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Buy/Renew 2W Insurance Policy for Old Two Wheelers & Bikes
No matter how much we grow we always carry some traces from the past and some valuable items do not ever leave their place. You will always have a similar feeling for the first bike you purchased. Due to your age or change of lifestyle, you might not drive your old bike, but you would never want to sell it for pennies.
Though old, you can still get bike insurance because someday you would want to use it. So, let’s look at everything you need to know about insurance for old bike.
What is Old Bike Insurance?
How Does a Bike Insurance Work?
Important to Insure an Old Bike
Why Choose Digit?
Key Features
How to Buy/Renew Old Bike Insurance online?
How to Download Your Digit Two-Wheeler Insurance Policy Document?
How to File & Track a Two-Wheeler Insurance Claim with Digit?
How is the Premium Calculated for an Old Bike Insurance?
Things to Remember While Buying Old Bike Insurance
Frequently Asked Questions
What is Old Bike Insurance?
- Let us be real and know that an old two-wheeler cannot be safe to ride unless it is taken for due services. When your bike is more than 10 years old, you can consider it really old.
- So, old bike insurance means the insurance plan you buy to insure your old two-wheeler, whose value has depreciated over the years. For example, buying two-wheeler insurance which you own for more than 10 years would be considered old two-wheeler insurance. You may choose between different insurance plans such as Comprehensive bike insurance or Third-Party bike insurance.
How Does a Bike Insurance Work?
Bike insurance is a contract between you and the insurer, offering financial protection for your bike against accidents, natural disasters, theft, and other unforeseen events. Here’s how it works:
Choose a Policy
Select a bike insurance plan – third-party, comprehensive, or own damage – and add-ons that fit your needs and budget.
Buy or Renew Policy
Purchase or renew your bike insurance online instantly with Digit, with minimal paperwork.
Pay Premium
Make regular payments (annually or in installments) based on factors like bike’s age, model, IDV, NCB, and coverage type.
File a Claim
If your bike is stolen or damaged in an accident, you can file a claim with your insurer, who after damage assessment will settle the claim as per the policy terms.
Why is It Important to Insure an Old Bike?
You need to buy bike insurance for your old vehicle to protect it against the risk of:
- It is mandatory by law to have at least Third-party Bike Insurance in India, whether you have an old bike or new.
- Damage through fire or any event that is beyond control.
- Loss due to bike theft or total damage of your bike that is beyond repair.
- Liability which may arise due to the damage to any third-party property resulting from an accident involving your bike.
- Liability which may arise due to bodily injury to any third party resulting from an accident involving your bike.
Why Choose Old Two-Wheeler Insurance by Digit?
Digit’s Motor Insurance Claim Settlement Ratio is 96% for FY’25
When it came to motor insurance specifically, Digit showcased a high-efficiency Claims Settlement Ratio (CSR), with 96% of motor claims settled seamlessly and we make this simple with:
Smartphone-enabled self-inspection process, with which you can file your claim in minutes!
Cashless Claims at over 9000+ garages in India, so you can get your two-wheeler fixed without stress.
Everything digital and paperless. No need for hard copies—just upload everything on our app, and you're all set!
Digit Bike Insurance in News
Go Digit posts 3x jump in Q2 net profit; gross premium collected at Rs 2,368 crore
- 24 Oct 2024
- The Economic Times
Digit Insurance launches comprehensive 'EV Shield' add-on cover for electric vehicles
- 20 Jan 2025
- CNBC TV18
Digit Insurance launches “that’s it!” ad campaign with Virat Kohli
- 14 Jun 2024
- The Economic Times
Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!
- 20 Jun 2024
- Business Insider
Third-Party Vehicle Insurance: Insurers in distress over three-year rate pause
- 04 Mar 2025
- Mint
Key Features of Two-Wheeler Insurance by Digit
Interesting Insights & Claim Stories of Digit Customers
A Digit Two Wheler Insurance Customer Received a Total Loss Claim of ₹3.22 Lakh in Bengaluru
In a recent case from Bengaluru, one of our policyholders experienced a total loss after their two-wheeler was severely damaged. Fortunately, the vehicle was insured, and we processed a claim payout of ₹3.22 lakh. This case highlights the importance of having dependable insurance coverage to stay prepared for life’s unexpected turns.
Digit Settled a Third-Party Claim Worth 1.12 Crores in Hoshiarpur, Punjab
In a recent case from Hoshiarpur, one of our policyholders was involved in a two-wheeler accident that tragically resulted in a third-party fatality. In this case, the vehicle was covered under a valid third-party insurance policy, and we processed a claim payout of ₹1.12 crore to address the resulting liability. This case highlights the vital role third-party insurance plays—even for smaller vehicles like two-wheelers—in offering essential protection during unforeseen events.
