Can We Buy Insurance Policy for an Old Bike?

Insurance Policy
Insurance Policy

A bike insurance cover provides an array of benefits that can be availed, irrespective of whether your bike is new or old. Be it a third-party bike insurance cover or a comprehensive bike insurance cover, both of these can be availed for your bike which has been with you for your years. Additionally, how can we neglect the point that bike insurances are not just for the protection of your bike but also for the protection of your finances in case you meet with an accident and need medical treatment.

Furthermore, motor insurance for bikes also comes with an accidental death cover for both you and any third-party individual. Hence it lessens your stress in terms of covering for third-party liabilities or the financial needs of your family after you are gone. Hence, irrespective of the age of your bike. Bike insurance can be beneficial for numerous other reasons and can be availed at any time.

How important is it to have bike insurance for old bikes?

Old bikes are at high risk since the parts of these bikes grow old which makes them more prone to accidents. Hence, having bike insurance becomes even more important and necessary for financial safety. Your bike, and your family.

Your old bike can be damaged for several reasons such as fire, riots, or natural calamity. Even when you are not riding it. What then? It is in such cases that your bike insurance will save you from so much financial stress. Further in the article, you will learn how the insurance cover will help you in more ways than one.

Reasons why you should have bike insurance for old bikes

Motor insurance for two-wheelers does not just protect your bike in case of accidental damage but with a bike insurance cover, you can also avail these added benefits-

  • In case your bike catches fire the expense for damage will be covered under your bike insurance. In severe cases, you can also raise a claim for total damage.
  • What if there is a natural calamity like a cyclone or an earthquake and in such an event your bike gets damaged. Need not worry! The expense will be covered under your bike insurance.
  • Additionally, for any damage caused to your bike due to riots, the insurance company will pay for the cost of repair of the vehicle.
  • Most importantly your bike insurance will pay for the financial expenses in case of third-party liability.

The premium amount for bike insurance covers is extremely affordable. Providing a high sum insured that can help your family in case you die in an accident. With an accidental death cover along with your bike insurance. You can make sure that you secure your family in case of an unfortunate incident.

Are premium amounts high for old bike insurance covers?

Motor insurance premiums are decided based on the make and model of the vehicle along with its age and depreciation value. With an old bike. The bike parts are depreciated, and hence keeping in mind. That the insurer will have to pay for the high cost of repair. The premium amounts may be high.

Another reason which leads to an increase in the premium amounts for old vehicles is the reason. That they have a low resale value or market value. Hence with a depreciated engine and damaged accidental parts. The insurer will have to pay the high cost of repair or even replacement which makes the premium amount high. But this high amount is still affordable and offers huge benefits.

If you want to buy bike insurance for your old bike with maximum benefits you can visit the Bajaj Finserv website.

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