Insurance Policy for Old Bikes

What is Old Bike Insurance?

Why is it Important to Insure an Old Two Wheeler?

Owning an old two-wheeler doesn't diminish its value to you. In the market, your old two-wheeler price may decrease but as your bike ages, the risks associated with it may rise.

Some of the reasons to insure your older bike include:

• Legal Requirement: In India, it’s mandatory to have a valid insurance policy for any bike on the road, regardless of its age.
• Financial Protection: Accidents, theft, or damages can lead to significant repair costs, which can be financially burdensome. Insurance offers coverage to reduce out-of-pocket expenses.
• Third-party Liability: If your old bike causes damage to another vehicle or property, third-party coverage in your insurance can protect you from legal and financial liabilities.

Things to Remember While Insuring an Old Bike

When you purchase an old two-wheeler, insuring it is the next step. When insuring an old bike, there are a few essential aspects to keep in mind:

• Bike's Age: The older the bike, the more its depreciation affects the bike insurance cost. Understanding this will help you set realistic expectations for the premium.
• Coverage Type: For older bikes, you can choose between comprehensive bike insurance (covering theft, accidents, and third-party liabilities) or third-party bike insurance only.
• Condition of the Bike: Insurers may assess the condition of your bike before issuing or renewing a policy. Keep your bike well-maintained for a better deal on your insurance.

Also Read: Bike Maintenance Tips To Ensure Your Bike's Long Life

Factors Affecting the Insurance Premium of Old Two Wheeler Vehicles

The premium of your old two-wheeler insurance depends on several key factors:

• Age of the Bike: The older the bike, the higher the depreciation, which typically lowers the insurance premium. However, very old bikes or vintage bike insurance in India may attract higher premiums due to difficulty in finding its parts.
• Make and Model: The old two-wheeler price and model directly influence the bike insurance renewal amount. Expensive or rare models may result in higher premiums.
• Type of Coverage: Opting for comprehensive bike coverage increases the premium compared to third-party insurance.
• No-Claim Bonus (NCB): If you haven’t made any claims in the previous year, you can get a discount on your renewal premium.
• Add-on Covers: Any extra covers, like zero depreciation or roadside assistance, will increase the premium.

Also Read: What is No Claim Bonus in Bike Insurance?

How to Purchase Old Bike Insurance Online?

1. Provide Your Information: Visit the SBI General Insurance website or download the app. Fill in your details to receive a personalized quote for old bike insurance.
2. Select Your Coverage: Choose the coverage options and any additional features you would like included in your policy.
3. Complete the Payment: Make your payment online, and your insurance policy will be emailed to you.

How to Renew Old Bike Insurance Online?

1. Download the App: Get the SBI General Insurance App from the Google Play Store or the Apple App Store and log in to your account.
2. Choose Renewal: If you already have a policy with SBI General, select it from the available options and review your coverage details.
3. Update Your Information: Update any necessary personal information or bike details, such as your address or contact number.
4. Review and Confirm Payment: Check the renewal price, apply any available discounts, and complete your payment. Your renewed two wheeler insurance policy will be sent to your email.

How is the Premium Calculated for an Old Bike Insurance?

The calculation for an old bike insurance premium takes into account multiple factors:

• Bike’s Age and Depreciation: As the bike ages, its value depreciates, lowering the insurance cost.
• Engine Capacity: Larger engine capacities may result in a higher premium due to the increased power and risk.
• Geographical Location: Bikes located in metro cities may have higher premiums due to increased risks of theft or accidents.
• Policy Tenure: Opting for long-term insurance (up to 3 years) may reduce the overall premium, providing cost benefits.

Use SBI General’s Bike Insurance Calculator to check your insurance premium rates.

Why Choose Old Two Wheeler Insurance from SBI General?

When it comes to insuring your old two-wheeler bike, SBI General stands out for several reasons:

• Comprehensive Coverage: SBI General offers both third-party and comprehensive insurance for old bikes, ensuring you are fully protected.
• Competitive Premiums: You can expect affordable bike insurance renewal amounts that suit your budget, even for older vehicles.
• Hassle-Free Claims: With a smooth claims process, you can settle your claims quickly and efficiently.
• Trusted Brand: SBI General Insurance is a well-established and trusted name in the insurance industry, making it a reliable choice for your old bike insurance.