Old Bike Insurance
Still retaining your old bike? Get them insured at the lowest premium and enjoy your rides
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What is an Old Bike Insurance Policy?
We all love our old bikes. It carries a lot of poignant memories and always remains close to our heart, no matter what posh vehicle we own now. Some of you might retain your old bikes as a trophy. However, maintaining the old bike has its own set of challenges. Apart from keeping them fit for running, it is also important to keep them insured.
Old Bike Insurance plan is the type of insurance plan you purchase for an old bike, typically the ones that are more than 10 years old.
Importance of Insurance for Old Bikes
According to Motor Act 1988, all motor vehicles must carry valid insurance. The good news is that there are multitudes of options available these days to insure your old bikes. Old Bikes are more prone to accidents, so it’s advised to keep it insured for your safety.
Why Choose Fincover for Old Bike Insurance?
Option to Compare
Compare old bike insurance quotes from an array of insurers and select the one that fits your bike.
Minimises repair cost
The primary need for insurance is to ensure financial support at the time of accident or theft. It also acts as a financial backup to cover the financial loss caused to any third party vehicle/ individual.
Transparency
Every transaction you make on our platform is safe and transparent. No Hidden charges
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Depreciation Value
Importance of Insurance for Old Bikes
Coverage – Decide the type of coverage you would require. Not all plans provide the same coverage as it may differ in terms of IDV of the vehicle. Think about the utility of your bikes and select the most appropriate plan.
Compare and Decide – There are more than 25 companies offering old bike insurance policies in India. You will have to carefully review every insurance company, check their ratings and claim settling ability and pick the best.
Premium – Generally, the old bike has lesser IDV, so it results in a lower premium. However, don’t just let premium alone be the deciding factor in choosing the bike. Opt for the one that offers you maximum benefits
Depreciation – All vehicles undergo depreciation with time. Check the slab given above which has the depreciation value of each vehicle. The Reimbursement is based on the depreciation value of the vehicle
No Claim Bonus – NCB is the bonus given by the insurance company to the policyholders for non-claim period. If you are renewing your insurance for your old bikes, don’t miss to avail the NCB
Add-ons – Get enhanced protection for your old bikes by purchasing an add-on rider along with your policy. Some common add-ons are zero depreciation cover, roadside assistance cover, and NCB protection cover.
How is the Premium Calculated for Old Bikes?
The premium for your old bike insurance is calculated based on the age of the bike, accessories fitted, past claim records, along with other factors given below
- Cubic Capacity of the bike
- Age of your bike
- IDV of the bike
- NCB if any applicable
Why is it important to insure your old bikes?
- Legal Liability
- Coverage against Accidental Damages
- Coverage against Theft
- Coverage against Natural and Man-made disasters
- Personal Accident Coverage
