How Much Bike Insurance Policy Costs
If you are wondering about how much bike insurance costs. We have compiled the tips to know the cost of a two-wheeler insurance policy.
A bike insurance policy is an agreement between an insurance company and an individual wherein the insurer offers financial protection against damages incurred by the two-wheeler in case of any mishap. On the basis of coverage, there are three types of bike insurance policies in India, viz., third party bike insurance policy, standalone own-damage bike insurance policy, and comprehensive bike insurance policy.
Third Party Bike Insurance Policy
Third party bike insurance policy offers the basic cover and is mandatory to own to be able to ride a bike in India. The policy protects the bike against third-party bodily injuries as well as damages caused to their vehicle. It is the most affordable policy.
Standalone Own-Damage Bike Insurance Policy
Standalone own-damage bike insurance policy is not mandatory by law but can be more beneficial for you. The policy covers your own bike against damages and losses.
Comprehensive Bike Insurance Policy
A comprehensive bike insurance policy covers the damage caused to the third party as well as the damages caused to own bike. Own damage incidents may include burglary, theft, riots, natural calamities, terrorist activity, damage caused during travel, etc. The policy gives the best coverage but is also comparatively expensive. With a comprehensive bike insurance policy, you can also buy add-on covers. Some common add-ons in bike insurance are roadside assistance cover, zero depreciation cover, and cover for loss/theft of keys.
Different bike insurance policies come with different premiums. Premiums for third party bike insurance policies are fixed but the premiums of standalone own-damage bike insurance policies as well as comprehensive bike insurance policies vary on the basis of several factors.
To know how much does a third-party bike insurance policy cost in India, go through the table below:
Premium to Buy a New Policy (5-Year Plan)
Premium to Renew Existing Policy (1-Year Plan)
Not exceeding 75 cc
Exceeding 75 cc but not exceeding 150 cc
Exceeding 150 cc but not exceeding 350 cc
Exceeding 350 cc
(Source: Insurance Regulatory and Development Authority of India)
Factors Affecting Bike Insurance Premiums
Premiums for standalone bike insurance policies as well as comprehensive bike insurance policies vary depending on several factors given below:
Make and Model of the Bike: Premiums for high profile bike sra emore and vice versa.
- Age of the Insured: Young riders are generally charged comparatively more bike insurance premiums than riders who are old.
- Vehicle Condition: The age, cubic capacity of your bike determines your bike insurance premium. Premiums of luxury bikes are high and vice versa.
- No Claim Bonus: Making no claim during a policy year helps you gain No Claim Bonus which reduces your bike insurance premium.
- Anti-Theft Discount: By installing ARAI approved anti-theft devices in your bike, you can avail discount on premiums.
- Zero Depreciation Cover: This cover increases the bike insurance premium.
While it is most affordable as well as a legal obligation to buy a third-party bike insurance policy in India, opting for a comprehensive bike insurance policy is also not a bad idea. In fact, it is more beneficial than any bike insurance policy.
To gain more clarity on bike insurance premiums, you can also use InsuranceDekho’s bike insurance premium calculator online. Bike insurance premium calculator is an online tool that not only tells about the premium you are required to pay for a bike insurance policy, but also helps you to compare and analyse different bike insurance policies in order to select the most suitable one of them.
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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.