• Guide To Getting Two-Wheeler Insurance For Old Vehicles

     4.5 / 5.0   by 2775 users
    Used this product? Write a review >>

    Cashless Treatment

    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Policy Coverage

    Customer Service

    Medical Coverage

    Claim Experience

    Responsiveness

    Two-wheeler insurance is mandatory in India, and you could buy either a third party liability insurance or a comprehensive insurance policy that also covers damage to the your vehicle and yourself. Most policies have to be renewed annually, but of late insurance companies are also offering 3-year policies that need to be renewed only at the end of the policy period.

    Here are some points to be kept in mind about two-wheeler insurance:

    No grace period:

    Two-wheeler insurance policies do not get any grace period for renewal, which means that if your policy is expiring on August 10, 2016, and you try to pay the renewal premium on August 11, the policy will be considered lapsed and you can renew it only after a physical inspection of the vehicle. In order to keep the insurance protection ongoing, it is important to ensure that you renew the policy regularly – annually or once in 3 years as per your policy period. If you meet with an accident on a day when the insurance is not in force, you will lose lakhs of rupees in vehicle damage, compensation for the other party in case of a collision, and personal injury.

    Depreciating IDV:

    The older a vehicle is, the lesser its Insured Declared Value (IDV) would be. IDV is the maximum sum assured on theft or complete loss of a two-wheeler, fixed by the insurance company based on the current market value of the vehicle. It is calculated by subtracting value depreciation from the vehicle maker’s selling price. If the vehicle has any fittings that did not come with it from the makers, the price and depreciation of that is calculated and added to the IDV separately. So if you bought a motorcycle at Rs. 75,000 in July 2016, then the IDV of the vehicle would be almost equivalent to the purchase price because it is a new vehicle at the moment. But as time passes, depreciation is factored in and the sum assured goes down.

    The estimated depreciation calculated on vehicles as per their age is as given below:

    Age of vehicle Depreciation
    Not more than 6 months 5%
    Between 6 months and 1 year 15%
    Between 1 and 2 years 20%
    Between 2 and 3 years 30%
    Between 3 and 4 years 40%
    Between 4 and 5 years 50%

    [Tab1.Estimated Depreciation]

    Beyond 5 years, the IDV of a vehicle is calculated based on a mutual agreement between you and the insurance company, and not based on value depreciation. The insurance company appoints a surveyor to conduct an evaluation of the two-wheeler’s condition and determine its price.

    Lower premium:

    You may think that the premium of a two-wheeler insurance would go up as the vehicle ages. However, it is the converse that is true. As the IDV of a vehicle goes down, the premium also decreases. But this does not mean that you should try to show a lower IDV in order to pay less premium. Because a lower IDV means that in case of an accident, you cannot claim more than the IDV even if the actual cost of your vehicle is higher than that. So it is important that you declare the right age of the vehicle and adjust the IDV accordingly.

    Check for add-on options:

    At a slightly higher premium, you could add covers such as total cover where you get road tax, registration amount, insurance premium and the sum assured on a claim are available for vehicles up to 15 years old. Check with your policy provider on the most beneficial options that can be availed on older vehicles .

