How to Get Two Wheeler Insurance for Bikes Older Than 15 Years?

Two Wheeler Insurance for Bikes Older Than 15 Years

A bike RC is valid for only 15 years from the initial date of registration. As per the Motor Vehicles Act of India, it is mandatory for all bike owners to re-register their two wheeler RC in every 5 years after 15 years are completed at the nearest RTO. Once re-registered, it is extremely important and even mandated by the law that you purchase a bike insurance policy. You can buy it online via Policybazaar.com and get the best price. Getting bike insurance for your 2 wheelers older than 15 years will not only help you follow the law, but also offer the required financial protection along with a peace of mind. Since your bike is 15 years old, it needs to be guarded against the risk of electrical, mechanical or technical failures and road accidents that may occur over time.

Why Do You Need Two Wheeler Insurance for Bikes Older Than 15 Years?

• Legal Compliance: Purchasing at least a third party bike insurance is mandatory as per the Indian Motor Vehicles. You can be penalised if you ride your bike without insurance. Hence, no matter if your bike is 15 years old or 20, you must have at least a TP policy.
• Financial Security: Getting your 15 year old bike insured will also help you get an increased financial security and protection. If you have comprehensive bike insurance, it will protect your bike from accidental damages, theft, natural and man-made disasters thus reducing your out of pocket expenses.
• Peace of Mind: Knowing that your vintage bike is insured with adequate coverage provides peace of mind and gives you the confidence to ride. Now, you do not have to worry about the financial consequences of unexpected incidents.
• Maintenance and Repair Costs: Older bikes require more frequent maintenance sessions and repairs. However, having the right policy will cover the costs of accidental damage caused.
• Value Preservation: Even if your bike is old, it still holds value, especially if it is vintage or well-maintained. A 2-wheeler insurance policy helps in protecting it from various potential risks and losses.

Factors to Consider While Getting Insurance for Bikes Older Than 15 Years

• Enhanced Protection: No matter how old your bike is, it is a legal mandate to get it insured. All bikes must have at least a third party bike insurance that covers costs of damages caused to third party and third party property damage. However, you can also get an increased protection and safeguard your bike against theft, natural disasters, riots, and vandalism by purchasing comprehensive bike insurance. Getting comprehensive bike insurance is better as it will help you give better coverage since a bike older than 15 years is much exposed to risk.
• Depreciation and IDV: Considering the depreciation of your bike is very important as it helps you decode the IDV. The IDV is the sum assured your insurer will pay you in case your bike is stolen or damaged beyond repair. The IDV directly impacts your premium. Over the years, your IDV decreases due to depreciation and your premium also reduces. You must make sure to declare the most accurate IDV while getting insurance for bikes older than 15 years.
• Customize your Policy: Before you finally buy a two wheeler insurance for bikes older than 15 years, you must look for bike insurance add-ons such as Return To Invoice Cover, Engine Protection, Roadside Assistance, etc. You must choose relevant add-ons as per your requirements to get maximum coverage and safety.

How to Get Two Wheeler Insurance for Bikes Older Than 15 Years Online?

Getting insurance online for your bike older than 15 years is a smooth and easy process. To get a bike insurance for two wheelers older than 15 years online from aggregator websites like Policybazaar.com you can follow the steps mentioned below:

• Step 1: Visit the official website at Policybazaar.com and choose the ‘Bike Insurance’ tab.
• Step 2: Fill your vehicle number and click on submit to check the plans.
• Step 3: Choose out of the given plans as per your coverage and requirement. Calculate your IDV, select the customizations, and fill out all the required information and then submit it.
• Step 4: Once you submit the form, the premium for your bike will be displayed and you will be able to pay for your policy using any online payment options (UPI/Cards/Net Banking).
• Step 5: Pay your premium and your policy will be sent to the registered email address within 60 seconds.

What are the Documents Required to Get Two Wheeler Insurance for Bikes Older Than 15 Years?

To successfully purchase a bike insurance you need the following documents to complete the paperwork:

• Identity Proof: You must submit any valid identity proof. You can submit any one of Passport, Aadhaar Card, driving license, voter ID card, ration card, etc.
• Bike RC: Your RC is one of the most important documents that confirms your bike's identity and is required to issue a new or renew your insurance. Since you are looking to buy insurance for a bike older than 15 years, you must make sure to get your RC re-registered as it is only valid for the initial 15 years as per the registration date.
• Photo Proof: You must submit a recent passport-sized photo to verify your identity to purchase a bike insurance.
• Address Proof: Apart from identity and photo proof, you are also required to confirm your address by submitting either your Passport/ Aadhaar card/ license/ Voter card
• Previous Year Policy: A previous year policy will help you to get benefits such as a NCB (No Claim Bonus) which will help you reduce your premium.