Rat Attacks on Two-Wheelers on the Rise
In Surat, a bike owner faced an unusual problem—rats chewed through the wire harness not once, but twice in a single year, all while the vehicle was parked safely at home! Thankfully, the insurance policy included coverage for such unexpected damages. Both times, the repair costs were fully covered, saving the owner from out-of-pocket expenses.
This case proves that insurance isn’t just for accidents or theft—it also protects against the most unexpected (and smallest) threats.
BSVI Becomes the New Standard in Vehicle Insurance
BSVI-compliant vehicles now make up 39% of the insured fleet, surpassing BSIV at 36.46%. This shift reflects a growing move toward cleaner, more efficient vehicles. Insurance is evolving alongside the vehicles it protects.
From Everyday Drives to Luxury Rides – Digit is the Trusted Insurance Choice
This year, we received some standout premium payments across different vehicle types. A Ferrari topped the list in the four-wheeler category with a premium of ₹8.04 lakh. In the two-wheeler segment, a Hayabusa was insured with a premium of ₹44,000. And in the commercial vehicle category, a Volvo L150 wheel loader was covered with a premium of ₹3.53 lakh. This highlights how our insurance scales to match the value and purpose of every vehicle, whether it’s built for speed, style or strength.
How to Buy/Renew Old Bike Insurance online?
Consider you bought Royal Enfield bullet, more than 10 years old, from your close friend. You have a passion for bike rides but before you start to use it, you want insurance cover for the same.
It is good that you are being wise and choose safety over challenges. But the procedure to procure the insurance policy when you are buying an old bike is completely different. For that you can choose either of the two:
- You can continue with the existing insurance but the request for the change of name in the policy. The insurance company will issue an endorsement to you. You will have to produce the proof of transfer of ownership.
- And the second option can be when you can ask for the new policy from the insurer of your own choice. In this case, a survey will be arranged for the bike post which the policy will be issued.
How is AI making Digit’s Motor Insurance Claim Process Faster & Smarter?
At Digit, we believe filing a motor insurance claim should be simple, not stressful. That’s why we’ve built intelligent automation into every step of the process—so you can get back on the road, faster.
- AI That Sees What You See: When you upload a video of the damage through our app, our AI doesn’t just watch—it analyses. Using advanced image recognition, it assesses the extent of the damage, classifies it, and helps determine the next steps. This means quicker evaluations, fewer delays, and a smoother experience for you.
- Automated Document Processing: From inspection reports to claim forms, our AI systems automatically sort and process your documents. This reduces manual effort, minimises errors, and speeds up approvals. And with a human-in-the-loop approach, we ensure every claim is handled with both precision and empathy.
- Automation That Works Behind the Scenes: Our systems also fetch claim details directly from partner platforms, eliminating the need for repetitive data entry. Whether it’s Bulk Policy Issuance or real-time claim registration, automation helps us move faster—so you don’t have to wait.
73% Two Wheeler Repair Work Approvals done within 12 hours
- In H2 FY25, our average two-wheeler repair approval time was 14 hours and 32 minutes, with 73% of approvals completed within 12 hours. Only a few cases experienced longer wait times, typically due to complex assessments or the need for additional documentation, highlighting our commitment to minimising delays and maximising efficiency.
- Rest assured, we carefully monitor every step to ensure your two-wheeler is back on the road as swiftly as possible!
Digit Settled 9.16 Lakh Claims with 99.9950% Accuracy in FY'25
The below data is for all the products as given in the table below.
Settled 9.16 Lakh Claims Settled
That’s how many times we showed up for our customers in FY 2024–25. Behind each of those numbers is a mishap, and we were right there, making sure things got sorted quickly.
Out of these, nearly ₹6.52 lakh were motor insurance claims alone—proof that we’re there when it matters most, whether it’s something trivial or serious.
₹4,622 Crore Paid in Claims
From minor hiccups to major emergencies, we made sure our customers didn’t have to carry the financial burden alone. Quick settlements, zero confusion, and real peace of mind.
Of this, ₹2,199 crore was paid out under motor insurance, covering everything from accidents to unexpected situations like rat damage.
99.9950% Claims Accuracy
Out of 9.16 lakh claims in FY 2024–25, only 256 were escalated to the Hon’ble Ombudsman^. Out of which only 46# were escalated and ruled in favour of the customer. This significantly proves the claim's accuracy rate of 99.9950%.
For Motor Claims, out of 256 escalated claims for Digit, just 124 were motor-related. By year-end, 104 motor claims were closed, with 28 resolved through mediation. Only 26 health claim decisions went in favour of customers.
Ombudsman Complaints for FY 2024-25
The below information is a summary of escalated claim cases reviewed by the Hon’ble Ombudsman in FY 2024–25.
