Old Bike Insurance

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Manasvi Gupta

Written By:

Manasvi Gupta

Manasvi Gupta

Manasvi Gupta

Content Writer

Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.

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Manasvi Gupta

Manasvi Gupta

Content Writer

Storyteller at heart, Manasvi brings 4 years of content and marketing experience to Digit. Whether it's writing SEO-optimised articles or a researched and insightful blog, she strives to transform ideas into creating impactful and engaging content.

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Reviewed By:

Mayur Kacholiya

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Mayur Kacholiya

Product Head - Motor

Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.

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mayur-black-white-test

Mayur Kacholiya

Product Head - Motor

Mayur specializes in motor insurance and is responsible for overseeing the development and management of motor insurance products. With expertise in product strategy and market analysis, he focuses on developing customer-centric insurance solutions.

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.

Table of Contents

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What is Old Bike Insurance?

What is Old Bike Insurance?

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?

Why is It Important to Insure an Old Bike?

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.

Disclaimer: The total number of claims settled and amount paid in claims is for two-wheeler policies since inception till 31st December-2024. 96% claims settled for Overall Motor line of business of Digit. CSR Is calculated for FY 24-25. CSR Ratio is count of (Claims paid + Claims Closed) / (Claims O/S at Start + Claims Reported - Claims O/S at End). 9000+ cashless garage network count as of 31st March-2025.

Why Choose Old Two-Wheeler Insurance by Digit?

Your old two wheeler insurance not only comes with a super easy claim process, but also with the option to choose a cashless settlement.

Cashless Repairs

Cashless Repairs

9000+ Cashless Network Garages for you to choose from across India

Smartphone-Enabled Self Inspection

Smartphone-Enabled Self Inspection

Quick and paperless claims through Smartphone enabled processes that make you go "That's it?"

Super-fast Claims

Super-Fast Claims

We’ve settled 96% of all two-wheeler claims! Experience claims that make you go “that’s it?”

Customize your Vehicle IDV

Customize Your Vehicle IDV

With us, you can customize your vehicle IDV as per your choice!

24*7 Support

24*7 Support

24*7 call facility even on National Holidays

Complimentary Wellness Benefits

Get exclusive wellness benefits on the Digit App offered by top-rated health and wellness partners.

Digit’s Motor Insurance Claim Settlement Ratio is 96% for FY’25

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

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Key Features of Two-Wheeler Insurance by Digit

Key Features Digit Benefit
Premium Starting from ₹714
No Claim Bonus Up to 50% Discount
Customizable Add-Ons 8 Add-ons available
Cashless Repairs Available at 9000+ Garages
Claim Process Smartphone-enabled Claim process. Can be done online within 7 minutes!
Own Damage Cover Available
Damages to Third-Party Unlimited Liability for Personal Damages, Up to 7.5 Lakhs for Property/Vehicle Damages

How to Buy/Renew Old Bike Insurance online?

How to Buy/Renew Old Bike Insurance online?

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.

Buy/Renew Old Bike Insurance with Digit

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Enter Bike Details

On the Digit App or website, enter bike’s registration number and select the policy status.

Choose a Plan

Select the type of bike insurance plan and choose desired add-ons.

Enter Personal Details

Enter your personal, nominee and vehicle details, and move to the next step.

Make Payment

Complete the payment and mandatory KYC verification process.

That's It!

You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.

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Login

Login to Digit App or website and go to the ‘My Policy’ section.

Select Policy

Select the policy pending for renewal and click on ‘Renew Policy.’

Choose a Plan

Next, select the add-ons and tenure and confirm the details, and move to the next step.

Make Payment

Complete the payment and mandatory KYC verification process.

That's It!

You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.

How to Download Your Digit Two-Wheeler Insurance Policy Document?

After purchasing a two-wheeler insurance policy, it is essential to download and keep a copy for future reference. With us, you do not need to carry hard copies of your insurance policy. You can simply download it from our app. 🙂 Follow these simple steps to download your policy document from the Digit website or app:

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Login Your Account

Visit the Digit website or app and click on ‘Login’ at the top-right corner. Enter your registered mobile number and verify with OTP.

Visit ‘Active Policies’

Once logged in, navigate to the Active/My Policies section. Here, you can check the policy number, end date & start date.

Download the Policy

Done! You can save, share, print or email the policy for future reference anytime, anywhere.

How to File & Track a Two-Wheeler Insurance Claim with Digit?

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Login

Open the Digit App and go to the "File Motor Claim" option. Login and you'll be directed to the "File Motor Claim" page. Click on the policy card to start claim filing.

Provide Details

Fill in all the details related to the accident and damage to the bike.

Enter Personal Details

Update your personal details and that's it, your claim is successfully filed, and you will receive the next steps on your email & WhatsApp.

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Login

Open the Digit App and go to the ‘Check Motor Claim Status’ option. Here you can see the complete list of claims filed on your phone number.

Select Claim

Select the claim you want to check the status of. You can see the details of the claim, the current status, timeline, detailed summary, and repairer details too.

How is the Premium Calculated for an Old Bike Insurance?

How is the Premium Calculated for an Old Bike Insurance?

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

Things to Remember While Buying Old Bike Insurance

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.

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Depreciation Rate in Two-Wheeler Vehicles Based on Age

Age of the Vehicle Depreciation
1 year < age < 2 years 10%
2 years < age < 3 years 15%
3 years < age < 4 years 25%
4 years < age < 5 years 35%
5 years < age < 10 years 40%
10 years < age 50%

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