Overview On Buying An Insurance Policy For Your Old Motorbike
Published On Jul 29, 2021, Updated On Aug 06, 2021
Read this article to understand everything you need to know about buying bike insurance for your old bike.
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Your bike is the most valuable item you own. Its upkeep comes with a hefty price tag. The easiest way to avoid these hefty repair bills is to purchase bike insurance coverage. However, it is critical to purchase a bike insurance plan that provides the most coverage. If you own an older bike, read this article to learn about the key elements to consider when purchasing bike insurance coverage.
Comparing Policy Types
In the Indian market today, there are primarily two types of regular bike insurance coverage. Third-party bike insurance is intended to aid the insured financially in compensating for the loss of a third party in the event of an accident. The policyholder is not protected in any way by this insurance. Comprehensive bike insurance, on the other hand, covers both third-party liabilities and the cost of repairing the bike if it is damaged in an incident other than an accident. In India, having third-party bike insurance is required. A comprehensive bike insurance policy, on the other hand, will provide the policyholder with more coverage than third-party bike insurance.
Customizing Your Bike Insurance Policy
Insurance firms provide additional services that give the customer additional financial security. Add-on coverings or riders are used to provide these features. The alternatives for these covers vary depending on the company. Certain insurance policies are available only for young bikes from some firms. So, depending on your bike's type, brand, and age, make sure you look up the many covers available. The extra coverage will increase the total cost of your bike insurance policy. Therefore, make sure to choose policies that you believe are appropriate and legitimate for your bike.
You may also like to read:- A First-Time Bike Insurance Buyer's Guide
Factors Impacting The Premium For Your Old Bike’s Insurance
According to the Indian Motor Vehicle Act, purchasing bike insurance is required regardless of the age of your bike. Buying bike insurance is usually a painless affair. The cost of your bike insurance premium is influenced by a number of things. The following are only a few of the more important ones -
Your Bike’s Age
Since the day you bought it, your bike has been subjected to normal wear and tear. You will have to pay a lower premium if your bike is older. This is primarily due to depreciation, which diminishes the worth of your bike over time.
Insured Declared Value of Old Bike
The Insured Declared Value of your bike is simply the current market worth of your bike. This is calculated by deducting the depreciation value from the bike's selling price. The amount of your bike insurance premium is determined by the current market worth of your bike.
When it comes to insuring your bike, insurance firms consider the risks involved. If your bike is more likely to be involved in an accident as a result of any changes, location, or theft, you will most likely have to pay a higher premium.
Planning The Term of Your Bike Insurance Policy
You can choose a short-term or long-term insurance plan based on your plans for your bike, just like any other insurance plan. If you plan to sell your bike, you should choose a short-term insurance package. You won't have to terminate your insurance policy in the midst of the term, and you'll be able to easily transfer ownership of the bike and the insurance policy.
Also Read:- How To Check Bike Insurance Expiry Online?
Your bike, whether new or old, is your most prized item. As a result, when choosing bike insurance, it is always a good idea to learn how insurance firms work so that you can get the finest services for your bike. Choose the most suitable bike insurance for you and ride safely.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.