Old Bike Insurance

​If you own a classic old bike or have purchased your dream vintage bike, purchasing or renewing your old bike insurance should be a top priority.

An old two-wheeler insurance with adequate coverage will help you maintain your cherished old bike to its best standards. Whether it is damage due to an accident, natural calamity, fire, explosion or even total loss, we have it all covered.

At Reliance General Insurance, you can compare the different options and buy old bike insurance online and personalise it based on your requirements.

What Is Old Bike Insurance?

Old bike insurance policy is a bike insurance coverage specifically designed for older bikes, typically those over 10 years of age.

Vehicles begin to depreciate in value as soon as they are purchased. After 10 years, they are considered old and are more susceptible to expensive repairs. With insurance on old bikes, you can cover the potential risks of accidents, thefts, natural and man-made calamities and more for your old bikes.

You can also purchase second-hand bike insurance if you have purchased an old bike from another person.

Reliance General Insurance offers old bike insurance online with various options and customisable benefits catering to your specific needs.

Why Is It Important To Insure An Old Bike?

• Legal Compliance - According to the Indian Motor Vehicles Act, it is mandatory to have at least a third-party bike insurance to ride on the road. It applies to old bikes as well.
• Financial Protection - An old motorcycle insurance policy can also offer comprehensive coverage to protect your bike against various accidental damages.
• Preserving Vintage Value - If your old bike is a precious vintage treasure, it should be maintained with utmost care. With insurance on an old bike, you can preserve it to the best standards by ensuring timely attention to accidental repairs.  

Old Bike Insurance Benefits

• Affordable Premium - While the old bike insurance cost depends on various factors, it is still more affordable than the expenses incurred for accidental repairs.
• Extensive Coverage and Cashless Repairs - With insurance on old bikes, you can benefit from cashless repairs and extensive coverage for accidents, third-party liabilities, natural calamities and more.
• Online Purchase and Flexibility - You can purchase an old bike insurance policy online and also customise it based on your specific requirements by choosing the type of coverage, sum insured and policy tenure.
• Optional Add-Ons - For old or used bike insurance, you can also include optional add-ons for specific coverage needs. For example, you can consider optional covers for consumables expenses, additional third-party property damage cover and more.

Old Bike Insurance Plans At Reliance General

Reliance General Insurance offers two-wheeler insurance for old vehicles with customisable features to suit individual needs.

 Reliance Old Bike Insurance Policy - Key Features

• Discounts up to 80% to reduce your premium
• Over 10 optional add-ons
• No Inspection Renewal Policy for select plans
• Long-term two-wheeler insurance of up to 36 months

Here is a quick guide to our insurance plans for old bikes.

How to Buy or Renew Old Bike Insurance Online?

Reliance General Insurance offers the option to purchase bike insurance online for old bikes in a few simple steps.

If the old bike insurance is for a second-hand bike, you will come across two scenarios.

• Scenario 1- Need to buy a new bike insurance policy for your old bike
• Scenario 2- Transfer existing bike insurance policy

 Scenario 1

If you are buying or renewing a bike insurance policy, you can follow these steps. If you are performing old bike insurance renewals, be mindful of the No Claim Bonus if you have accumulated it over the previous claim-free years.

• Step 1: Visit our Reliance General Insurance ​official website.
• Step 2: Under the “Explore Products” section, click on “Two-Wheeler Insurance” products.
• Step 3: Provide your bike’s Registration Number and your Mobile Number and Email ID.
• Step 4: Choose between “View Prices for buying old bike insurance online and “Renew Your Bike Insurance Policy” for renewing old bike insurance.
• Step 5: Choose between the available plan options, provide the necessary details and pay the applicable premium.

 Scenario 2

If the second-hand bike already has an existing policy, you can get it transferred to your name. You can fill out the endorsement form and provide details of the transfer of ownership to get the insurance on the old bike.

Documents Required for Old Bike Insurance

Here are some of the most important old bike or second-hand bike insurance documents required to purchase or renew the policy.

After purchasing, you can get the old bike insurance downloaded to your smart device by logging into our bike insurance page for future reference.

How to Get Insurance on an Old Bike or for Bikes Older Than 15 Years?

