When you buy a two-wheeler, you spend all of your hard-earned money to make a long-held dream come true. After you make a big purchase, it’s up to you to move forward with the insurance process. Before you buy a bike insurance policy, you need to understand the details of how the costs are set up. So, look at the different things that affect how much the two-wheeler insurance policy costs.
What are the things that affect the price of two-wheeler insurance?
- a) Natural damage: All natural disasters, like cyclones, earthquakes, floods, and so on, can be covered for a two-wheeler vehicle.
- b) Man-made damage: A two-wheeler can be insured against things like theft, war, and acts of terrorism.
- c) Risk coverage: By getting a two-wheeler insurance policy, you can take advantage of a cover that gives you money when you need it.
- d) Necessity: The Motor Vehicle Act of 1988 says you must have insurance for your two-wheeler.
How much is the premium?
The premium is an important part of how an insurance policy works. But the rate of premium is based on a number of different things. Take a look at the things listed below that affect how much premiums cost. You can also use a two wheeler insurance premium calculator to find out the premium by entering a few details. These can be found on aggregator sites as well.
- a) Taxes to pay: The value of the premiums goes down as the amount of the deductible goes up. When you choose higher deductibles, the replacement cost goes up. **
- b) Make and model of the vehicle: The model of your two-wheeler is the main thing that affects the premium. For example, the cost of insurance is more for a sports bike. *
- c) Insurance: If you want to ride your two-wheeler on the road, you need to buy at least third-party insurance.
- d) No Claim Bonus: Do not file a claim if the vehicle only has small dents or scratches. But you are entitled to free NCBs every year if you don’t ask for them. *
How to lower the payment?
There are times when the bike insurance policy premium rate is higher than usual. There are many ways to lower the value of premiums. Check out the ways listed below to lower your insurance premiums:
- a) Additional covers: If you already have health insurance that covers you in case of an accident, you might not need any extra coverage. If you don’t want an extra rider, the premium rate goes down.
- b) Smaller and modified vehicle: If you don’t buy a modified vehicle, you won’t have to worry about theft or break-ins, and you won’t have to pay for things you don’t need.
- c) No claims: No request for claims can cause the costs to go down. For example, if you haven’t made a claim yet, you are eligible for NCB. *
Now that you know how much a two-wheeler insurance plan costs, you should buy one right away. Getting two-wheeler insurance online is another way to make sure you can find more economical policies. You can also compare different policies online with the help of a two-wheeler insurance premium calculator and ensure you do your bike insurance renewal.
And once you do have your insurance, don’t lose it. Ensure that you always pay your premium on time to make sure the cover, along with added benefits, is not lost. That way, your bike will always be safe, and so will you and your fellow rider. And once everyone is safe and covered, you can ride along the highways and explore all the wonders that the world offers.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions,
limitations, terms, and conditions, please read the sales brochure/policy wording carefully
before concluding a sale.