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
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a two wheeler insurance policy with HDFC ERGO from last 3 months, 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 2100 has to be paid for this insurance policy.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Jul 20, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good insurance policy"
      0.5 5.0/5 "Blown Away!"
      I did the insurance and keeping the paper. I'm not aware of the plans and benefits the policy. I have purchased this insurance nearly 1 year before. I made the premium amount of Rs. 1600 and i used to make the payment through cash. I never experienced of the claiming process in ICICI hence i did not speak with the customer care service also.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 19, 2018
    • Bharti Axa Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with Bharti Axa from last 11 years, i am happy with the coverage an plan benefits of this insurance policy. A premium of Rs 1100 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 18, 2018
    • Bharti Axa Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a two wheeler insurance with Bharti Axa from last 7-8 months, i am happy with the coverage and plan benefits of this insurance policy. I have not claimed anything so far from this insurance policy. I have to pay a premium of Rs 1400 for this insurance policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Bike Insurance policy with the Oriental Insurance Company. I am paying a premium of 2000, the policy covers the entire bike. I do not have any claim experience with the policy either. So far it has been a good experience with their services.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 17, 2018
    • National Insurance Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with National Insurance from last 15 years, it is a family health policy with the coverage value of Rs 3 lakhs. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount as the company pays it.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 17, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 7 years, i am happy with the coverage value of this insurance policy. A premium of Rs 800 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a bike insurance policy with the Bajaj Allianz. I am paying a premium 1200 per year. The policy covers the entire bike. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 6 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 1200 for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with Bajaj Allianz from last 9 months, i am happy with the coverage value of this insurance policy. A premium of Rs 3000 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 4
      , kolkata
      Reviewed on Jul 13, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured the Reliance General insurance. I have paid a premium of 4000 for three years, I do not have any claim experience and the policy covers the entire bike. So far it has been a hassle free experience with the policy and I'll have to wait and evaluate their services in future.
      Was this review helpful? 3
      , kochi
      Reviewed on Jul 13, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I was using the Bajaj Allianz bike insurance policy initially. The policy was very good, It was approaching maturity and I changed to a different provider. I do have a claim experience with the policy. The claim process was seamless and hassle free. It is a recommendable bike insurance provider.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 12, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the Reliance general Insurance. I am paying a premium of 1500 year, the policy covers only metal parts. I do not have any claim experience with the policy and so far it has been a smooth experience. I'll have to wait and see about their approach in case if I will have any claims in future.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 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 1.5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount but i am satisfied with the plan benefits of this policy.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 11, 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 8-9 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 premium of Rs 1200 for this insurance policy.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I pay a premium of 1600 annually. The the policy covers entire bike. I do not have any claim experience with this policy either. So far it has been a smooth experience with their services.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 10, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the New India Insurance company. I pay a premium of 1200 per year, I do not have any claim experience so far and The policy covers the entire bike. I make payments online. Overall it has been a good experience so far.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Policy"
      0.5 1.0/5 "Really Bad"
      I have taken two wheeler insurance from Icici Lombard general insurance . Am satisfied with the premium amount what am paying . I made the payment through on-line for one year. Its an average policy wont be recommending . Their customer service and response is not up to the mark.
      Was this review helpful? 1
      , greater noida
      Reviewed on Jul 10, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a two wheeler insurance with United India Insurance from last 7 years, i pay a premium of approx Rs 800 for this insurance policy and it has to be renewed every year. I have no claim experience so far from this insurance policy and i am happy with the coverage value.
      Was this review helpful? 2
      , guwahati
      Reviewed on Jul 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "The Service needs Improvements"
      0.5 2.5/5 "Just OK"
      I've a bike insurance policy with the Bajaj Allianz for which I pay a premium of 1600 per year. I got accident, no service was provided. I am not at all happy with their services. Overall they need to be more customer oriented and provide proper assistance to their customers.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 06, 2018
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