Owning an ancient two-wheeler has a number of benefits, ranging from nostalgic value to the ability to move in urban locations. It’s also a possible money saver because you won’t have to purchase a new bike.

While many people would prefer to replace their two-wheeler with a new vehicle, others wish to keep the nostalgic value.

Whether your bike is a workhorse or holds sentimental worth, you should ensure it not just for legal reasons but also to protect yourself financially from unforeseen damages or losses. The cost of insurance lowers as your vehicle gets older. 

So, why does the cost of bike insurance decrease as your two-wheeler ages? We provide a solution to this issue in this post, as well as the elements that influence the insurance cost for older motorcycles.


Why is it necessary to insure an old motorcycle?

You must purchase bike insurance for your vintage two-wheeler in order to safeguard it from the following risks:

  • Accident-related damage
  • Theft of a vehicle
  • Fire, natural or man-made disasters can all cause damage.
  • Liability for any third-party property damage caused by your bike
  • Liability for any bodily injury or death caused by your bike to a third party.
  • Liability arising from an accident while riding your motorcycle that may result in death or bodily injury is covered by the obligatory Personal Accident Insurance (PA).


What factors go into determining the cost of insurance for an older two-wheeler?

Insurance for antique motorcycles and scooters can be expensive, depending on a number of factors. The following are the elements that have the most impact on Comprehensive insurance rates.

  • Provider of insurance
  • The two-engine wheeler’s capacity
  • Declared Value Assured (IDV)
  • Types of insurance protection
  • Year of production
  • Location
  • Model
  • Any No Claim Bonus that has accumulated (NCB)

These variables are the most important in determining the cost of insurance for older two-wheelers. Furthermore, these characteristics are calculated differently by different insurers. A direct-to-customer strategy is used by insurers such as MGS Insurance, a face-to-face insurance provider that operates entirely offline. 

As a result, there are agent commissions and operating costs. The savings are passed on to customers in the form of expanded coverage and more inexpensive insurance policies for older motorcycles.


Why does the cost of bike insurance decrease as your bike become older?

As you can see from the preceding section, the value of the bike is the most important component in calculating the cost of insurance for any vehicle, new or old. The market value of a motorcycle drops as it becomes older. 

This is due to the regular wear and tear of the bike’s components. Depreciation is the term for the process of regular wear and tear over time. The lesser the worth of the bike, the bigger the depreciation.

Insured Declared Value is the insurance phrase for a bike’s value (IDV). After depreciation and appropriate deductibles, you will receive the IDV as compensation if your bike is broken beyond repair or stolen. 

As a result, the cheaper the cost of insurance, the older the bike or scooter. Additionally, if you have received a No Claim Bonus (NCB) discount for not filing a claim during the policy period, the cost may be considerably lower.


The advantages of insuring an old bicycle

Insuring a motorcycle or scooter, whether old or new, is a legal requirement. The following are some of the benefits of insuring your antique two-wheeler.

  • Protect yourself from dangers: A Motor Car Insurance Policy protects your old bike from damage in the event of an accident, fire, theft, or natural or man-made disasters.
  • It is a legal necessity under The Motor Vehicles Act, 1988, to cover your two-wheeler with a third-party Bike Insurance Policy, whether it is an old or new two-wheeler. If you’re found riding your ancient two-wheeler without valid car insurance, you could face penalties.
  • Comprehensive Third-party liability coverage: The obligatory Third-party Bike Insurance Policy provides financial and legal protection against third-party liabilities such as death or injury to a third party, as well as damage to their vehicle or property.
  • Personal Accident Insurance: When insuring your old bike, you must also select the necessary Personal Accident coverage (PA). While riding your two-wheeler, you will be protected from accidental harm or death.


When it comes to insuring your antique bike, there are a few things to consider.

When it comes to insuring your ancient two-wheeler, keep the following points in mind.

Learn more about the insurer’s offerings so you can make an informed selection. Examine the insurer’s transactional ease to avoid time-consuming procedures.

Learn about the policy’s terms and conditions: Before you make a decision, be sure you understand the policy’s inclusions and exclusions. Deductibles are important to consider while choosing the correct insurance policy for your antique motorcycle.

When purchasing an insurance plan for your vintage vehicle, you must first understand the cost of the coverage. When assessing the cost of insurance, factors such as IDV are critical. 

For older vehicles, insurers such as MGS provide low-cost insurance options. This is achievable because it embraces the direct-to-customer strategy, which has operating costs.


Tips to Reduce Bike Insurance Premiums

  • Choose a bike that is older, less expensive, or smaller to fit your budget. Repairing and replacing spare parts on such motorcycles will be less expensive.
  • Avoid modified/unusual motorcycles since they will be more expensive to repair and replace spare parts. These bicycles will also be more appealing to thieves. Bikes from other countries will likewise be more expensive.
  • The fewer times you ride your bike on the road, the lower the risk to the insurance provider and the lower the insurance cost.
  • You will find that paying the insurance in full when you first take out the policy is less expensive than paying in monthly payments.
  • If you haven’t made any claims in a few years, your insurer is likely to offer you a lower rate.
  • When it comes time to renew your insurance, be sure you don’t only go with your current provider. Look for different insurers who will provide you with all of the benefits you desire at a lower cost. 

You could go to a website that compares pricing and other information.