A quick look at the two-wheeler market will tell you that it is getting comfortable with the concept of vintage motorcycles. This would have been difficult about a decade ago. But with the number of biking enthusiasts constantly on the rise, it was only a matter of time.
Do you Need to Buy Two Wheeler Insurance for Vintage Motorcycle?
If you wish to ride your vintage bike on the public roads, it would be treated as any other bike. This translates into buying a third-party bike insurance at the minimum. As per the Motor Vehicles Act of 1988, any bike that an owner wishes to ride on public roads needs to have valid bike insurance.
In simple words, you can buy two wheeler insurance for your bike either as a third-party cover or a comprehensive cover. The rationale behind it being, that the risks involved with riding a bike remain the same for a new, used or vintage bike.
Which Cover is More Suitable?
In the event of an accident involving other individuals or properties, the policy will have your back and offer compensation. This includes damages to properties or bodily injuries to individuals. While a third-party bike insurance cover might be just enough for a normal bike, your vintage bike needs and deserves more.
The cost of repair for a vintage bike would most likely be higher than other bikes. And the chances of a few spares or body parts being expensive can make things a bit more challenging. Thus, the smartest way to secure your vintage bike is to buy a comprehensive plan to have an extensive insurance cover.
If you feel that your bike needs additional coverage, you can take a look at the list of add-ons that insurers usually offer for two wheelers. An accident is not the only condition or situation that can be worrying. A comprehensive plan will ensure compensation in case of bike theft as well. And if you stay in a place that is prone to natural calamities such as flooding, buying a comprehensive plan is a must.
Premium for Vintage Bike
One of the smartest ways of insuring your bike is to buy two wheeler insurance online. Should you opt to buy two-wheeler insurance online, you receive quotes from various insurers and then select the best option. You can then decide if the policy is worth purchasing or not. You can buy two wheeler insurance online easily even in case of vintage bikes. The process might include a few more steps as compared to regular bikes, but it is certainly more convenient then an offline process. However, it is recommended to reach out to your insurer to get additional details or coverage for the bike.
Apart from the obvious factors such as the manufacturer, model and engine capacity, the insurers might take additional steps to decide on the insurance premium of the vintage bike. They might go around in the market gauging the standard repair costs for a vintage bike.
Not all insurers list vintage bikes on their website. In case you do not find your bike listed on your preferred bike insurance company’s website, you can get in touch with them through email or call and let them know your requirements. They can arrange for an inspection if needed, and then offer you a bike insurance quote.
Don’t Forget to Renew
Make it a point to renew your vintage bike’s insurance on time. Do not leave it to the last minute. An expired policy is an inactive policy. And no insurer covers damages when the policy has expired. Thus, renew your policy ten days in advance to avoid last-minute hassles.