How to Insure Your Vintage Bike in India

Posted on: Dec 30, 2019 | 3 mins | Written by: HDFC ERGO Team

How to Insure Your Vintage Bike in India

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 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 known for their aesthetic features and are available in numerous colours. 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, of 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 bike 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 in 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.

Why Does Insurance for Vintage Two-Wheelers Matter?

Generally, two-wheeler insurance policies help in safeguarding your investment for peace of mind. Here are the major reasons why vintage two-wheeler insurance is important:

1. Financial Protection

Insurance for vintage bikes protects against theft, damage, and accidents.

2. Legal Requirement

Third-party insurance is mandatory for bikes so that you can protect yourself from liabilities arising from accidents.

3. Value Enhancement

Insurance for vintage bikes helps maintain their value of the bike because it covers restoration costs after damage.

4. Special Coverage

Vintage two-wheeler insurance may offer some specialised policy options designed around specific needs.

5. Peace of Mind

Insuring your vintage bike will let you relax and ride without any tension.

Key Points to Consider When Insuring Your Vintage Bike

Insuring your vintage bike has many advantages, be it protecting your investment or providing a seamless riding experience. Below are some factors to consider:

1. Specialised Coverage

Look for two-wheeler insurance that provides coverage specifically meant for vintage bikes, including restoration costs.

2. Agreed Value Policy

Get a policy that has an agreed value. This ensures that you receive the complete worth of your bike in case of total loss.

3. Third-Party Bike Insurance

Obtain third-party bike insurance, as it is the law and protects against liabilities in accident cases.

4. Mileage Limitations

Some policies measure mileage, so check that the policy doesn't limit how much you can ride your vintage bike.

5. Storage Conditions

Secure storage may be advantageous in bringing your premiums down.

6. Maintenance Records

Maintain detailed maintenance records because vintage two-wheelers may need an insurer's proof of upkeep.

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 bike insurance coverage is mandatory and it helps cover expenses incurred due to the repair or treatment of a 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 give you a sense of security and peace of mind while riding the bike on the roads.

Essential Documents for Bike Insurance

An essential part of availing of bike insurance is having the right documents. Here are the documents necessary for understanding a proper bike insurance policy.

1. Registration Certificate (RC)

Proof that your two-wheeler is owned and registered under your name.

2. Identity Proof

Verification of identity through government-issued IDs like an Aadhar card, passport, etc.

3. Address Proof

Bills, utility bills or rental agreements that prove your current address.

4. Previous policy of insurance

If you already have an insurance policy for a two-wheeler, provide its details.

5. Certificate of No-Claim Bonus

To be able to have discounted premiums from the insurance that no claims have been made into the policy.

6. Bank Details

For premium payments and any refunds related to your insurance policy.

Conclusion

Hence, your vintage bike is special and you should have special arrangements to ensure its protection on roads. Third party bike insurance

is mandatory whereas comprehensive two wheeler insurance along with necessary add-ons is advisable for your vintage bike.

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."

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

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