Bike Insurance

Driving your bike without Insurance is a punishable offence in the eyes of the law. Two wheeler Insurance is mandatory in India and has proven to be very beneficial as well.

Two wheelers are a vital part of the economy as they are the most convenient mode of transportation. Two wheeler insurance is required to reduce the risk generated by being on the road in general. These are the following benefits and facts to have a Bike Insurance Online Policy:

• Natural calamity coverage

  Earthquakes and floods are less frequent; still, it is something that your bike insurance online policy covers. If you become a victim of uncertainties, you can always seek a claim for the damages under the bike insurance policy.

• Third-Party coverage

  A third party is also known as ‘act only’ insurance and is compulsory for everybody who buy two wheeler insurance. It is an insurance bike cover in which the two wheeler insurance firm covers damage to the third party; the insured bike and person are protected from the legal obligations towards the third party.

• Personal coverage

  The insurance policy for bikes also covers the owner and will compensate in case of injuries due to bike accidents. The person can use the money, but the amount of insurance bike claims can differ under different circumstances.

• Mandatory by law

  Law is the prime leading authority and can be abided by by citizens. An insurance bike policy is a mandatory aspect of Indian law. Under the Motor Vehicles Act, every vehicle owner has to have at least third-party two-wheeler insurance coverage.

• Financial cover

  Any accident that occurs creates havoc and damage to people’s lives and the vehicle as well. The financial coverage accompanying a bike insurance policy is a safety net for the policyholder. Any damage to your vehicle in an accident will not break you financially.

• Coverage from man-made disasters

  Man-made disasters like theft, robbery, riots, strikes, terrorist activity, and damage in transit by road, rail, lift, or elevator are also covered when you buy two wheeler insurance.

These are the most common concepts covered under the two wheeler insurance online policy. They cover almost every major factor to make it easy for you.

The two wheeler insurance market is adding new terms and conditions with each passing year. If you want the best bike insurance policy for yourself, here are the 6 things you should know about bike insurance:

6 things basic of every two wheeler insurance:

• Personal Accident cover:

  Every bike owner can claim a personal accident cover of Rs.15 lakh under their two wheeler insurance policy. It is an inbuilt feature of the two-wheeler insurance policy, not an add on. IRDA has made it mandatory from Rs.1 lakh to Rs. 15 lakh.

• Optional coverage:

  The add ons offered by the two wheeler insurance firms are the optional coverages. You have to pay extra for these, and the options are of pillion rider cover, zero depreciation etc.

• Discounts and Concessions:

  The discounts are approved by the IRDA, for the insured who have vehicles with the anti-theft devices and those who have memberships to the recognised automotive associations. The owners with good driving records can also receive discounts in terms of NCB.

• Quick registration for online purchase:

  Online system has made everything very easy. The insurers have created online two wheeler policies for purchase and renewal at their websites. The registration process is simple and easy to understand while ensuring complete confidentiality and data security.

• Easy transfer of the No Claim Bonus:

  The no claim bonus discounts are easily transferred if you buy a new two wheeler vehicle. It is a bonus reward for the owner/ policyholder not for the vehicle itself. It is a bonus that encourages safe driving skills and not asking for two wheeler insurance claims against the policies.

• Liability coverages:

  It depends upon the rider’s choice to select from types of coverages available, either comprehensive or liability only two wheeler insurance plan, which is also known as third party plan or policy. The 3^rd party insurance plan has a lesser premium as compared to the comprehensive online 2 wheeler insurance. 

These above summarises the whole two wheeler insurance policy of bikes, in small yet definable points.

Short term two wheeler insurance was valid in India till 2015. Every year one had to renew their two-wheeler insurance. Still, now with the permission of the Insurance and Regulatory authority of India (IRDA), long term insurance plans can be implemented.

The long term coverage plans include two wheeler insurance policies for a maximum of three years. With the working burden and stress, it's not easy to visit an agent every time you need to renew your policy. Just opt for the two-wheeler insurance facility online.

