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Factors Affecting Bike Insurance Premium

Published On Sep 29, 2022 10:00 AM By InsuranceDekho

Factors Affecting Bike Insurance Premium

In addition to being mandated by law, purchasing two-wheeler insurance provides a wide range of advantages. The most important of them is offering protection in the event that your priceless two-wheeler is involved in an accident or other unfavourable incidence. Depending on the type of coverage you select, additional benefits may include protection against natural disasters as well as crimes like robbery and vandalism.

Most of us compare two-wheeler insurance packages with an eye on the premium cost. Even the most seasoned budgeter gets heartburn when they see that number increase with each new renewal. To know more about the factors that affect bike insurance premiums, read on.

Factors Affecting Bike Insurance Premium

What Are The Factors That Affect Bike Insurance Premiums?

Following are the factors that affect bike insurance premiums -

  1. Type & Capacity - The cost of insurance differs for each model of bike, just as the price of each car varies based on the features and quality it delivers. The key factor used to calculate how much a bike insurance coverage would cost is the engine's cubic capacity. Greater cubic capacity two-wheelers will have higher insurance costs.
  2. Vehicle Value - The brand and features that the bike offers are often what determine the worth of the bike. For example - Ducati is more expensive to insure than a Honda Activa since they are more expensive to buy outright. A typical bike insurance premium is between two and three percent of the bike's market value.
  3. Modifications - Your bike's performance or appearance may be enhanced by modifications, and it surely looks awesome! However, if any of the changed parts are broken, it might result in a significant financial loss. It is suggested that you individually insure the changed parts to prevent this. However, the cost of the insurance coverage will go up as more modifications are included. The cost of the insurance coverage will increase as the changes increase.
  4. Rider Details - The premium amount is also influenced by the rider's age, riding background, and gender. A male candidate with five or more years of riding experience will pay a lesser rate than a male applicant with only one year of experience since insurers favour stability and security.
  5. Riding Ability - A significant factor in this is the bike rider's knowledge and abilities. Accident probabilities rise when a bike rider is not sufficiently cautious. The insured bicycle sustains damage in accidents. One could feel the need to file a claim against an insurance coverage in the event of significant damages. A history of frequent claims raises the price of insurance coverage.
  6. Add-Ons - When purchasing a comprehensive bike insurance policy, add-ons are further coverages that are available. However, they must be purchased based on individual needs. Making an ill-informed judgement while purchasing add-ons might increase the price of a bike insurance coverage.
  7. Renewal Gap - If anything unexpected happens, not renewing your bike insurance in a timely manner might cost you money. Make sure you set a reminder to finish the bike insurance renewal procedure. A grace period of 30 days is often offered by your insurer for you to renew your insurance. You will have to purchase a brand-new insurance coverage if you continue to skip the renewal. Due to the possibility that you may no longer qualify for a No Claim Bonus, the premium of this new policy may be higher.


If you are aware of the aforementioned factors, you can easily determine the proper premium for your bike. All that's left to do is compare a number of insurance quotations and choose the one that best suits your requirements. It will provide you with affordable insurance coverage, which will aid in keeping your bike secure.

Also read: When Should You Buy Bike Insurance?

Bike Insurance Plans For First Time Riders


This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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