Old Bike Insurance: Buy/Renew Insurance for Old Vehicles (2024)

Why ACKO Bike Insurance Plan for Old Bikes?

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.

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.

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

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

Choose the insurance plan for your old two-wheeler.

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

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.

Things to Consider While Insuring Your Old Two-wheeler

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.

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.

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

Bike Insurance Calculator for Old Bikes

Enter the bike registration number and select the model.

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

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

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.

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

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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