If you want to get insurance for classic motorcycles older than 15 years, it is important to understand certain conditions.

• Fresh Registration Certificate - The Registration Certificate for a vehicle in India is issued for 15 years. After 15 years, it is important to go through a re-registration process to get a fresh Registration Certificate. Further, this fresh registration should be renewed every five years.
• Fitness Certificate - Your old bike must also undergo an inspection process to assess its working condition and obtain a Fitness Certificate.

Upon completion of these requirements, you can buy old two-wheeler insurance online. You need to consider factors, such as the Insured Declared Value (IDV), usage in your regular life, your location and potential risks to determine the right coverage. We will discuss these pointers in the forthcoming sections.

How To Transfer Bike Insurance Policy From One Person To Another?

If you have sold your bike and completed the formal procedures of transfer of ownership, it is time to transfer old bike insurance.

Here are a few simple steps that you need to follow for an old bike insurance transfer.

• Step 1: Apply for the transfer of your bike insurance within 14 days of transferring your vehicle ownership. You can call us on our paid helpline number (+91 22 48903009) to inform us of this decision.
• Step 2: Fill out the proposal form, mentioning the details of the bike insurance transfer accurately.
• Step 3: Submit the necessary documents, such as the bike’s Registration Certificate, Sale Deed, Forms 29 and 30, and other relevant documents for KYC verification.
• Step 4: The documents will be examined, and the process of transferring the bike insurance policy will be initiated.

How Is Premium Calculated For Old Bike Insurance?

The old bike insurance cost is calculated based on several factors. In this section, we will focus on the Insured Declared Value (IDV), which is the most important factor. We will cover the others in the following section.  

Insured Declared Value refers to the current market value of your bike, which is accounted for by its depreciation (current market value - depreciation). It is the maximum compensation you will receive in case of total loss of your bike from the old or 2nd hand bike insurance.

The higher the IDV, the higher the old bike insurance premium. The depreciation applicable to a bike is as follows:

Factors Affecting Premium for Old Bikes

Apart from the Insured Declared Value (IDV) of your bike, a few other factors influence the insurance for classic motorcycles and their premiums.

• Specifications - Your bike’s specifications, engine’s cubic capacity, and make and model significantly affect the old bike insurance cost.
• Bike’s Condition - The condition of your bike, including age, mileage, maintenance, etc., impacts the premium for your old two-wheeler insurance.
• No Claim Bonus - If you have accumulated an NCB discount for the previous claim-free years, your premium is subject to decrease drastically.
• Claims History - If you have filed multiple claims over the previous years, your premium increases considerably.
• Driving Record - If you have a history of traffic violations or accidents, you are considered to be at higher risk, which can increase the premium.
• Location - If you live and ride your bike in an accident-prone zone, your premium can increase due to the increased risk of accidents.

How to Use an Old Bike Insurance Calculator?

• Step 1: Visit our Reliance General Insurance official website.
• Step 2: ​Under the “Explore Products” section, click on “Two-Wheeler Insurance” products.
• Step 3: Provide your bike’s Registration Number and your Mobile Number and Email ID.
• ​ Step 4: Click on “View Prices”. You will be able to view the different old bike insurance policy options available for your bike with their premium cost.
  
• Step 5: You can modify the IDV, choose optional covers and see how the old bike or second-hand bike insurance cost gets calculated.

How to Reduce Insurance Premiums for Old Bikes?

If you are looking for cheap bike insurance for 16-year-olds or those of any higher age, here are a few tips to reduce the premium.

• Compare Old Bike Insurance Policies - Compare the different old bike insurance policies and their premiums to strike the right balance between financial protection and affordable pricing.
• Avoid Filing Claims For Minor Damages - Refrain from filing claims for minor damages as it can affect your NCB discount. You can accumulate the NCB discount of up to 50% to reduce your premium.
• Look out for Discounts - Look out for used bike insurance discounts, such as for installing anti-theft devices that can reduce the risk of theft to reduce your premium.
• Opt for a Higher Deductible - Opting to pay a higher deductible during a bike insurance claim can also reduce your old bike insurance cost.

