Motorbike insurance for Bikes over 10 years old
Wondering what kind of insurance best fit for your over 10 years motorbike? Read and understand why insurance is a must-have for your motorbike.
Insurance for Motorbikes That Are Over 10 Years Old
You may believe that buying insurance for an older motorbike is less costly, but this is not always the case: there are no discounts simply for driving an older vehicle.
When deciding the best way to insure older vehicles, think of it the same way you would when choosing a regular insurance policy, taking into account your own needs as well as the laws in your state.
Key Points
- If you have comprehensive or collision coverage on an older vehicle, the premiums could be lower than if you had those same coverages on a newer motorbike with a higher value.
- Before you buy an old motorbike insurance policy, there are a few things you can look for such as the coverage available, insured declared value, and policy conditions.
- Regardless of the age of your motorbike, insurance is required on all vehicles.
Does Over 10 Years Motorbikes Cost More to Insure?
If you have comprehensive or collision coverage on an older vehicle, the premiums could be lower than if you had those same coverages on a newer motorbike with a higher value. This is because an older motorbike will have less coverage (lower “coverage limits”). Older vehicles have a lower resale value because their value depreciates over time.
And if you don’t have comprehensive or collision coverage, you’ll need to pay for other compulsory coverages on your older vehicle, such as liability. In addition, the type of motorbike you drive, your driving record, where you keep the motorbike, and other variables influence the insurance premium. As a result, the average premium you’ll pay for older auto insurance is special to you.
What to Consider When Purchasing Insurance for Motorbikes That are Over 10 Years Old
Before you buy an old motorbike insurance policy, there are a few things you can look for. The following are some of the considerations that will help you decide.
1. Coverage available – The market is flooded with insurance providers. You should first decide which cover you want and then evaluate it. With the online facility, obtaining insurance has never been easier. It’s easy to compare prices and deals.
2. Insured Declared Value – For the current policy year, you should always know what your motorbikes insured declared value is. Also, be mindful of the insurance premium you would pay.
3. Policy conditions – If you’ve chosen an insurance agent, make sure to read the policy conditions. There may be a clause elsewhere, such as deductibles, that you will find later.
Now that insurance is so readily available, we don’t have anything to worry about.
The Best Types of Insurance for Motorbikes That Are Over 10 Years Old
Owners of motorbikes over 10 years can select Type 3 motorbike insurance when upgrading their compulsory motorbike insurance with voluntary insurance.
For the insurance company, every detail is important. It means that when determining whether or not to insure a motorbike, the insurance company will consider its condition. If the motorbike does not meet the insurance provider’s standard requirements, it would be impossible to insure it. Certain insurance providers may allow motorbikes for over 10 years but you must fully understand the insurance policy before actually purchasing any insurance.
Providing insurance fot your motorbike regardless of its age is important.
Advantages of Insurance For Motorbike That are Over 10 Years Old
Motorbike insurance has benefits to offers where it covers liability in the event of an accident. Here are some of the advantages why over 10 years of a motorbike must have insurance.
1. Without the need of providing any proof, the policyholder will have protection for basic damages such as being compensated of 30,000 baht for medical expenses and 35,000 baht for death, dismemberment, or in cases where an im[alnt treatment is required
2. In the case of being not at fault, indemnity protection will be provided such as the following.
- accident victims will be paid up to 500,000 baht per person for death and permanent disability
- medical expenses in which will pay based on the medical costs. A maximum of 80,000 baht can be reimbursed per person
- loss of two body parts or more will be compensated 500,000 baht per person
- loss of one organ or in the case of an artificial skull will be compensated 250,000 baht per person
- loss of one finger will be compensated up to 200,000 baht per person.
Consequences of Not Having Insurance For a Motorbike That is Over 10 Years Old
Some claim that the Royal Thai Army Act isn’t mandatory if the motorbike is over 10 years. However, regardless of the age of your motorbike, insurance is required on all vehicles. The Royal Thai Police Act has the following laws.
1. No monetary compensation If a serious accident occurs, resulting in death or disability, There will be no payout. Both the victims and their families will be in trouble.
2. You are responsible for the cost of the accident. If you have at least voluntary insurance you can somehow be assisted with medical bills because the Act does not cover motorbike repairs.
3. You would be fined if there was no Motorbike Act, as it is a requirement for all vehicles, regardless of age. It is required to pay a fine of not more than 10,000 baht.