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Two-wheeler Insurance Online

Old Bike Insurance

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Two-wheeler Insurance Online

Home / Two-wheeler Insurance / Old Bike Insurance: Buy/Renew Two-wheeler Insurance For Old Vehicles

All about Buying/Renewing Old Bike Insurance Online
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Your first two-wheeler will always be close to your heart. That’s one of the reasons why people hold on to their first bike even if the two-wheeler gets old. However, owning an old bike comes with its set of challenges. For instance, you have to diligently maintain it, service it and replace the worn-out parts. Apart from that, you also need to insure the vehicle by purchasing old bike insurance and renewing the policy before its expiry. The good news is that you can purchase old bike insurance online from ACKO with just a few clicks. There’s no hassle of paperwork or excessive form-filling!

What is Old Bike Insurance?
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Old bike insurance refers to an insurance plan you purchase to insure an old bike. In other words, it is an insurance policy to insure a two-wheeler whose value has depreciated over a few years. For instance, if you purchase a two-wheeler insurance plan for a bike that’s more than 10 years old, it is called old two-wheeler insurance.

Why ACKO Bike Insurance Plan for Old Bikes?
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Here are the reasons why you should buy old two wheeler insurance online through ACKO.

Affordable Insurance Plans
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ACKO follows the direct-to-consumer model and hence, there are no middlemen or agents involved. That is the reason why ACKO’s old two-wheeler insurance plans are affordable compared to traditional insurance companies.

Instant Claim Settlement
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For small damages such as a dent on the fuel tank, upload the picture of the bike damages; ACKO may settle the claim instantly through an on-account money transfer. You can then repair the damages at a garage of your choice.

Transparent and Hassle-free Process
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Thanks to the robust digital infrastructure and direct-to-consumer model, all transactions at ACKO are transparent and hassle-free. Even claims can be raised through the digital platform enabling you to process the transaction instantly.

How to buy/renew Old Bike Insurance online from ACKO
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Buying/renewing old bike insurance from ACKO is quick, simple, and paperless. All you need to do is share a few basic details on our website/app and proceed to buy/renew the policy. You can follow the steps mentioned below to buy/renew old two-wheeler insurance online.

Step 1:
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Upon visiting the website or the mobile app, enter details of the bike and previous policy (if applicable).

Step 2:
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Choose the insurance plan for your old two-wheeler.

Step 3:
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Pay the premium online and receive the policy document instantly at your registered email address.

Why is it important to insure an old bike?
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Be it a new or an old bike, insuring a two-wheeler is mandatory and vital. Here are the benefits of insuring your old two-wheeler.

Whether it is an old or a new bike, you must insure the vehicle with at least the Third-party Bike Insurance plan as it is a legal requirement. Riding your bike without valid vehicle insurance is an offence, and you can be penalised for the same.

2. Coverage against Third-party Liability
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The Third-party Liability Plan (and Comprehensive Plan) provides coverage against third-party liabilities such as damages to third-party property or life. For instance, if your old bike causes damages to third-party property, then the insurance plan will cover such liabilities.

3. Coverage against Accidental Damages
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The Comprehensive Bike Insurance Policy provides financial coverage against accidental damages to your old bike. The chances of component failure are high in an old vehicle, which may lead to an accident. Hence, insuring your old bike with a wide-ranging cover will protect you financially against accidental damages.

4. Coverage against Natural/Man-made Disasters
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The Comprehensive Bike Insurance Policy also provides coverage against natural and man-made disasters, such as floods, cyclones, riots, vandalism, etc. The impact due to these events can be huge, resulting in costly repairs. Hence, it is important to have an insurance plan that covers your bike against such events.

5. Coverage against Total Loss or Theft
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If your old two-wheeler is damaged beyond repair, the Comprehensive Bike Insurance Plan will provide financial coverage against such total loss situations. Also, if your old two-wheeler is stolen, the insurance plan will cover such losses.

6. Personal Accident Coverage
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If you purchase a Personal Accident Cover along with a bike insurance plan, you will receive insurance coverage for accidental death and injury (while riding your bike). For instance, if you are injured in an accident, then the insurance policy will cover medical expenses for the treatment of injuries through the Personal Accident (PA) cover as per the applicable terms.

Things to Consider While Insuring Your Old Two-wheeler
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Old two-wheelers require a high level of maintenance, resulting in high ownership costs. However, with a Comprehensive Insurance Plan, you can reduce your financial liabilities arising due to damages. But, before you proceed to insure your old two-wheeler, consider the following points to make an informed decision.

Get to Know About the Insurer
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Before buying the insurance plan for your old bike, you must research the services offered by the insurer. Also, compare the insurance plans provided by the insurer with other competitors to make an informed decision.

Understand the Terms and Conditions
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Go through the terms and conditions of the insurance plan before you buy the policy for your old two-wheeler. For instance, factors such as deductibles are crucial while purchasing the right plan for your vehicle.