Benefits of Bajaj Allianz Two Wheeler Insurance are:

• Contactless Purchase & Renewal:

  Bajaj Allianz’s online 2 wheeler insurance purchase and renew options prevents contacting either by a telephone or in-person the insurance representative. The online method is safe, faster, and more efficient.
  You will find complete information about the two wheeler insurance purchase and renewal on the website. If assistance is required, connect the customer service representatives via a call or email.

• OTS Claim Settlement in 20 Mins*:

  With Bajaj Allianz two wheeler insurance, you can get a settlement of claim up to INR 10,000 within just 20 minutes* of the submission. This helps us provide priority support and assistance while ensuring speedy claims processing for lower amounts.
  This move is also beneficial for the consumers as they don’t have to wait for days to get approval for the two wheeler insurance claim. It helps get a better quality of life devoid of uncertainties about the claim approval or rejection.

• Long Term Cover:

  According to the IRDA, a hike of 20% is a must for third party two wheeler insurance. In situations like these, opt for the long term plan for 3 years, and one can be safe from hiking premiums as well.

• 24x7 Roadside Assistance:

  Especially for the two wheeler riders who frequent in and out of town on a daily basis, the roadside two wheeler insurance assistance is essential. After getting the 24x7 roadside assistance add on coverage, you can travel with a peace of mind and shun the fear of getting stranded on the road.
  The roadside two wheeler insurance assistant package ensured help in case of electrical or mechanical breakdown, flat tyre, towing, urgent message relay, and fuel assistance.

• Renew Without Inspection:

  The Bajaj Allianz mobile application allows the users to renew the existing two wheeler insurance policies by self-attesting the vehicle’s condition and submitting the photos via the application.

• Cashless Claims:

  Bajaj Allianz two wheeler insurance policy offers cashless claims on damage repair at the partner garages in case of an accident. The insured has no liability here and won’t have to pay any amount for the items secured under insurance cover.

These are the main key benefits you can infer from your insurance policy. It keeps you secure on the road financially.

Insurance is a financial cover to take the blow of loss and damage occurred in an accident. The two wheeler insurance policy is a legal obligation in India. The cover type and the premium amount for the bike insurance policy is dependent upon the coverage plans you select.

There are mainly two types of two wheeler insurance in India. Most of the policies concerning two wheelers revolve around them. With adding certain chargeable benefits in the mix, you are eligible to receive the best offers on your possessions.

Comprehensive Two Wheeler Insurance Policy

In this type of two wheeler insurance plan, the third party is insured as well as the rider/ policyholder/ owner/ vehicle itself. These all are benefited in a single policy, and the additional add ons are also applicable at an extra premium cost.

The comprehensive two wheeler insurance policies are fixed and created by every insurance firm individually. They each have different offers based on the comprehensive policy cover. The premium charge is relatively high under this type of two-wheeler insurance.

A comprehensive policy is not regulated by IRDA at all. It can be modified and changed by insurance companies only.

Third-Party Two Wheeler Insurance Policy

In this type of two wheeler insurance, only third parties involved in the accidents are covered and compensated. It is beneficial for the rider or the owner in terms of legal obligations as the third party two-wheeler insurance protects them and the other parties involved in the incident. Every two-wheeler must have a third party insurance for bike.

It is a legally regulated and mandatory insurance policy sanctioned by the Insurance Regulatory and Development Authority. The bike insurance premium is cheaper than the comprehensive policy premium, but the coverage is also lesser.

The owner/policyholder or the vehicle is not protected under the third party two wheeler insurance plans. If involved in an accident, they won’t be compensated at all. The rules and conditions regarding this policy are similar across nations.

Standalone Two Wheeler Insurance Policy

Under the standalone own damage cover, you will get claim benefits in case of accident, theft, natural or manmade damages. This type of two wheeler insurance cover can be coupled with comprehensive bike insurance or long term two wheeler insurance policy.

