Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Guide To Getting Two-Wheeler Insurance For Old Vehicles

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    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
    • Bharti Axa Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having two wheeler insurance policy from quite long time with Bharti Axa General Insurance. The premium amount for this insurance policy is not more than Rs 3000. I have no claim experience so far with this insurance and the coverage value is good in this policy.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 20, 2018
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with National insurance from last 1 year. A premium of Rs 2900 has to be paid for this insurance policy. I have not claimed anything so far with this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 2
      , secunderabad
      Reviewed on Sep 19, 2018
    • United India Two Wheeler Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      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 tam happy with the coverage value.o be renewed every year. I have no claim experience so far from this insurance policy.
      Was this review helpful? 4
      , chennai
      Reviewed on Sep 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 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? 4
      , 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? 2
      , 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? 4
      , 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? 6
      , 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? 3
      , 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? 9
      , 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? 6
      , chennai
      Reviewed on Aug 29, 2018
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