Research the Insurance Cost
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You must perform thorough research about the pricing of the insurance policy. Insurers such as ACKO offer affordable insurance plans enabled by the lower operating cost as it adopts a direct-to-customer model.

Rate of depreciation for old bikes
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The following table denotes the depreciation rate for old two-wheelers.

Age of the two-wheeler Depreciation
Not exceeding 6 months Nil
Exceeding 6 months but not exceeding 1 year 5%
Exceeding 1 year but not exceeding 2 years 10%
Exceeding 2 years but not exceeding 3 years 15%
Exceeding 3 years but not exceeding 4 years 25%
Exceeding 4 years but not exceeding 5 years 35%
Exceeding 5 years but not exceeding 10 years 40%
Exceeding 10 years 50%

Bike Insurance Calculator for Old Bikes
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A two-wheeler insurance calculator for old bikes is an online tool to calculate the insurance policy premium. At ACKO, finding insurance quotes for your old bike is easy and hassle-free. Here are the steps to use the bike insurance calculator for old-two-wheelers through ACKO’s website ( or mobile app.

Step 1
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Enter the bike registration number and select the model.

Step 2
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Select the purchase date, mention if the previous policy is expired or not, and click on ‘View Prices.’

Step 3
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You will be able to view the prices for both the Third-party Liability Plan, Comprehensive Plan, and Multi-year Policy.

Step 4
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You have the option to select the IDV (Insured Declared Value) and add-ons to extend the primary plan’s coverage. You can skip buying the mandatory Personal Accident (PA) cover if you already have one.

Step 5
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Once you have decided on the right insurance plan for your old two-wheeler, pay the premium online, and you will receive the policy document instantly in your email inbox.

Tips to Reduce the Insurance Premium Cost for an Old Bike
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Here are some of the valuable tips to reduce the insurance cost for an old two-wheeler.

Use the No Claim Bonus (NCB) Discount
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If you are moving to a new insurance company, ensure that you use the NCB earned from the previous policy. You can get up to a 50% NCB discount for not raising a claim for five consecutive years.

Compare Different Insurance Policies
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Comparing different insurance plans will provide an insight into suitable and affordable insurance plans. The right way to do that is to compare bike insurance online. The digital platform helps you view different quotes to make the right decision.

Direct-to-customer Model
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Digital insurers such as ACKO provide the direct-to-consumer model. Hence, there are no agents or middlemen involved, resulting in lower operating costs. The savings are passed on to you as low-cost insurance plans for your old bike.

Frequently Asked Questions
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Here are some of the commonly asked questions about insurance for old two-wheelers.

Is motor insurance mandatory for old two-wheelers?


Yes, all vehicles, old or new, should be insured with the Third-party Liability Plan since it is mandatory per The Motor Vehicles Act, 1988. Failure to insure old bikes can result in penalties and/or imprisonment.

Are older bikes cheaper to insure?


Yes, the insurance cost for older vehicles is lower compared to newer ones. The insurance premium’s main factor is the Insured Declared Value (IDV), the vehicle’s approximate market value. Since the IDV is lower for older vehicles, the insurance premium is normally cheaper compared to new vehicles.

Which is the suitable motor insurance for my old bike?


For broader coverage, you can buy the Comprehensive Bike Insurance Policy since it covers both Third-party Liabilities and Own Damage components. You also have the option to include add-ons to extend the coverage further.

Is bike insurance mandatory after five years?


Yes, it is compulsory to insure your bike at least with the Third-party Bike Insurance Plan as mandated by The Motor Vehicles Act, 1988. You can be fined if you are found riding the bike without a valid insurance plan.

What documents are required to buy insurance for my old bike?


When you purchase bike insurance from ACKO, documents are not required. It is completely paperless. Simply visit the website or download the mobile application, share a few details of the bike and previous policy (if available), to buy an insurance policy for your bike instantly.

What should I do if my old bike is damaged beyond repair due to an accident?


Access your ACKO account via the website or the mobile app, select “Claim Now,” and provide a few details of the damaged vehicle, and submit the required soft copies of the documents to raise your claim. ACKO’s claims team will guide you through the steps necessary.

How to renew the insurance for my old two-wheeler with ACKO?


When you renew old two wheeler insurance online with ACKO as an existing customer, log in to your account through the ACKO app or website, choose the vehicle’s Policy Card and you can renew the policy instantly. As a new customer, you can download the ACKO app or visit the web portal, share a few information about your old bike and previous policy (if available) to insure the vehicle instantly.

How to raise a claim for old two-wheelers at ACKO?


Raising a claim against your old bike insurance online at ACKO is hassle-free and straightforward. Access your ACKO account through the website or the mobile app, select the ‘Policy Card’ of the bike, upload the required soft copies of the documents to file a claim. ACKO may settle the claim instantly if the damages are minor. As for the severe damages, the claims team will help you with the next set of processes.