How to get two-wheeler insurance for an old vehicle
How to get two-wheeler insurance for an old vehicle? 14th June 2021
It is pretty easy to get insurance for new two-wheelers. Several dealerships provide a complimentary 1 to 5 year insurance plan when you buy a two-wheeler. But, what if you are planning to buy insurance for an old two-wheeler? What is the process of purchasing 2 wheeler insurance for an old vehicle? What documents and checkboxes do you need to figure out?
Let’s follow the below mentioned tips to find a two-wheeler insurance policy for an old vehicle.
1. Search your plan online:
The first step is to do some research work to get all the information pertaining to a 2 wheeler insurance for an old vehicle. While looking at the various insurance plans, make sure that it satisfies all your requirements. Go through all the terms and conditions, claim settlement process, renewal of the policy, premium, and information about the add-ons. You can do all this simply and remotely from your home or workplace by searching on the internet.
2. Gather all the required documents:
When buying insurance for an old vehicle, the proper documents play an essential role. These documents are valid proofs regarding the ownership of the vehicle and its physical condition. Keep the below-mentioned documents handy that are made mandatory by the Insurance Regulatory and Development Authority of India:
a. Original registration papers of your two-wheeler
b. Personal details and associated documents regarding nationality and address proof
c. Brief inspection analysis report of your vehicle.
You can also get an idea of the premium that you will have to pay for your vehicle based on the insurance plan and add-ons you select. There are many premium calculators available online. You need to pick the one having a good rating, then enter necessary information like:
a. Registration details of the vehicle
b. Model number of the vehicle
c. Current policy details (if any)
3. Read the policy carefully and proceed to make the payment:
After completing the documentation process, it is important to verify the policy documents before making a payment. Check all the details thoroughly, and you can now proceed to the payment gateway. Once you pay your policy premium, you will receive your 2 wheeler insurance policy receipt and documents through your registered email.
Note – Please have a fact check done about the company, such as CSR (Claim Settlement Ratio), time taken to process claims, testimonials from the customers and the company policies carefully before you buy an insurance.
There are few important things to be taken care of while buying a two-wheeler insurance policy for your old vehicle:
1. Note the date of manufacturing of your vehicle to get the correct premium
2. Calculation of the Insured Declared Value (IDV) of your vehicle
3. Derive the premium expected (premium lowers as the age of the vehicle increases)
Note – Don’t commit the mistake of declaring a lower IDV just for the sake of availing a lower premium. This will cost you heavily if your vehicle faces massive damage as you will not be able to claim the actual damage compensation.
No matter if your vehicle is old, it too deserves the best treatment and care. Gift your old vehicle the best available insurance coverage to help it serve you actively for more years to come.