However, a standalone insurance policy for bike cannot provide cover against the 3rd-Party liabilities. In addition to this, you cannot expect to get coverage against depreciation, electrical damages, mechanical problems/breakdown, and damages incurred due to DUI, drugs usage and underage driving.

Two wheeler insurance is essential for the safety of the rider and vehicle too. Every insurance firm has something different to offer to the customers. Ergo, always compare two wheeler insurance policies beforehand, never rush in such decisions. Some major two wheeler insurance policy benefits include:

Reducing the financial stress: As discussed earlier, the financial benefit with the two wheeler insurance policy shields the policyholder from unwanted stress. A secure and intelligent 2 wheeler insurance plan can reduce the financial liability as the compensation is handled and carried by the insurance firm.

Gives legal protection: If involved in an accident, the fatal injury to the third person involved can land you in legal hazards and burden. To solve this in general, the IRDA has formulated the rule to have the following two wheeler insurance. It safeguards the rider and the policyholder from legal battles.

Based on the above two types of covers, there are three types of Comprehensive two wheeler insurance with its beneficial features:

Every two wheeler insurance policy covers different aspects. Some benefit others only like third party cover and some benefit everyone like a comprehensive plan.

List of Inclusions Under Our Bike Insurance Plans

• Personal Accident cover: A compensation of up to Rs. 15 lakh is sanctioned for the injuries to riders that may result in temporary and permanent disability under the two wheeler insurance policy. It can be anything from losing a limb, partial disability.
• Covers under the comprehensive two wheeler insurance plan:
  
  • Financial loss suffered due to a stolen bike.
  • Liability faced when third party property is damaged due to your bike.
  • Financial loss due to transit of bike.
  • Liability due to physical damage to an individual due to a bike.
• Theft or Burglary: When an insured bike and any other two wheelers are stolen, the insurance company will compensate the owner.
• Damage from Natural calamities: No one has control over natural calamities like storms, earthquakes, cyclones, typhoons, hailstorm, inundation, lighting etc. Any loss occurring due to nature is compensated for under the two wheeler insurance policy by the insurer.
• Loss from Man Made calamities: Just like natural calamities, some man-made incidents are also out of our range. Examples of some man-made calamities are Riots, terrorist attack, malicious act, etc., are covered by the bike insurance company if loss and damage are suffered under the two wheeler insurance policy.
• Covers under Third Party Two Wheeler Insurance Policy:
  
  • Liability from when a third party is cancelled due to bike accident
  • Liability from when a third party is physically hurt from an accident.

Updated Two Wheeler Insurance Covers after IRDAI's Rule

WEF August 1, 2020 the new two wheeler insurance policy covers will be implemented. The core guidelines stated in the new rules ask the general insurance companies to withdraw the long-term insurance packaged (3 to 5 years) on 3rd Party and Own-Damage Covers.

Here are the key changes as per the new policy;

Insurance Cover	IRDAI Regulation - 2018	IRDAI Regulation - 2020
Long-Term Insurance cover	Applicable on 3-year plans for 3rd-Party and Own Damage covers.	This rule has been scrapped in the new policy.
Bundled Package	3rd Party cover - 3 years Own Damage Cover - 1 year	Unchanged
Basic Insurance Cover	3rd-Party - 3 years cover	Unchanged

Know the difference between third party and comprehensive two wheeler insurance

The right type of bike insurance cover for any vehicle and the owner depends on the condition of the vehicle. 

No Claim Bonus applies when an insured person has a claim-free policy term, NCB is a discount on the premium offered or given to the policyholder.

If you are a bike insurance holder and haven’t claimed any type of claim against your bike, then a no claims bonus ranging from a discount of 20-50%, can be earned at the end of the policy term.

