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How To Get An Insurance Policy For An Old Two-Wheeler

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If you have only just bought a two-wheeler, there’s no need for you to worry about buying a two-wheeler insurance policy. This is because the dealership will offer a policy along with the bike, albeit at an additional cost. But how can an individual with an old bike get a two-wheeler insurance? Now, that’s a question that doesn’t have many answers. In this page, we will tell you about the ways you can use to get two-wheeler insurance for an old vehicle.

Use the internet

According to the IRDA, there are close to 30 non-life insurance providers in the country, most of whom also offer two-wheeler insurance policies . Besides, all these insurance companies have a website which gives you all the information regarding their two-wheeler insurance offering. To get results, all you need to do is a cursory search of google with terms like ‘two-wheeler insurance’ or other such related phrases. Use the results you get and go through them carefully.

Compare them side-by-side

Just because you have found an insurance policy online doesn’t mean that you should go ahead with buying it. Instead, what you should do is compare a few policies side-by-side and check the benefits they offer depending on what you need. This will give you a clarity on the offers that suit you the best. An advantage of doing this is that it helps you pick out the best policy in terms of coverage and pricing.

Read the policy documents

Once you have decided on a policy, you will need to go through the fine print because an insurance policy document is like a pandora’s box and there’s no telling what clause appears out of it. Going through the policy documents will also help you understand the nitty-gritties of the policy you are buying.

Apply

Once you have finalised the policy you are buying, the next remaining step would be to apply for it online or through an agent, whichever means you find comfortable.

Things you need to know before buying an insurance policy for your old two-wheeler:

As you may already know, the terms offered for a new two-wheeler isn’t the same as the one offered for an old one. Here are a few things you need to keep in mind when buying a policy for your old vehicle:

Insured’s Declared Value (IDV) of your Vehicle:

An IDV is basically the sum assured for your vehicle. In other terms, it is the amount you get if your vehicle sustains a partial or total damage. IDV is basically calculated as the selling price of a vehicle minus the insurance and registration costs. However, as yours in an old vehicle, the IDV can be considerably lower. Insurance companies tend to do an assessment of your vehicle before deciding on the IDV. Your job is to make sure that the evaluator doesn’t get your IDV to a lower amount. To get a higher IDV, you would need to negotiate and also be ready to pay a slightly higher premium.

Age of the Vehicle:

As your vehicle is already old, there also the depreciation costs you need to worry about. Here’s a generic table that lists out the depreciation schedule for vehicles of different age:

More than a year; less than 2 years 10%
More than 2 years; less than 3 years 15%
More than 3 years; less than 4 years 25%
More than 4 years; less than 5 years 35%
More than 5 years; less than 10 years 40%
More than 10 years old 50%

While this table lists a more generic percentages, the actual depreciation costs may vary for insurer to insurer. Also, insurance companies use schedules such as this to determine the total premium you would have to pay.

Although, getting insurance for your old two-wheeler is not impossible, it still is a tedious, long drawn-out process. If you go through the right channels you will have a relatively smooth ride.