Disclaimer: ^This data pertains to cases reported to various offices of the Hon’ble Insurance Ombudsman. Customers have the option to approach the Consumer forum as well; #Only includes complaints arising from claims. The company had a total of 11 complaints arising from non-claims, i.e., policy-related grievances (5 won, 2 settled, 1 lost, and 3 outstanding). One non-claim complaint where the decision went in favour of the complainant is not included in the numerator while calculating claims accuracy.
How is the Premium Calculated for an Old Bike Insurance?
The premium of any vehicle is calculated based on its IDV, past claim experience, accessories fitted, if any and other factors. For an old bike, the premium for the insurance is based on factors like:
- The engine capacity of the bike.
- The age of your bike.
- The Insured’s Declared Value of the Bike.
- The No Claim Bonus of the bike
Check: Use Bike Insurance Calculator to calculate the premium of third party or comprehensive bike insurance with add-ons.
Things to Remember While Buying Old Bike Insurance
You need to take care of a few things before buying insurance for old bike. Here’s your checklist:
- Utility of the Bike: You may own an old bike but only you can best know how much the usage is and what is the utility of it. With every year passing, the value of the bike is depreciated. Think about the IDV and match it with the utility so that you can decide on the type of cover to buy. You should know the benefits of buying Comprehensive Insurance because in any case, Third-Party Liability insurance is a must.
- Know about the Insurance Policies: There are more than 25 general insurance companies in India. All of them offer motor policies with different coverage limits and conditions. You should carefully visualize what your need is and know who can best offer you the solution.
- Policy Conditions: When you have decided on an insurance company, you should read the policy conditions of the same. Somewhere there may be a clause which you may realize later like deductibles.
- Compare Policies Online: Motor insurance policies can either be purchased online or offline through agents of the insurance companies. Read the wording to understand the terms and conditions mentioned, you should first compare the products. It will be a wise thing to do before buying an insurance policy.
- Check for Add-Ons: The owner of any two-wheeler can have options to get some add-on covers also. But add-on covers can be added to the vehicle up to 15 years old. You can choose add-ons like Passenger Cover, Zero Dep Cover, Medical Cover, and accessories cover. You will have to pay an extra premium to avail these covers.
- IDV of the Bike: In India, you get motor insurance policies for one year. With each year, the IDV of the vehicle is reduced by some percentage. When your vehicle is old, you have lesser IDV and lower premium. It simply implies the value of the bike which will be considered for that particular year.
- Depreciation Value of Bike: Before buying the policy for your old bike, decide or know what is the depreciation applicable to the value. In case of any mishap, the reimbursement will be based on the depreciation applicable to the vehicle. As the age of the bike increases which means it gets old, the percentage of the depreciation increases.
Depreciation Rate in Two-Wheeler Vehicles Based on Age
You should try and avoid small claims the amount of which you can afford. It will help you to get insurance of your old bike on a lower premium for which the Insured’s Declared Value is already low.
FAQs about Old Bike Insurance
Can a bike be insured after 15 years?
Yes, you can get old two-wheeler insurance for a bike older than 15 years; in fact it is mandatory to have a valid bike insurance policy in India.
Is insurance mandatory for old two-wheelers?
Yes, all two-wheelers, whether old or new, should be insured with at least a Third-party Liability Plan since it is mandatory by law and failure to do so will result in a penalty.
What documents are required to buy insurance for old bike?
- Bike Registration Certificate
- Previous year two-wheeler insurance policy, if applicable
- Any of these documents for KYC verification - PAN/Aadhar/DL/Voter id/Form 16/Passport
Should I get old bike insurance for a bike older than 5 years?
Yes, it is mandatory to insure your bike at least with the Third-party Bike Insurance Plan in India, no matter the age of the vehicle, else you will be penalised.
Can I get bike insurance after 15 years?
Yes, you can insure your old bike with third-party liability insurance or comprehensive insurance.
How to do old bike insurance renewal online?
To do old bike insurance renewal online with Digit, go to its website or app and click on the ‘My Policy’ section. Select the two-wheeler insurance policy pending for renewal. Now select the IDV, add-ons and confirm the details, then click on ‘Pay Now.’
What will happen if I don't do my old bike insurance renewal on time?
If you don’t do old bike insurance renewal on time your policy will expire, and you will no longer be protected financially in unfortunate situations. Moreover, driving with an expired insurance policy is also illegal in India.
Which is the most suitable two-wheeler insurance for old bike?
A Comprehensive Bike Insurance Policy is best if you want enhanced coverage as it covers you for both Third-party Liabilities and Own Damage components. However, if you do not ride your bike much or have budget constraints, you can go for a third-party policy.
Which bikes are cheaper to insure – old or new?
Old bike insurance is cheaper as compared to new bikes. This is because for older bikes since the market value has decreased over time, their Insured Declared Value (IDV) is also lower than new bikes. Thus, the premium of old bike insurance policies is also low.