If the bike is sold or there is a new bike in its place, then even the NCB will stand by the policyholder itself and is not transferred to the bike.  If purchasing a new bike and a new policy, the no claim bonus from your previous two wheeler insurance policy will be accumulated with the new one.

The maximum amount accumulated in the no claim bonus is up to 50%.

Figures may vary with terms or conditions:

In the cases where the bike is totalled or stolen, IDV is the maximum amount an insured person can receive from the bike insurance policy.

IDV stands for Insured Declared Value; this means that if the IDV of your two-wheeler insurance is higher, your premium amount will be higher as well. With the ageing of the vehicle and depreciation in the IDV lessens the premium paying amount of your bike insurance.

While choosing for the best two wheeler insurance policy for your bike, also keep an eye on IDV being given in the policy, not just the payable amount.

IDV is a concept based on the depreciation of your vehicle and value that keeps on changing with the age of the vehicle.  In other words, the IDV of the two wheeler is inversely proportional to the age.

Those who do not have adequate knowledge try to reduce the premium of bike insurance, and they reduce the IDV of the vehicle. In case the vehicle is stolen, the IDV value is considered as compensation and not the market one. If your IDV is lesser, you are going to be at a loss on the theft or total loss of your two wheelers. 

Zero depreciation in the bike insurance policy is the add-on cover which has to be purchased at an extra premium cost. This policy is applicable for 1 year, and it covers your two wheelers without considering the depreciation factor.

When a new vehicle comes out of the showroom, the value of the same starts to depreciate. Over the time of usage of the vehicle, the wear and tear can depreciate its amount. A zero depreciation in bike insurance cover helps in getting such expenses. With the zero depreciation add on the cover, if involved in an accident, you will get the entire cost of the losses incurred.  

Zero depreciation is not a part of a policy, to get the add on benefits! Renew it soon after expiration of the two wheeler insurance policy.

Deductibles are the out of the pocket costs that are charged and paid by the insured person and then the two wheeler insurance coverage kicks in. The deductibles are like the helping costs for the insurance companies.

• Compulsory Deductible:

  It is the amount of the loss or damage you have to pay out of your pocket. After that, the insurance company comes into action and pays the balance. The compulsory deductible amount is settled in the settlement amount.

• Voluntary Deductible:

  It is the amount you decide to pay from the two wheeler insurance claim amount. You contribute to the repairs of your two-wheelers in advance and the amount paid is compensated with the lower premium amount.

Bikes may be the easiest, but they are one of the most dangerous modes of transportation. They are convenient yet prone to road accidents and damages. Thus bike insurance which protects you completely is required.

For complete coverage, comprehensive bike insurance is most suitable. The third-party cover is mandatory by the IRDA, and the premium for it is fixed by the IRDA as well. But the comprehensive cover is planned and fixed by the insurance firms themselves.

The components involved in the calculation of two wheeler insurance premium are:

• Add-ons:

  The add-on option is available with the comprehensive Bajaj Allianz two wheeler insurance policy. Add-ons are the additional benefits which tend to increase the cost of the premium as they are not a part of the policy itself.

• IDV:

  The current market value of the vehicle after the depreciation and all. IDV stands for insured declared value. It is calculated by using the IDV calculator or formula:
  IDV = (Listing price stated by manufacturer - Depreciation) + (Additional accessories - Depreciation)

• NCB:

  No Claim Bonus is a bonus or in terms of a discount given by the bike insurance company to the policyholder for not seeking a claim during the two wheeler insurance policy period. The NCB is given at the time of renewal of the two wheeler insurance policy.

• Deductible:

  Compulsory deductibles are required and are mandatory but do not affect the premium of the two wheeler insurance policy majorly. Whereas, the voluntary deductibles can facilitate a huge difference when it comes to bike insurance premium calculation as it lowers the cost amount.

• Anti-Theft Features:

  A vehicle with in-built anti-theft features will invite a lower two wheeler insurance premium because the risk factor of getting the vehicle stolen is less here. In comparison, a two-wheeler with no anti-theft features will invite a higher premium.

