How Modifications Affect Your Two Wheeler Insurance Premium?
Published On Feb 11, 2022, Updated On Feb 12, 2022
Read this article to learn how adding extras or technical equipment to your bike might affect your bike insurance rate.
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Differences in taste have always existed as a result of people's differences. Some people want to keep their bicycles basic, while others like to jazz them up with a few tweaks. Bike modification has become a popular pastime that has grown in lockstep with technological progress. Insurance companies have made it a point to keep up with the ever-changing automotive sector. Insurance is a need as well as a desire that assists in the battle against any financial obligation.
Modifications and the Cost of Two-Wheeler Insurance
Some bikers are serious about not altering their two-wheelers in any way. On the other hand, some bike aficionados like tinkering with and customizing their motorcycles. Modifying your bike may be freeing and joyful. Bikers like expressing themselves via their motorbikes, and one way to do so is by customizing their two-wheeler. Bike modifications may be divided into three categories. Each of these factors has had a distinct effect on the cost of bike insurance. Continue reading to find out how such changes affect the premium.
Modifications to Security
The finest form of modification you can make to your bike is a security modification. These changes entail installing security systems in your bike, such as locks and alarms, that have been certified by the Automotive Research Association of India (ARAI). Anti-theft or security devices are the terms used to describe these gadgets. They safeguard your bike from theft and lessen the risks of it being damaged. They also automatically classify your bike as low-risk, lowering the insurer's responsibility. As a result, if you have ARAI-approved security systems installed in your bike, you should expect to pay a lower bike insurance rate.
Modifications to the Aesthetics
Aesthetic changes improve the appearance of your bike and give it a unique look. You may change the color of your bike, replace the seat cover, add fiber pieces to bulk up the bike and give it a sporty aspect, or adjust the headlights to make it stand out from the crowd. However, the nicer the appearance of your bike, the more appealing it would appear to thieves, drawing them in. Aesthetic changes also boost the market worth of your bike. As a result, making aesthetic changes to your bike will increase the cost of your insurance coverage.
Modifications to Performance
Performance upgrades improve the speed and control of your bike by making it better, stronger, and more powerful than before. Getting speed-enhancing mechanisms or fuel-efficient systems placed in your bike is generally one of these adjustments. In most cases, insurance companies view such bike modifications as 'risky,' because greater speed increases the chances of being involved in an accident. As a result, they demand a higher price for bike insurance in such circumstances.
Consider the influence of every bike modification on your bike insurance rate the next time you give it a thumbs up. There is, however, no hard and fast rule or percentage that determines how bike changes affect your bike insurance coverage. However, if you get a bike insurance policy, you must notify the customer service representatives about the bike changes you want to make and seek advice on them. Thanks to technical improvements, customizing your bike to your preferences has become a simple task. If you're going to alter your bike, make sure it's ARAI-approved and cost-effective. Making informed judgments regarding your bike's modifications and how they affect your bike insurance cost is a good idea.
Also read - Tips To Maintain Your Electric Two Wheeler
Disclaimer: 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.