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
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 2 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200 has to be paid for this insurance policy and i have no claim experience so far.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with Bajaj Allianz from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1600 has to be paid for this insurance policy and i have not claimed anything so far with this two wheeler insurance.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 1 year, i pay a insurance premium of Rs 1400 for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a two wheeler insurance policy with HDFC ERGO from last 5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a insurance premium of Rs 1100 for this policy.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Sep 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I had a two wheeler insurance with ICICI lonbard for quite long time. I am happy with the coverage value of this insurance policy. I am not aware of the premium amount of this insurance policy. I have claimed 3-4 times and all my claim experience was good.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFc Ergo general insurance. The premium is low and I do not have any claim experience with the policy so far. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my requests in future.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 11, 2018
    • L and T Two Wheeler Insurance
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy long time back and i had been making the payments of premium annually. Their customer support also had been good as well and i had also taken a claim which was a good experience. There has not been any hassle faced so far.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Sep 07, 2018
    • New India Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with New India Assurance from last 2-3 years, i am happy with the coverage value of this insurance policy. My claim experience was good with this insurance policy. A premium of Rs 2500 has to be paid for this insurance policy. I am satisfied with the policy coverage and plan benefits of this policy.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 05, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My bike is insured with the HDFC Ergo. I do not have any claim experience with the policy. The premium is really less. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my request in future if I'll have any
      Was this review helpful? 2
      , chandigarh
      Reviewed on Sep 04, 2018
    • National Insurance Two Wheeler Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this two wheeler insurance a long time back. The premium amount which i had to pay every year had been nominal and i had been making the payments online. Their customer support also had been good as well. I had not made any claims so far.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Sep 04, 2018
    • Tata AIG Two Wheeler Insurance
      "Average policy "
      0.5 3.0/5 "Satisfactory"
      I have take a two wheeler insurance from Tata AIG insurance . This policy covers for 1 year . It covers bumper to bumper coverage ,cashless garage benefits . Am satisfied with premium amount which am making the payment. I'm satisfied with the customer care.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 04, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Normal Service"
      0.5 3.0/5 "Satisfactory"
      My Bike is insured with the ICICI Lombard General Insurance. I am paying a premium 12000, it only covers the metal parts. I do not have any claim experience with the policy so far. There hasn't been any issues with the services as well.
      Was this review helpful? 1
      , guntur
      Reviewed on Aug 31, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 10 years and it is a good policy to use. The premium amount for this insurance policy is nominal when compared to other policies. I have no claim experience with this insurance and the coverage value is good.
      Was this review helpful? 8
      , pune
      Reviewed on Aug 30, 2018
    • Tata AIG Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Premium for this insurance is normal, they took the processing time was less, i have been making payment for this premium for past few years, they have given me the good benefits in this premium, i feel it will give good benefits will be given in future, over all it a good insurance.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with ICICI LOMBARD from last 3-4 years, i am happy with the coverage value of this insurance policy. I am not aware of the premium amount for this insurance. I have no claim experience so far with this insurance policy.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insurance with ICICI Lombard from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200-1500 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 5
      , kolkata
      Reviewed on Aug 29, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFC Ergo general Insurance. I am paying a premium of 3000 Per year, It covers the entire bike. I do not have any claim expereince with the policy so far. So far there hasn't been any issues with their services.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 29, 2018
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with national insurance from last 3 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 1500 has to be paid for this insurance policy.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with ICICI lombard from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 1700 has to be paid for this insurance policy.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 29, 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 5 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 1100 for this insurance policy and i have no claim experience so far with this two wheeler insurance.
      Was this review helpful? 3
      , erode
      Reviewed on Aug 28, 2018
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