• Make and model:

  A brand and model are the deciding components of the bike insurance premium. Similar to the cubic capacity, the insurer requires the bike’s registration year for the two wheeler insurance policy premium calculation too. A sports bike will have a higher insurance premium than economic bikes.

• Age:

  It depends upon the two wheeler insurance firm whether they consider the vehicle owner’s age as a factor for the insurance premium or not.

• Location:

  The location component is situated based on the traffic density of a region. The higher the density of traffic, the more chances of road accidents and vice versa. Bike insurance policies in the metro cities have higher premium amounts compared to other less dense and less populated cities.

• Cubic Capacity:

  The cubic capacity is an important factor to raise and decrease the premium amount in bike insurance. The more the cubic capacity, the higher the premium amount goes for the two wheeler insurance. The smaller the cubic capacity, the lesser the premium amount.

• Additional Concessions/ Special Bajaj Allianz Concessions:

  To enhance the customer journey, Bajaj Allianz provides optional concessions periodically to its customers.

Steps to calculate the bike insurance premium online, before buying or renewing a policy are:

Step 1:

Head on to our two wheeler insurance premium calculator

Step 2:

From the Menu, enter your two-wheeler make and model.

Step 3:

Choose the location of the vehicle and insurance registration.

Step 4:

Fill in the information pertaining to the No Claim Bonus in the previous year.

Step 5:

After filling in the details, you will get the exact amount of the Insurance premium amount.

Buying a maximum coverage bike insurance with minimum premium is everyone's preference. Several elements are a part of the bike insurance policy. Before buying or renewing a policy, one should have complete knowledge of all the components in a two wheeler insurance policy and how they affect you directly or indirectly, to help you choose wisely.

Tips to lower two wheeler insurance premium are:

• Set the Correct IDV:

  IDV helps decide the two wheeler insurance policy premium. Before setting the premium, the insurance provider checks the market value of the vehicle with the corresponding IDV. If the former is lower than the latter, the bike insurance premium will be less.

• Opt for Higher Voluntary Deductible:

  If you choose to include deductibles to the package, the two wheeler insurance premium will be higher. In opposition, going for a high voluntary deductible will benefit the insurer, and they will respond with a lower premium amount.

• Install Safety Devices:

  A two-wheeler with effective safety devices installation can get a discounted premium.

• Avoid Small Claims to Avail NCB:

  Leaving out a small claim in the previous years can add up to the NCB, which will reduce the two wheeler insurance premium for the succeeding years.

Two wheeler insurance is a basic requirement when purchasing a bike or other two-wheelers. It was a lengthy and detailed procedure earlier. But now it is a quick and hassle-free process of just sitting at your device and fulfilling the essential details asked online.

There are many choices when it comes to a two wheeler insurance policy, but a third party cover is mandatory in India. Buying a bike insurance policy is rewarding because it gives you peace of mind. These are the benefits of buying two-wheeler insurance online:

• Easily compare bike insurance online with respect to the prices and features of a policy to avail the right policy. All this at your own convenience while shopping for two wheeler insurance online
• Registering for the two wheeler insurance claims becomes very easy and without passing through the process manually.
• Paying for the premium of bike insurance online is through most reliable sites and trusted modes as well.
• Bike insurance policy documents are directly mailed to the email address entered.
• Self-calculation of your two wheeler insurance policy premium can be done and compared on a mobile device or desktop.

