Any motor vehicle, whether new or old, requires a motor insurance to be used on public roads. While bike insurance are almost always purchased at the
Any motor vehicle, whether new or old, requires a motor insurance to be used on public roads. While bike insurance are almost always purchased at the time of registration of a new bike, it is with the old motorbikes that some difficulties may arise. Having said that, getting a 2-wheeler insurance for your old motorbike is not much of a hassle these days either. Most of the insurance companies nowadays readily provide both comprehensive and third party bike insurances for your old two-wheelers. Not just that, but some of the insurance providers offer really attractive discounts for old bike insurance as well.
After the Amendment to Motor Vehicle Act the fines on violating traffic rules is increased by approximately 10 times. So always carry insurance and other documents with you. So, if you are eager to get your old motorbike back on the streets, here are some simple steps to get it insured.
- Keeping documents handy: While going to purchase a 2-wheeler insurance for an old motorbike, it is important to have all the necessary documents updated. Now with more stringent laws in place, insurance providers are reluctant to insure any bike with missing certificates, PUC, driver’s license, previous insurance details, or other relevant documents. Arranging for these documents beforehand will surely make the process fast and smooth.
- Having proper service records: Service history of any vehicle is very significant for getting insurance. Insurers tend to charge extra premiums for vehicles with poor service records. Plus, any modifications made to the bikes may also turn out unfavourable. Hence, if your motorbike is not accidental or modified, it’s always better to keep the service history handy before purchasing any comprehensive or third party bike insurance.
- Determining safety score of your motorbike: While most of the regular-use bikes have decent safety ratings, insurers are often sceptical about the ones which are long out of use. As a result, getting even a third party bike insurance for those old bikes may cost you a higher premium. It thus becomes necessary that you have your old motorbike equipped with the required safety items as are found in other regular-use bikes.
- Comparing insurance providers: Just like buying any insurance, the best way to select a good 2-wheeler insurance for your old bike is to do a bit of market research. The process is simple indeed. After deciding on the type of insurance to purchase, visit the different insurer’s websites to get a crisp overview of their policies. Comparing various insurance plans will let you have some good discounts on the premium. Since old bikes are mostly considered risky and unstable, premiums can be high. Hence, comparison may be the key.
- Knowing the Depreciation and IDV: Bikes, or rather any vehicle for the matter, are subject to recurring depreciation from the moment it is purchased. While a new bike depreciates at a slower pace, that for an older one is quite significant. Hence, knowing the depreciation rate while buying 2-wheeler insurance for old bikes is extremely important, as that is directly linked with the insured amount. Again, the insured declared value or IDV offered by each insurer should also be checked. While too high an IDV will raise your premium considerably, a lower one will defeat the sole purpose of insuring.
Once you are possessed with these basic requirements, and have decided upon the insurer you are likely to proceed with, the following steps are quite simple. These days online purchase of 2-wheeler insurance is the easiest way, and you can get a comprehensive or a third party bike insurance for your old motorbike in just a few clicks.
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