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5 Factors That Influence Bike Insurance for Second-Hand Bikes

Glen Leevi by Glen Leevi
February 2, 2021
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5 Factors That Influence Bike Insurance for Second-Hand Bikes
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A second-hand bike is as precious to its owners as any new bike. The thrill of riding a bike remains there regardless of whether the bike you have purchased is new or old. To ensure its safety, purchasing a bike insurance policy is essential. A well-designed bike insurance policy can provide protection to the bike against several unforeseen risks and dangers.

Now, the premium and other features of your insurance policy are dependent on several factors. Some of these factors become more prominent when the bike is a second-hand one. Let’s take a look at 5 of these factors in this article.

  1. Age of the bike 

The age of the bike determines its depreciation value. Depreciation refers to the gradual decrease in the value of your bike due to regular wear and tear. The older the bike, the higher is the depreciation. When you are purchasing a bike insurance policy, provide accurate information to the insurer regarding the age of the vehicle. When you raise a claim with your insurer, the payment for the claim will be made taking into consideration the depreciation value.

  1. IDV 

The IDV refers to the amount that you are eligible to receive from your insurer in case of the total loss of your bike. The IDV is essentially the current market value of the bike, as per the manufacturer’s estimate. If the bike is old, the IDV is going to be considerably lower. That means lesser compensation in case of a total loss of your bike. Insurers usually conduct an evaluation of the bike when the bike insurance is being purchased. You can negotiate with your insurer and make sure that the IDV being given is correct and accessible for you.

  1. The history of the bike

There is a probability that the previous owner of the second-hand bike may have made alterations to the bike. Or, it may have gone through an accident and been repaired heavily. Such things imply that the bike has undergone a lot of modifications. This would influence the premium of your bike insurance policy as it implies that the bike is more vulnerable to repair in the future. Insurers assess all these aspects before deciding on the terms of the bike insurance policy.

  1. Type of coverage you choose 

Since your bike is a second-hand one, it may benefit greatly from certain types of add-ons. Besides the usual coverage of a bike insurance policy, you may consider opting for a zero-depreciation add-on to cut down on the depreciation deductions. Or, you may opt for an engine protection add-on since the engine may be old. The premium and cost of your insurance policy would be affected by number of add-ons accordingly.

Note: If you are looking for basic coverage where the costs could be lower, then you can go for third-party bike insurance which covers third-party liabilities only.

  1. Type of bike

A lot of people purchase superbikes or sports bikes on a second-hand basis as new models of these powerful bikes can be quite expensive. These high-end bikes may see you incur higher premiums since they possess a greater risk of getting damaged. The engine capacity of your bike affects the cost of your bike insurance policy too.

Do bear in mind that the features and coverage of bike insurance policies for second-hand bikes can differ from insurer to insurer.

Have a safe ride!

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