    Guide To Getting Two-Wheeler Insurance For Old Vehicles Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Lombard Two Wheeler Insurance
      "Good Bike Insurance"
      0.5 4.0/5 "Great!"
      I've been using the ICICI Lombard bike Insurance for few years now and I'm happy about the annual premium I pay. Even though I never had any claim experience with them, I'm happy with their services. Their customer support is also good and helpful in case of any issue.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 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 3 years, i am happy with the coverage value of this insurance policy. They cover up to 60-70% and i am satisfied with it. I do not have claim experience so far with this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • New India Two Wheeler Insurance
      " Two Wheeler Insurance with NEW INDIA"
      0.5 3.0/5 "Satisfactory"
      From NEW INDIA ASSURANCE i have taken a two wheeler insurance and the premium which i am paying was 1800. This policy have the accidental coverage for the bike and for the third party. There is no claim experience till now. The customer service was fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Icici two wheeler insurance service is good. The payments are through cash. I use to pay my premium yearly directly as a cash. They use to intimate regularly through Sms. I am paying 1k yearly as a premium. It was an good experience with Icici two wheeler insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 23, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Icici two wheeler insurance service is good. The payments are through online. Also the online portal is easy for navigation. The process was been fast with Icici two wheeler insurance service. It was an good experience with Icici two wheeler insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • Reliance General Two Wheeler Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have an two wheeler insurance with Reliance. The documents process was been smooth with Reliance two wheeler insurance service. I use to pay my premium through online. It was a excellent service with Reliance Two Wheeler insurance for my Bajaj Pulsar 220 CC bike.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      From BAJAJ ALLIANZ GENERAL INSURANCE i have taken a health insurance and the premium which i am paying was 13600. This policy have the accidental coverage for the bike and for the rider. There is no claim experience till now. The customer service and response was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 21, 2018
    • ICICI Lombard Two Wheeler Insurance
      "best card"
      0.5 5.0/5 "Blown Away!"
      I had a two wheeler insurance policy in ICICI LOMBARD GENERAL INSURANCE. Since now i did not faced any issue like online transactions while am renewing the insurance. I feel very comfortable. I can recommend this ICICI LOMBARD GENERAL INSURANCE two wheeler insurance policy to my friends.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • HDFC Ergo Two Wheeler Insurance
      "good experience"
      0.5 4.0/5 "Great!"
      I had a two wheeler insurance in the prestigious insurer IE: HDFC ERGO GENERAL INSURANCE. I can say it is a one of the best insurance which i had . Mostly all plan benefits will cover under this policy. I can use their website to check the quotes and to renewal the two wheeler insurance policy on time. I recommend their services for my friends.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a two wheeler insurance with Oriental Insurance from last 7 years, i do not have any claim experience so far with this insurance policy. The coverage value of this insurance policy is 60-70% and i am satisfied with it. I pay a premium of Rs 1200 every year for this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 20, 2018
    • New India Two Wheeler Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company NEW INDIA ASSURANCE along with my vehicle. My annual premium is very reasonable by comparing with other insurance products and it is a Five year old policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I insured my two wheeler from the ICICI LOMBARD GENERAL INSURANCE company . I have recently renewed this policy for the second time. I have paid Rs,1200 to renew this two wheeler insurance policy from the ICICI Lombard. They give intimations to renew the policy on time which is very helpful from the ICICI LOMBARD GENERAL INSURANCE company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with United India Insurance from last 2 years, i do not have claim experience so far with this insurance. I am happy with the coverage value of this insurance policy. A premium of Rs 800-900 has to be paid for this insurance policy.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Apr 19, 2018
    • ICICI Lombard Two Wheeler Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company ICICI LOMBARD GENERAL INSURANCE. My annual premium is very reasonable by comparing with other insurance products which is 1900/-. . I can prefer online to renew my two wheeler insurance policy with in the due date. I had bought this two wheeler insurance policy along with my vehicle.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 18, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have my two wheeler insured with New India Assurance 1 year back, i am happy with the coverage value of this insurance policy. I did not claim anything so far from this insurance policy. A premium of Rs 1200 has to be paid for this two wheeler insurance.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 18, 2018
    • Liberty Videocon Two Wheeler Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the public sector insurance company LIBERTY VIDEOCON GENERAL INSURANCE. My annual premium amount is quite high by comparing with other premiums. I did not received my policy document by mail and hard copy too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Ergo Two Wheeler Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the public sector insurance company HDFC ERGO GENERAL INSURANCE. My annual premium amount is Rs. 4000/- which is very reasonable by comparing with other premiums. I had received my policy document by mail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • National Insurance Two Wheeler Insurance
      "best policy"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the public sector insurance company NATIONAL INSURANCE. My annual premium amount is Rs. 1600/- which is very reasonable by comparing with other premiums. I had received my policy document by mail.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 18, 2018
    • ICICI Lombard Two Wheeler Insurance
      "good policy"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company ICICI LOMBARD GENERAL INSURANCE. My annual premium amount is very reasonable by comparing with other premiums. I had received my policy document to my registered communication address.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 18, 2018
    • Iffco Tokio Two Wheeler Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      I have got the two wheeler insurance policy from the IFFCO TOKIO around 2 years ago. I have paid Rs, 1800 to get this policy from the Iffco tokio and this policy has the tenure of 2years. The customer support service and the response is good here, and they won't give the intimations to renew the policy on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.