We know that older motorcycles are safe to ride if they are well-maintained. You should consider your two-wheeler old if it is older than ten years. However, the depreciation of two-wheelers begins as soon as you buy one. You can now do a bike insurance check using an insurance app.
Why Is Insurance For Old Two Wheelers Required?
It would help if you got your bike covered by insurance to guard it against the risks of:
- Damage to the bike caused by a fire or another uncontrollable event.
- Any property damage to a third party resulting from an accident involving your two-wheeler may subject you to liability.
- Theft
- Any bodily harm to a third party caused by an accident involving your motorcycle may subject you to liability.
Points To Consider When Considering Old Motorcycle Insurance:
The following considerations must be made when purchasing an insurance policy for your vintage motorcycle:
- There Is No Grace Period: Two-wheeler insurance policies do not include a grace period. As a result, if your bike insurance policy expired on March 10, 2021, and you paid the renewal premium on March 11, 2021, the policy is deemed to have passed, and you can only renew it after having your bike physically inspected. It would help if you renewed your insurance policy regularly, which can be annually or every three years, depending on how long your policy has been in effect. Make sure you do your online bike insurance renewal on time.
- Depreciating The Bike’s Declared Value By The Insured: Your motorcycle’s Insured Declared Value (IDV) will be lower the older it is. The Insurance Declared Value (IDV) is the maximum sum assured that the insurance company fixes based on the bike’s current market value, and it pays this amount if your motorcycle is lost or stolen. The depreciation value is subtracted from the bike maker’s selling price to determine the IDV. Suppose you have added something to your bike that the manufacturer did not include. In that case, the depreciation and cost of that item are calculated separately and added to your bike’s IDV. *
- Lower Premium: You might believe your two-wheeler’s insurance costs increase as it ages. This is untrue because the value of your vehicle’s insurance and IDV decrease. This does not, however, imply that you should demonstrate a lower IDV of your bike in exchange for a lower premium. This is because if your IDV is lower, even if the true cost of your two-wheeler is higher, you won’t be able to sue for more in the event of an accident. ##
- Potential Add-Ons: You can add rider benefits to your bike insurance policy, providing coverage for the registration fee and road tax by paying a marginally higher premium. You can add comprehensive coverage in this manner for two-wheelers up to 15 years old. You can contact your insurance company to learn more about the various add-ons available for your bike. The Bajaj Allianz two-wheeler insurance app helps you manage your policy on the move.
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
