Purchasing an Old Bike? Here’s How You Can Reduce the Bike Insurance Premium


While the new bikes in the market come with many features and benefits, old bikes have a charm that the new bikes don’t offer. Most bike lovers usually have an eye on an old bike they wish to purchase. Purchasing old bikes can help you live out your childhood goals and possess the bike of your dreams. However, to ensure your bike stays protected, you must get a suitable old bike insurance plan and carry out the bike insurance renewal for your policy on time.

An old bike insurance policy is an insurance plan designed for bikes whose value has declined over the years. Comprehensive bike insurance plans are similar to the other bike insurance plans that offer own damage and third-party bike insurance coverage. Insurance for old bikes is quite important, as the chances of an older vehicle suffering component failures and getting involved in accidents are quite high.

Also, a new insurance policy for old bikes is compulsory, as driving without a valid bike insurance plan is against the law. Old bike insurance plans offer financial protection to deal with these damage repair costs for such situations.

Insurers like Tata AIG allow customers to purchase insurance policies for bikes online. With online purchases, you get to use different tools like calculators. The calculator will help you understand the two-wheeler insurance rate. You can also use the calculator to compare different plans and choose the best insurance for your old bike.

As the two-wheeler insurance requirements are unique for everyone, purchasing the best insurance for your two-wheeler will depend on your needs. With the calculator, you can plan for your purchase and find ways to lower the premium amount. Along with this, you can also follow a few steps to lower your bike insurance premium.

Ways to Reduce Bike Insurance Premium for Old Bikes

Given below are some ways you can reduce the premium for old bikes

  1. Select the add-ons carefully: Add-ons are excellent choices for increasing the coverage you can get through your bike insurance plan. With add-ons, you get insurance coverage for specific situations. Therefore, they are optimal choices for enhancing your base insurance policy. However, including add-ons can lead to a hike in your premium amount. Therefore, it is better to include only the add-ons you need in the plan.
  2. Add anti-theft devices to the bike: Anti-theft devices will help you lower the chances of your bike being stolen. When your insurer has been informed about installing these devices, they will reward you by offering you lowered premium amounts. However, you must ensure that the devices you select for installation are approved by the ARAI (Automotive Research Association of India).
  3. Set high voluntary deductibles: The amount you wish to set as a voluntary deductible for your two-wheeler insurance is the amount you will pay while filing a claim. If you set a high voluntary deductible, the insurance premium will be lowered.
  4. Join a rider’s association: If you have a membership in a rider’s association, you will be eligible to get certain discounts on your bike insurance cost as per the regulations followed under IRDAI. But these discounts will be offered if you have no prior history of accidents and a smooth driving record. Along with this, certain criteria have to be fulfilled by you to get adequate coverage.
  5. Do not delay your policy renewal: Among the best ways to lower your bike insurance premium is to renew the policy before the expiry date. If your policy expires, you may have to purchase a new plan which may involve an inspection of the vehicle. Once an inspection is done, your insurance premium amount may go up.
  6. No-Claim Bonus: The NCB is a bonus insurance companies offer to individuals who haven’t filed a claim in a policy term. When you don’t file a claim, your insurer will reward you by offering you a discount on the premium amount.

For example, if you do not file a claim for five consecutive years, you are liable to get around a 50% discount on the premium amount. Therefore, if your bike has faced minor damages, it would be better to fix the damages out of your pocket instead of filing a claim. This way, you get to retain your accumulated bonus and benefit from it in the future.

  • Declare correct IDV: Your bike’s IDV is the vehicle’s current market value. The IDV you set is the amount you will get if your bike is damaged beyond repair or if it gets stolen. If you set a high IDV, your premium amount will rise and vice versa. Therefore, providing the correct IDV amount is always better while selecting the bike insurance plan.

While these tips can help you lower your bike insurance premium, you must also compare the different plans available for you before purchasing a plan. When you compare plans, you can explore the available options and make an informed decision.


Purchasing suitable bike insurance for your old bike will help you immensely. While purchasing the new insurance policy for your old bike, you can follow simple steps like providing the correct IDV, using anti-theft devices, and voluntary deductibles to lower your premium amount. Following steps like these will help you get the coverage you need at an affordable cost.