Things To Consider While Buying 2-Wheeler Insurance For Old Vehicle

• Determine the IDV - Assess your bike’s condition and its market value to determine the appropriate IDV. It should be sufficient enough to cover the total loss and be affordable at the same time.
• Usage - Consider how often and to what extent you use your old bike to identify the best type of coverage for your old bike insurance policy.
• Compare Old Bike Insurance Plans - Compare the different old bike insurance plans offered and their policy conditions to choose the best coverage that will suffice your requirements.
• Understand Policy Conditions - Go through the old two-wheeler insurance policy document to understand what are the coverage features and benefits offered to ensure sufficient coverage.
• Insurer’s Reputation - Review factors such as customer feedback, the claim process and the claim settlement ratio to choose a reliable insurer for your old bike.

Common Old Bike Insurance Mistakes

• Ignoring Exclusions - Always review your old bike insurance terms and conditions to avoid claim rejections later. Go through the different clauses and get yourself clarified on any aspect with respect to the coverage to avoid bike insurance second-hand pitfalls.
• Inadequate Coverage - Considering it is an old bike, you might decide on a lower IDV. However, it is important to evaluate the bike’s condition and cost of applicable repair expenses to determine adequate coverage.
• Not Being Aware of Policy Changes - Old bike insurance plans and their terms and conditions can change over the years. Being aware of these policy changes is necessary.

Frequently Asked Questions About Old Bike Insurance

1. Can I get a bike insurance policy for my bike, which is older than 15 years?

   Yes, you can get an old bike insurance policy for a bike older than 15 years, provided you fulfil the necessary legal requirements.

2. Is bike insurance mandatory for old bikes?

   Yes, bike insurance is mandatory for bikes, regardless of their age.

3. Can I buy old bike insurance online?

   Yes, you can buy two-wheeler insurance online for old vehicles in a few simple steps. Refer to the sections above for the process and documents required.

4. What should I do if my old bike is damaged beyond repair due to a massive accident?

   You can initiate a claim for the total loss of your bike due to the accident. If you have followed the bike insurance claim process and submitted the necessary documents, we will examine your claim and process it for settlement, subject to the policy terms and conditions.

5. Can I insure a second-hand bike?

   Yes, you can insure a second-hand bike, provided you have the Registration Certificate transferred to your name and have all the other relevant documents such as Form 29 and 30.

6. Which is the best bike insurance for an old bike?

   The best insurance policy for your old bike will depend on your specific requirements. For example, if you use your old bike less frequently, you can consider buying a third-party bike insurance.

   On the other hand, if you use it more frequently, you can get a comprehensive bike insurance policy. It covers third-party liabilities and own damages for various risks including accidents, thefts, natural and man-made disasters.

7. Can I transfer my existing bike insurance to a new owner?

   Yes, you can transfer your existing bike insurance to a new owner. However, you need to initiate the process within 14 days of the transfer of your bike’s ownership.

8. Can I get old motorcycle insurance at a cheaper premium?

   Yes, you can get an old bike insurance plan for a cheaper premium. The old bike insurance cost depends on several factors, such as IDV, your bike’s age, make and model, claims history and more.

   The key factor here is the IDV (Insured Declared Value), which represents the current market value of your bike, accounting for depreciation.

   Since older bikes have higher depreciation, their IDV is lower, which in turn results in a lower premium.

Disclaimers:

*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.

Premium: The premium mentioned is excluding taxes for the private two-wheeler model TVS Jupiter with cubic capacity of less than 110 cc for a 1 year Own Damage Insurance policy for an IDV of 34,766. Premium used is 233/year as on 1 March 2023 and then converted into a per month basis, which gives us Rs.19/month (233/12).

Discount: The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, and age of the vehicle.

Two-wheeler UIN: Details mentioned are for the product- Reliance Two Wheeler Package Policy, UIN-IRDAN103RP0011V02100001.

Third-Party UIN: Details mentioned here are for the product- "A" Policy for Act Liability Insurance (Two Wheeler). UIN- IRDAN103RP0003V01200102.

Own Damage: Details mentioned here are for the product- Reliance Two Wheeler Policy- Stand-alone Own Damage (UIN- IRDAN103RP0002V01201920)