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Tips on insuring your vintage bikes

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The term “vintage” usually refers to something, which belongs to an earlier generation. Mostly, those bikes that are meant for road racing and were built after 1975 are known as vintage bikes. Moreover, those bikes, which are meant for motocross racing and were built before 1975 can also be considered as vintage bikes. These vintage bikes are not produced any longer and hence, their supply is limited. Vintage bikes are simple machines and do not contain any complex components like hydraulic brakes or electric shifting.

Vintage bikes are knownfor their aesthetic features and are available in numerous colors.  However, there are also certain cons associated with owning vintage bikes. These bikes are quite heavy and use old technology along with old parts. While you do have the option to upgrade your bike, replacement parts may not always be available.

Insurance for Vintage bikes

When you are planning to ride your vintage bike on the roads, it will be considered as any normal bike and the rules associated with insurance will remain the same. As per the Motor Vehicles Act, 1988 a third party bike insurance cover is mandatory for all two-wheelers on Indian roads. Since the risks associated with riding a bike on Indian roads remain the same for vintage bikes as well, you may not find a third-party liability insurance cover adequate. In such a scenario, a comprehensive bike insurance cover can provide complete protection to your vintage bike.

In the event of an accident where your vintage bike is damaged, the cost of repairing the vintage bike will be high. Moreover, there is a high probability of unavailability of certain parts of your vintage bike. This can make the situation even more complicated. So, it is always advisable to procure comprehensive two-wheeler insurance for your vintage bike.

You can include certain add-ons for your vintage bike into your comprehensive bike insurance policy. These add-ons will help cover the expenses which might be incurred in repairing your vintage bike due to damages caused not only due to accidents but also due to manmade calamities like theft, riots, etc.

You can easily purchase bike insurance for your vintage bike online. You can visit the websites of various insurance providers, compare two-wheeler insurance policies online through an insurance aggregator and then purchase the suitable one for your vintage bike. For purchasing two-wheeler insurance for your vintage bike, there might be a need for additional details and the premium might be higher as compared to a normal bike.Moreover, you should pro-actively renew your two-wheeler insurance for your vintage bike to avail of the benefits and enjoy a sense of security.

Advantages of purchasing insurance for vintage bikes

Let us check out some of the major advantages associated with buying insurance for vintage bikes.

• Third-party liability insurance cover is mandatory and it helps in covering expenses incurred due to repair or treatment of third party person/property.

• Financial coverage against any damages caused to the vintage bike due to an accident, theft, riot or natural calamities is provided by a comprehensive insurance policy.

• Discounts like No Claim Bonus (NCB) can be availed if the two-wheeler insurance policy is renewed regularly and kept active.

• With stringent traffic rules in India, it is necessary to have proper two-wheeler insurance for your vintage bike to avoid paying penalties.

• Two-wheeler insurance for your vintage bike will also help in giving you a sense of security and peace of mind while riding the bike on roads.

Conclusion

Hence, your vintage bike is special and you should have special arrangements to ensure its protection on roads. Third-party liability insurance is mandatory whereas comprehensive two-wheeler insurance along with necessary add-ons is advisable for your vintage bike.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

Mr.S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process." 

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