Owning a bike that’s over 15 years old? You might assume insuring it would be challenging, given that most insurers tend to focus on newer vehicles, taking their age and condition into account. However, securing insurance for your classic two-wheeler isn’t impossible. With the right approach and a few strategic steps, you can find coverage that suits your needs. Let’s break it down step by step.
1. Opt for Third-Party Insurance
For bikes older than 15 years, the most commonly available option is third-party insurance. This is the minimum legally required insurance in India, covering only third-party liability in case of an accident. Third-party insurance provides coverage for:
- Damages to a third party’s property
- Injury or death of a third party caused by your bike
Since bikes over 15 years old may not be eligible for comprehensive coverage due to their age and the associated risks, third-party insurance becomes a practical choice. This is generally cheaper than comprehensive insurance.
2. Comprehensive Insurance with Add-ons (Limited Availability)
Some insurers may still provide comprehensive coverage for older bikes, albeit with specific conditions. For bikes over 15 years old, comprehensive insurance may have limitations, such as:
- Limited coverage options
- Shorter policy tenure (usually short-term)
- Exclusion of certain parts and damages
- Higher premiums due to increased risk
Additionally, insurers may offer add-ons like personal accident coverage and pillion rider coverage even for older bikes.
3. Check for Insurers Specialising in Older Bikes
While mainstream insurers may hesitate to offer comprehensive insurance for bikes older than 15 years, some companies specialise in vintage or classic vehicle insurance. These insurers may offer tailored policies that include broader coverage, such as:
- Damage to the bike
- Theft protection
- Liability coverage
- Fire and natural calamity damage
Although these policies can be more expensive than standard third-party options, they often offer more extensive coverage.
4. Insure through Online Platforms or Bike Insurance Apps
The rise of online platforms and bike insurance apps has made insuring older bikes much easier. These digital platforms provide flexibility in policy options, enabling you to:
- Compare policies from different insurers
- Find suitable options for older two-wheelers
- Choose limited or third-party coverage
These apps often provide easy-to-navigate interfaces, simplifying the process of choosing the right insurance for your older bike.
5. Get an Inspection Done
Insurers may require a physical inspection of your bike before issuing a policy, especially for vehicles over 15 years old. This inspection checks the condition of the bike, including:
- The bike’s mechanical condition
- The state of its body and parts
- Risk factors based on its overall condition
The insurer will then determine the policy terms based on the inspection results, particularly for well-maintained bikes.
6. Consider the No Claim Bonus (NCB)
If you have maintained a No Claim Bonus (NCB) on your previous policy, you may be eligible for a premium discount, even for an older bike. This discount can help offset the higher premiums typically associated with ageing vehicles.
7. Documents and Paperwork for Older Bikes
When insuring a bike over 15 years old, the following documents are generally required:
- Registration Certificate
- Fitness certificate (in case the bike is over 15 years old)
- Previous insurance policy (if applicable)
- Emission certificate (for bikes older than 15 years)
- PUC (Pollution Under Control) Certificate
These documents help establish the condition and legality of your bike, enabling the insurer to determine appropriate coverage.
Points to keep in mind while choosing Insurance for Old Bikes
Here are the key aspects you should keep in mind:
- Insured Declared Value (IDV)
○ The IDV represents the current market value of your bike and affects both premiums and claim amounts.
○For older bikes, the IDV is lower due to depreciation. So, it’s crucial to evaluate it carefully to avoid underinsurance or overpaying premiums.
- Coverage Options
○ Compare plans from multiple insurers to comprehensive coverage for your bike.
○ While some insurers may limit add-ons like zero depreciation for older bikes, it’s essential to explore available options for adequate protection.
- Policy Terms and Conditions
○ Read and understand the policy’s terms, including exclusions, deductibles, and claim procedures.
○ Pay special attention to clauses affecting coverage for ageing vehicles.
- Depreciation Factor
○ As a bike ages, its depreciation value increases, directly affecting the claim amount in case of damage.
○ Understand how the policy handles depreciation to ensure it aligns with your expectations.
- Reliability of the Insurer
○ Opt for an insurer with a proven record in claim settlement and customer service.
○ Use digital tools, such as bike insurance apps, to compare reviews, ratings, and policy features.
Conclusion
Insuring bikes over 15 years old is certainly achievable, though it may require more effort and planning. Depending on your bike’s condition, you may need to settle for third-party liability insurance or, in some cases, a limited comprehensive policy.
To get the best value, negotiate the IDV and track depreciation with a bike insurance app. Regardless of your bike’s age, insurance remains a legal necessity and a valuable safeguard for your investment and safety on the road.
