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Factors Affecting Motorcycle Insurance in India

Factors Affecting Motorcycle Insurance in India
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Factors Affecting Motorcycle Insurance

Purchasing a bike is now a necessity to commute on busy streets. Riding a motorcycle spells freedom and the convenience to move around makes it a popular choice. At the same time riding a two-wheeler involves huge risk as against a car. Therefore, it is essential to shield your vehicle with a two-wheeler insurance to avoid financial burden during unpredictable situations.

While comparing insurance quotes online, you will notice several factors that affect the premium of two-wheeler insurance. Understanding these factors will enhance your insurance evaluation and make the buying process easy.

Below are a few crucial factors that affect the price of two-wheeler insurance.

Type of Coverage

In India, it is mandatory to have a third-party cover. A third-party insurance covers all the expense caused to the third party involved in the accident. On the other hand, a comprehensive plan provides complete protection for your bike and you against natural and man-made mishaps. You will have to pay a third-party premium and own-damage (OD) premium under a comprehensive cover.

Individual Riding Experience and Other Aspects

Age of the driver, riding experience, location, riding record, number of miles driven are the key factors that insurance companies consider before providing an insurance. For instance, if a rider has over one-year riding experience or has undergone riding training and has a clean record he may have to pay a lower premium as compared to amateur riders.

The Condition of The Bike

Insurance companies consider the age of the vehicle, type of bike and cube capacity (CC) of the engine before deciding on the premium rates . If you own a sports bike or a two-wheeler with a high CC you will have to pay a higher premium. Insurance premiums are also affected by factors like age, manufacturing company, model, manufacturing year, fuel type, place of registration, modifications done to the bike, current market value price, accessories, and the number of miles covered.

Higher Premium for Add-On Covers

If you add zero depreciation cost, medical cover, cashless hospitalization service, personal accident cover then you will pay a higher premium cost. Select only essential add-on covers.

Compare various two-wheeler insurance online first and then choose a policy that suits your requirements. Additionally, before selecting a two-wheeler insurance, check with the insurer for the conditions that affect the premium price.

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