5 Ways In Which Your Bike Will Impact Its Insurance Cover

As per the Motor Vehicles Act, it is mandatory for all bike owners to buy at least a third-party bike insurance policy. However, when getting a bike insurance cover, several factors can impact the policy premium amount. Read ahead to find the possible factors that can impact your bike insurance cover.

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How to Choose a Right Bike Insurance Cover?

Riding a new bike is exciting, however, you have to buy an insurance policy to complete the registration of your bike. The right insurance cover offers you adequate financial protection by keeping your precious possession safe from any unforeseen accidents.

5 Factors That Will Affect Your Bike Insurance Cover

To make an informed decision, you need to understand the basics behind how your bike insurance premium is decided.

Here are the 5 factors that will impact your bike insurance premium-

  1. Bike’s Manufacturer

    The brand plays an indispensable role in deciding the insurance amount. Many diehard bike lovers have always dreamt of buying bikes from Harley Davidson, BMW, Indian Springfield, etc. The enticing features of these brands attract the customers and hence, lead to an increase in the worth of a bike. A rise in the worth of bikes is directly related to the value of insurance.

    Whereas, fuel-efficient city bikes like Splendor, TVS, Bajaj, etc., will cost relatively low and their insurance too. Therefore, the manufacturing brand has an enormous impact on the bike insurance premium.

  2. Bike Model

    Can your bike model impact the bike insurance premium? Well, yes, several aspects impact your bike insurance cover, and one of them is the bike model.

    As the manufacturing brand of the bike is extremely important in deciding the bike insurance premium, similarly, the model that you opt for has a significant role in deciding the cost of insurance. Even the identical models’ insurance premium differs from each other.

    For instance, TVS Apache RR and TVS Apache RTR are manufactured by TVS Motors, but both are categorised into different price range brackets. Therefore, the premium you will pay to protect them will vary because of the worth of the bike.

  3. Engine Capacity

    Another deciding factor can be the engine capacity of the bike. An engine is the heart of any vehicle as it supplies power to all other parts. Therefore, it is important to take care of it and keep it healthy.

    When you search for online bike insurance cover at Policybazaar.com, you will see the difference in the premium prices with the changing engine capacity. The IRDAI has determined the insurance coverage amount based on the engine capacities of the bike. Therefore, the engine’s cc (cubic capacity) is another key factor to decide the premium amount.

  4. Age of the Bike

    Your bike ages with the time. The aging of a bike refers to the depreciation in the bike’s value because of the regular wear & tear. With time, the bike’s value depreciates causing an effect on your bike insurance policy.

  5. Insured Declared Value (IDV)

    The Insured Declared Value (IDV) of a bike refers to its current market value. It is one of the biggest factors that decide the coverage that you can avail at the time of claim. Higher the IDV means the higher the cost of your bike insurance premium.

    However, a lower IDV will decrease your claim amount in case of a total loss situation. Total loss refers to a situation when your bike is damaged beyond the repair and your insurer will pay you the pre-determined IDV in the form of compensation. Therefore, it is suggested to set the right IDV to get the right compensation amount.

Buy Bike Insurance Cover Online

You can buy a bike insurance cover online from the official website of Policybazaar Insurance Brokers Private Limited to enquire about different policies and compare multiple plans in one place.

You can search, compare, and shop for the best insurance policy for bikes on the internet. Several two-wheeler insurance companies are offering both third-party and comprehensive bike insurance plans online.

All types of policies have certain features, benefits, inclusions, exclusions, services, etc. While renewing a bike insurance policy online, you can save some percentage of the amount on the premium.

Final Words

Having the right bike insurance cover at a pocket-friendly premium is a catch. However, if you have adequate insurance cover you can save a lot of money that goes into repairing. So, before you buy a policy, make sure that you go through the policy features, benefits, and its terms & conditions.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis