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The cost of a bike insurance policy is known as premium. The Insurance Regulatory and Development Authority (IRDAI) has fixed the premium for third party plans which vary depending upon the engine capacity of the bike. The premium amount for comprehensive bike insurance plans and for standalone own-damage bike insurance plans depend on a number of factors such as the coverage of the plan, make, model and variant, fuel type of the bike, RTO location etc.

Third Party Bike Insurance vs Comprehensive Bike Insurance

Points Of Difference

Third Party Bike Insurance

Comprehensive Bike Insurance

Nature of Requirement

It is mandatory as per Indian Motor Tariff for all bike owners in India.

It is not a mandatory but recommended plan for bike owners.

Coverage Extent

It covers only third party liabilities caused by the insured’s bike.

It covers third party liabilities as well as own-damages incurred by the insured’s bike.

Confused for Policy Type?

  • Comprehensive Car Insurance
    It is not a mandatory but recommended plan for car owners
  • Third Party Car Insurance
    It is mandatory as per Indian Motor Tariff for all car owners in India

Bike Insurance Premium FAQs

  • What does a bike insurance premium mean?

    The bike insurance premium refers to the cost of the insurance plan purchased for a bike.

  • Is the premium for comprehensive bike insurance the same for all bikes?

    No, the premium for comprehensive bike insurance is not the same for all bikes. The premium for a comprehensive plan varies on the basis of the MMV (make, model and variant) of the bike, its engine capacity, its age, the add-ons opted among other factors.

  • How can I lower the insurance premium for my bike?

    You can lower the insurance premium for your bike by following the below-mentioned tips:

    • Always compare available insurance plans and then choose the one which best suits your requirements and budget.
    • Avoid making claims for small expenses. This helps you keep your No Claim Bonus (NCB) discount intact. The NCB ranges from 20%-50% depending on the number of claim-free years.
    • Always remember to transfer your NCB at the time of policy renewal.
  • How does the age of the bike affect the bike insurance premium?

    The Insured Declared Value (IDV) offered by an insurance company for an old or aged bike is relatively less than that of a new bike. Age of a bike affects the IDV because of the depreciation (wear and tear )suffered by it over time. Thus, the premium amount for aged bikes is lower than that of brand new bikes.

  • What is the premium for bike insurance add-ons?

    The premium for each bike insurance is different. Each bike insurance add-on such as a zero depreciation cover, engine cover, tyre cover, etc comes with a separate premium and helps you extend the coverage of your insurance plan. Bike insurance add-ons are available with standalone own-damage and comprehensive bike insurance plans.

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