How to Get an Insurance Policy for an Old Two-Wheeler Reviews

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  • Bajaj Allianz Two Wheeler Insurance
    "Premium should be economical for the renewal"
    0.5 4.0/5 "Great!"
    Whenever there is a issue, I can reimburse with Bajaj Allianz its good than other company. One time I claimed, they gave me cash less service the premium is lesser than others then I changed it. The renewal option is good but they show more premium when I go for renewal.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost four years back and i am paying the premium annually. The premium amount has not been high and the payment method has been simple. There has not been any claims made so far and the services which they had offered so far was good.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good for two wheeler"
    0.5 4.0/5 "Great!"
    My policy belongs to HDFC Ergo, its a premium policy for one year the insured value is fine for me Rs. 97,000, I have the KTM Duke bike its good, I took first party insurance with HDFC Ergo, I really not interacted with them for any policy queries.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • Bharti Axa Two Wheeler Insurance
    "IDV percentage should be increased"
    0.5 4.0/5 "Great!"
    The insured value is low in Bharti axa, I Purchased Royal Enfield bike for Rs. 1.75 but they gave me only Rs. 1.20 lakh . My policy has the tenure of two years, I am not sure about the tie up services. I have taken the first party insurance. I purchased in the month of october 2017.
    Was this review helpful? 2
    , new delhi
    Reviewed on Jan 14, 2019
  • National Insurance Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I had my two wheeler insurance from National Insurance and it was a better experience. This insurance was issued by the showroom as a default. There is no claim. I felt the premium is bit higher so moved to HDFC Ergo. The customer service is better.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from HDFC Ergo because it has more benefits and the premium is lower compared to others. It is a first party insurance. The customer service is very good. There was no claim and IDV value is good. I got the insurance paper.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance for my bike a long time back and it had been a good policy. I had been paying the premium on an annual basis and the premium amount was not too high as well. The payment method has been simple and there has not been any hassle. There has not been any claims made so far and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have my two wheeler insurance with ICICI Lombard. The services are good and there no hassles to get the policy. The premium is also nominal. The policy coverage and benefits are satisfactory. I also received the policy papers on time. Good in all.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 12, 2019
  • United India Two Wheeler Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    This policy was recently renewed for my bike, my brother went to the showroom and then he renewed the policy, the premium is economical as per the market. They are issuing the policy with the good coverage of bike. Its a trusted insurance company and I got the paper on time.
    Was this review helpful? 4
    , kolkata
    Reviewed on Jan 11, 2019
  • Reliance General Two Wheeler Insurance
    "Should get tie up with more service centers"
    0.5 3.5/5 "Pretty good"
    Even for my Bajaj discover bike I had Reliance general insurance it has the tenure of one year, they gave me good insured value around Rs. 19,000, it covers for the loss, damage. They need to get tie up with chennai to get the hassle free service.
    Was this review helpful? 2
    , chennai
    Reviewed on Jan 10, 2019
  • Reliance General Two Wheeler Insurance
    "Easy Renewal"
    0.5 3.5/5 "Pretty good"
    Based on my experience Reliance insurance company is good, the premium is standard as per the current market. I have Honda it covers for loss, damage cover. There is no claim experience, I used to visit to the branch for the renewal they provide good service.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 10, 2019
  • Iffco Tokio Two Wheeler Insurance
    "Quick Service "
    0.5 4.0/5 "Great!"
    I have bike policy with IFFCO TOKIYO, it was my friend bike later on it got transfered to my name with Iffco Tokiyo two wheeler policy, the insured value is good it has coverage for the loss and damage. On time they processed the policy on my name. I am happy about it.
    Was this review helpful? 2
    , mumbai
    Reviewed on Jan 10, 2019
  • New India Two Wheeler Insurance
    "Good Experience"
    0.5 5.0/5 "Blown Away!"
    In New India, I have insured my Hero CT delux bike, once a while it got damaged they done the service on time, the premium is low however the insured value is good. It has third party insurance, the service is good and I could renew the policy on time.
    Was this review helpful? 0
    , ambala
    Reviewed on Jan 10, 2019
  • National Insurance Two Wheeler Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    In National Insurance the premium amount is low around Rs. 2000 for one year, the insurance company allocated Rs. 35,000 for my bike. My Honda dio vehicle is around 6 years, the policy activation done on time. My bike got damaged within 10 days.
    Was this review helpful? 3
    , ambala
    Reviewed on Jan 10, 2019
  • New India Two Wheeler Insurance
    "Average Two Wheeler insurance"
    0.5 3.0/5 "Satisfactory"
    My two wheeler insurance was taken from New India for my new bike. The showroom people has done a insurance when i purchased my two wheeler. I paid the premium amount of Rs. 1600. The documentation process was simple. They have given the IDV value of Rs. 55000 which I'm happy about.
    Was this review helpful? 3
    , mangalore
    Reviewed on Jan 09, 2019
  • Shriram Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    My two wheeler insurance was taken from Shriram because my friend is working there. The renewal procedure was easy and he done it for me. The premium is 1200 rupees for one year. I have no claim and never contacted the customer service. The premium was moderate and benefits are average.
    Was this review helpful? 1
    , vellore
    Reviewed on Jan 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good online option for renewal"
    0.5 4.0/5 "Great!"
    Reason to prefer Bajaj Allianz, I don't want to visit to the showroom for the renewal. I can renew the policy through online and I compared the benefits through online. On time the customer support team issued the paper. I have activa they gave me good insured value based on the vehicle age.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • HDFC Ergo Two Wheeler Insurance
    "No experience with this policy"
    0.5 4.0/5 "Great!"
    3 months ago, i have purchased the new vehicle and the dealer has suggested me to take a insurance policy with HDFC Ergo. The dealer has taken care of all the procedure of this policy. I've no idea about the premium amount. This policy covers the 100% of the vehicle.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good coverage for rider and thrid party"
    0.5 4.0/5 "Great!"
    Normally the insurer provide the cover for rider but this ICICI lombard is providing coverage rider and third party, the premium is also economical. They gave me the good coverage based on the vehicle age, my policy has the tenure of two years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Last time I took the two wheeler insurance from Bajaj Allianz. I took the premium around 1500 for one year. They gave me the policy paper, I have bike yamaha bike and also the insurance company got tie up with many service center for any claim.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
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