes. Claims can generally be raised according to the applicable policy terms and conditions, regardless of the vehicle's age. Claim settlement is subject to factors such as policy coverage, applicable depreciation, exclusions, and assessment of the loss.
*Add-ons are subject to payment of an additional premium. For more details, please refer to the policy wordings and prospectus before purchasing the policy.
Note: Not all points are applicable to every motor insurance policy. Please read the policy wordings carefully to know the exact coverage offered by the motor insurance plan.
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