Benefits of Renewing Existing bike insurance online policy:

• Time-saving: No need to visit and book appointments with insurance agents. Bike insurance online working has been a boon to the community at large. While sitting at the office and on a break, one can easily renew the two wheeler insurance policy and save time and money as well.
• Already customised: The renewal policyholders do not have to customise the whole plan but just to add a few add-ons benefiting them the most. The new additions are displayed on the screen, and you only have to pay the newly adjusted amount.
• Transparent process: Working with bike insurance online is a straightforward and stress-free process. It is transparent without any miscommunication or misinformation. Here the customer is presented with the entire gamut of information on the website. What you see is what you get.
• Paperless work: There is no paperwork involved in bike insurance online. Just a few clicks and steps and you can get your two wheeler insurance renewed.
• Safe process: Renewing your bike insurance online is the safest process. With no agent in the middle, you can decide for yourself and select and finalise it. No commissions, no explanations. However, if you require, the Bajaj Allianz customer service is always on standby to help you navigate through the process.

Every time one goes out to buy something, considering the cost and benefits of the same is the essential. Same goes for the buying process of two wheeler insurance. Buying bike insurance online policy is the easiest procedure, and one can secure their motorcycle within quickly and safely.

Factors considered when buying two wheeler insurance policy are:

• Adequate Coverage / Correct Policy Type:

  In the present scenario, there are two types of two wheeler or bike insurance policies. Third-Party, which is a mandatory plan authorised by the government and Comprehensive Insurance, which covers all areas when it comes to insurance.

• Claim procedure:

  Adequate bike insurance comes with the efficiency to easily claim the settlement amount. The claim procedure should be simple, without adding further to the situations where insured one has drained already. Before buying a two-wheeler policy, check the claim settlement ratio online.

• Bike Insurance Quotes:

  Premium rates are generally high in comprehensive plans and less in the third party cover. The concept and rate of premium are affected by the two wheeler’s engine capacity.
  The higher the engine range, the more will be the premium. The premium category is further affected by the zones you are in. Zone A is a higher premium than Zone B, which is town and cities with less premium.

When you buy a new two wheeler, you want it to be safe and work for a long time without costing you too much in maintenance and repair costs. But the safety on the road is just as unpredictable as your next meal.

Two wheeler insurance is mandatory, but it should not be purchased under pressure but as a responsibility towards others and your safety as well.

Getting bike insurance online is the easiest process without the hassle of visiting firms and dealing with agents. In the COVID pandemic, the online system has proven its worth in every field. Consider these steps while buying insurance online:

Steps to buying two wheeler insurance online are:

• Requirement and Research: Based on your requirement, research for the policy options and plans available. After studying the plans, benefits and other procedures, compare them with the other policies with different insurance firms. Once finalised the firm visits the site to buy the bike insurance cover.
• Selection and Setup: Selection is never easy. After comparing different sites and options, it becomes easy to select which type of policy you need for your two-wheelers. Visit the website and fill in the details of your two-wheelers. Select the insurance policy you want to buy:

Two options to choose from are:

1. Comprehensive cover policy: This bike insurance policy covers the overall settlement, which includes third party, policyholder, rider and damage repair of the vehicle.

2. Third-party cover policy: Here, the bike insurance company only covers the liability arising from the third party and is compulsory in India by IRDA.

After the selection, set the Insured Declared Value of the two-wheelers, which will get you closer to a payable premium amount.

• Add-ons if needed: Add-ons are added to get maximum coverage at a lesser premium cost. After including them in the cover you will receive a final quote. If you are confused with the documents or something, contact our customer service representative. They will guide you through this.

Made your decision? Buy your policy here

Just like buying a new policy is easy, renewing the old one is much easier. Try to go for long term policies to save the hassle of renewal every year.

Steps to renew two wheeler insurance online are:

• Just like buying a policy, renewal of policy is easily done online. Just head on to our two wheeler insurance renewal page & fill in the requested details
• Fill in the details of the two wheeler variant and previous policy and city of insurance as well.
• You can modify and alter your bike insurance policy on renewal. Once adding on factors is done with, a new premium quote is finalised. Pay the amount to complete the transaction, and your bike insurance policy is renewed.
• Documents will be mailed to the registered email address.

