Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • 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

  • Page 1 of 50 1 2 3 4 5
    • Royal Sundaram Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with Royal sundaram insurance from last 4-5 years, a premium of Rs 2000 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Yet to experience the claim"
      0.5 4.0/5 "Great!"
      I have not used the insurance policy so far. I never claimed anything in this policy. I have not spoke with the customer care. My friend has recommended me about the two wheeler insurance policy with Reliance. I pay the premium amount of Rs. 1500 for one year. I renew the policy through onine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler insurance with HDFC Ergo. I got a Passion Pro and Scooty for both the vehicles, I used to renew with HDFC Ergo. The customer service is good. There is no claim experience. The policy coverage and the plan benefits are good. I pay 4,000K yearly for 2 vehicles. The policy period is one year.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      When i purchased the vehicle, the dealer has provided the insurance with HDFC Ergo. I have not used any claim with HDFC Ergo. I have not spoke with their customer care. I pay the premium amount through credit cards. Last year i have bought this policy. Since i'm existing customer of HDFC, i have selected my two wheeler policy with HDFC Ergo.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Good Policy to use"
      0.5 4.0/5 "Great!"
      My two wheeler insurance policy was taken from Reliance. The dealer was provided the two wheeler insurance policy when i purchased my bike. I have paid a premium amount of Rs. 7000 for two years. The policy covers all the parts of the vehicle. The documentation process was good. According to the bike condition, they have provided 100% coverage value.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      It is very good and I have a two wheeler insurance with Bajaj Allianz and it was recommended by the showroom person. I have a Honda Activa bike. It is a one year policy. I got the insurance papers on time. There is helpline number to reach the customer support. The premium was paid through cheque.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with New India Assurance from last 3 years, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Claim process is taking more time"
      0.5 4.0/5 "Great!"
      I have purchased the health insurance policy with Oriental. My entire family has been covered in this policy. My organization has provided the policy and they will be managing all the policy details. I never interacted with the oriental customer care services. I had a claim experience with oriental but my company taking care of that when i submitted the documents. Its taking 20 days to get settlement. They have given me a coverage value of Rs. 5 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Best Policy"
      0.5 4.5/5 "Excellent!"
      Using the bajaj Allianz insurnace for my two wheeler for last 2 years. I used to pay the premium of Rs. 1240. They have provided the value of the bike Rs. 38000. They have covered for 70% of the bike value. I never faced any issues with the policy. Because of the lower price, i have selected the policy with Bajaj Allianz.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a bike insurance with ICICI Lombard. Its a one year policy. I asked the service provider for an insurance and they was suggest me ICICI Lombard. I have paid 1300 rupees for a year through cash. I have claim experience, they have taken almost 18 months for the reimbursement. I am satisfied with the policy coverage and the plan benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      The plan is good with Bajaj Allianz insurance company, in terms of coverage value, the insured value around Rs. 47,000 for my Honda Dream yuga bike, its just two years old. I have coverage for loss, damage, accidental. They have many service centers as well.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Nov 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      The bike policy was arranged through the dealer, since it mandatory purpose I took the policy from Bajaj Allianz. I don't have any option hence I took by paying some premium. I availed comprehensive policy for my bajaj discover bike for one year tenure.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • Bharti Axa Two Wheeler Insurance
      " Its convenient policy renewal"
      0.5 5.0/5 "Blown Away!"
      Its convenient to go head to chose all the options, they have option to increase the IDV, even the premium is good. I have been experience with Bharti axa two wheeler policy around five years, whenever I renew the policy I get the no claim bonus.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I did not have any claim experience with National two wheeler insurance. I have not spoke with the customer care service as of now. I made a premium amount of Rs. 1400 for one year. The reason for selecting the National insurance is when i purchase a bike from dealer who provided the policy with National and i'm continuing the same. They have given a value of the bike is Rs. 55K.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      When I purchased the Honda Activa bike at that time they provided an insurance. It is a one year policy. One of my friend is working there so he will takes care of my policy. If anything goes wrong,they will recover 70% to 80% of the damage, remaining 20% from my end.I am planning to renew the policy again with National Insurance.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good Protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      As per IRDI policy, National Insurance is following the terms, the premium is reasonable, I have taken bike policy for three years now they do have five years plan. I have comprehensive plan its always better to go with full cover its good for us.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Need improvement on service"
      0.5 3.0/5 "Satisfactory"
      I have bike insurance with ICICI Lombard, I paid Rs.8700 for three years policy. It has third party plan with personal accidental. But the guys are not responsible, when they want to sell some thing they call , during queries they wont respond.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Customer Policy"
      0.5 5.0/5 "Blown Away!"
      The customer service is good they are providing continuous follow up before expiring the policy they call and share the benefits on renewal. I have honda passion they gave me the best insured value its good. And providing good benefits on the policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      For my Dream Honda bike, ICICI Lombard gave me best insured value for the premium amount around Rs.1500 for one year. I got my policy documents on time. I have taken the comprehensive plan with first party cover, therefore I am satisfied with them.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 12, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Better coverage"
      0.5 3.0/5 "Satisfactory"
      For my Yamaha R15 bike I took policy from Royal sundaram they gave me Rs. 70,000 of idv value for tenure of three years it was good. I purchased the bike for Rs. 1.3 lakhs, now it got good IDV value with third party liability cover, personal accident cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
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