Two-wheelers are a popular mode of transport amongst the middle class in India. Due to enormous traffic and narrow roads, two-wheelers are ideal for shorter commutes. However, as per the Government of India’s Motor Vehicle Act, every bike owner needs to own at least a third-party bike insurance policy in India.

When you buy a new two-wheeler, you can get a suitable motorcycle insurance policy with your bike from the vehicle dealer. But, if you own an old motorcycle, buying two-wheeler insurance may not be easy.

Driving an old motorcycle can be potentially dangerous if it is not maintained with care. A bike that is older than 10 years is considered as an old bike. Buying insurance for your old bike with a depreciated value has lots of hassles, but it is a must.

Why is it crucial to buy insurance for an old motorcycle?

Buying old bike insurance is vital to safeguard it against the following risks:

• Theft
• Fire or incidents that cannot be controlled
• Third-party damages caused due to accident with your bike
• Body injury caused to a third party during an accident with your bike
• Damage to our bike due to accidents or natural calamities

Besides this, bike insurance offers several other benefits as well. These include:

• Legal protection against laws mandated by the Motor Vehicle Act, 1988
• Personal Accident Cover as a source of funds for medical expenses in case of accidents
• No Claim Bonus that provides discounts on premiums in case of a claim-free policy year

Types of bike insurance for old motorcycles

Bike insurance can be broadly classified into two categories:

1.      Third-Party insurance

The third-party bike insurance covers the damages done by an insured bike to a third person. It provides financial cover against your liabilities arising out of accidents caused by your bike. The damages covered include personal injury or property damage. This policy also covers the driver’s permanent or total disability, the demise of the driver, and cover for the pillion rider.

2.      Comprehensive Insurance

Comprehensive insurance provides dual benefits. It includes cover for own damage, which includes any damage to your vehicle due to theft, accidents, natural calamities, etc. The cover also provides protection against third-party liabilities. Thus, this coverage type is highly advisable for all bike owners.

How to buy the best coverage for an old motorcycle?

Here are a few steps you can follow to get the best coverage for your old motorcycle:

1.      Research policy terms and conditions on the internet.

As per the Insurance Regulatory and Development Authority of India, you can buy two wheeler insurance from the 30 non-life insurance providers in India. Browse through their websites and understand all the features and benefits offered by them and choose the best two-wheeler insurance in India for your bike.

2.      Compare the various policies.

You don’t have to buy the first policy that you come across online. It may offer you excellent benefits and features, but who knows if the other policies have something better to offer. Thus, it is advisable to compare the policies side by side. It will give you better clarity on the price, features, terms of coverage, etc. Here is a list of things that you should consider while comparing the policies:

• Kind of cover (comprehensive or third-party liability)
• Features and price of the add-ons
• Claim Settlement Ratio (Can be found on IRDAI website)
• Brand reputation and customer service
• Claim process

3.       Select the add-ons

Adding the optional riders to your old bike insurance broadens your policy scope. For a negligible hike in the premium amount, the riders offer various benefits. Look for an insurance provider that offers a wide range of add-on riders at the minimal price. Here are some of the add-ons that you can select based on your needs:

• Personal accident cover for pillion riders
• 24×7 roadside assistance
• Cover for accessories
• Engine protection cover
• Daily cash allowance

4.      Compare the online vs offline cost

The internet has made life more comfortable as you can buy almost anything from the comforts of your home. Similarly, buying online motorcycle insurance is also possible. Today many insurance companies are offering various discounts if you buy the insurance online. Also, while buying online, you are directly dealing with the insurance companies. Thus, it reduces the commissions payable to intermediaries. So, before purchasing insurance for your vehicle, you should compare the cost offered on the websites with that provided by your insurance agents.

5.      Read the policy terms and documents.

Once you have shortlisted an insurance policy for your old bike, go through the policy documents carefully. The fine print of the insurance policy is like a mystery box as you don’t know what exclusions it might mention. Thus, to avoid surprises when the time to file claims come, it is essential to understand the clauses before buying.

6.      Fill up the application form and pay the premium

Once you have finalized the policy, you want to purchase, and the final step is the application. You can apply online on the company website or offline with the help of your insurance agent.

ConclusionTwo-wheeler insurance protects you from financial losses due to unwanted incidents with your bike. Invest in an insurance cover from a reputed provider and enjoy every ride on your bike, knowing that it is entirely secured.