Bajaj Allianz offers many bike insurance policies and covers with add on benefits along with the easiest method for claims. When it comes to claiming a policy, the situation always seems a bit tricky, and one without complete knowledge can feel helpless. To make the two-wheeler insurance claim procedure simple, these following are the steps you can follow:

Step 1: Register your claim

Bajaj Allianz is providing its customers with three ways to register the claim.

• Option 1: You can register for a two wheeler insurance online by visiting the site > motor insurance claim > register your claim
• Option 2: Register the claim by talking to their representative. Call on toll-free number 1800-209-5858 and executives will attend you.
• Option 3: It is the Motor OTS (On-the-spot) feature via Insurance Wallet app. This is for damages less than Rs. 10,000.

Step 2: Documents and details to be handy when filing for a claim:

• Your contact information
• Vehicle inspection address
• Reading of kilometres travelled by the vehicle.
• Description and location of the accident
• Accident date and time
• Policy and two-wheelers registration number

Step 3: Do’s and Don'ts

Do’s:

• Click the accidental pictures of the vehicle and situation of the accident. Surroundings should be included and as well as the exact position of the vehicle.
• If you are providing treatment to injured people/ make a note of Hospital and doctor attending.

Don’ts:

• Do not move the vehicle in the accidental case if it can enhance the damage to your two-wheelers. Check with our network garages for getting benefits of cashless claims.
• In case of a third party liability: file a police report immediately and forward it to the mail address and call us on the toll-free number. Do not take action or run from the situation.

Once registered, a reference claim number will be received, and the insured person will be updated via SMS. You can always check your claim status by providing your claim reference number with customer care.

Cashless Bike Insurance Claims

Because of the connected garages, the consumers will not have to pay at the partner garages. You can go to the listed garage, get the work done, and do not pay for the items covered under the policy. The insurance provider will pay directly to the garage.

Reimbursement Bike Insurance Claims

Reimbursement claims work in the same fashion as the majority of insurance claims do. You will have to pay at the moment and collect all the bills, which can then be used to claim the money spent earlier.

Second-hand bikes are readily available in the market at much lesser prices and without hassle as well. Just like the other two-wheeler insurances, the second-hand bike insurance is a basic and mandatory requirement as well. It is just like other policies that protect you and your bike from damage and losses caused to the third parties and self.

Before getting a bike insurance policy for a second-hand bike, check whether the previous owner has an insurance policy or not. If yes, make sure that you get the insurance transferred in your name within the 14-days of purchase.

• Also, make yourself familiar with the previous insurance history of the vehicle.
• In some cases, if you have had a bike insurance policy for another bike in your name, you can also transfer the NCB to the existing insurance policy.

When a two-wheeler is purchased, the extent of depreciation increments. Buying coverage for a bike which has been used over the years and is depreciated is considered as Old Two Wheeler Insurance. Choosing third-party insurance or comprehensive bike insurance is your decision entirely.

Factors to consider before Insuring an old bike are:

• Depreciation:

  With the increase in the age of the old bike, the depreciation amount also goes higher. Before buying any bike insurance policy, check the depreciation amount applicable to the value. In case of an accident, the compensation will be based on the depreciation itself.

• Comparison:

  Before buying any bike insurance, make sure to go through the different options available. You can check different quotes for two wheeler insurance online or offline through agents present. The terms and conditions specified should be clear and thorough to avoid miscommunication. Compare all the options and decide the one which suits you the best.

• Utility:

  The utilisation of anything is best known by its owner. When it comes to an old bike, insurance might get costlier to you unless chosen wisely. When the vehicle is old, the IDV is lesser as well as the premium. Match the IDV with the utility to select an insurance plan.

• Policies:

  The list of bike insurance insurance companies in India is extensive. Each one has different terms and conditions with bike insurance policies differing at certain points. Before opting a specific plan, analyse your options and match them with your requirements to benefit with the best. Never rush with the first option that came across.