You mandatorily need insurance to drive a vehicle or ride a motorbike on Indian roads. However, apart from meeting the legal obligation you need it for the protection of your vehicles as well. You should evaluate your insurance needs and choose the right coverage based on your needs. Selecting third-party liability insurance will provide you with the most affordable insurance plan. However, there will be no compensation for personal damage under the insurance coverage, only for third-party losses. Therefore, comprehensive insurance will provide the most significant protection. The insurance will cover all potential dangers on the road, including accidents, injuries, and fatalities. So, if you are planning to purchase a bike you must search for two-wheeler insurance online and compare the available plans to choose the one that best fits your requirements.
In this article, you will learn about the cost of your two-wheeler insurance online based on your chosen plan.
What is two wheeler insurance?
A two-wheeler or a bike insurance is a contract between the bike owner and the insurance provider where the insurer provides financial coverage for the repair and replacement of the bike, in return of a premium payment. This financial protection covers losses caused by unforeseeable occurrences that harm your bike or another person.
There are primarily three types of insurance plans available in India: standalone, third-party and comprehensive bike insurance. In addition to the standard coverage offered by different plans, you may add on extras for a nominal additional fee. Two-wheeler insurance may be purchased from any authorised insurance company. However, getting long-term two-wheeler insurance is suggested to avoid renewals lapsing.
Why is insurance for your two wheeler necessary?
Listed below are some reasons that highlights the need for a two wheeler insurance-
- All bike owners are required to get insurance, according to the law. You will be held in breach of the law and subject to fines and penalties if you don’t follow this rule.
- With a long-term two-wheeler insurance you can be free from the stress and hassles of annual renewal of the policy. Also, you may save money on various charges by getting long term two wheeler insurance. In addition, you won’t need to read the yearly notices on the insurance renewal.
- If you caused the accident, you are legally obligated to cover the loss a third party suffered. However, paying for any costs associated with property damage, mishaps, or deaths will be easier if you have bike insurance.
- Unexpected supplemental costs are not a concern for you in the event of an accident. For example, your bike insurance will cover the cost of repairs to put your two-wheeler back in working order.
- Complete bike insurance might provide you peace of mind since it guards against bike theft or loss due to fire.
- A common misunderstanding among bike owners is that you cannot claim that a natural disaster destroys your bike. The situation is different, however.
How much does bike insurance cost?
Numerous variables determine how much of a premium you must pay for two-wheeler insurance online.
- Age of bike: The year of manufacture will tell you how old your bike is. It should be noted that age affects the cost of bike insurance. So, compared to insuring a new bike, you pay less for an older bike.
- IDV: An essential element in calculating bike insurance cost is IDV or Insured Declared Value. In the event of a significant claim, IDV will be the highest limit your insurance will cover.
- Engine cubic capacity: It affects the bike’s power output. The performance of an engine increases with its ability. The cost of insurance will likewise go up as a result.
- Bike insurance policies come in various forms, but long-term third-party liability coverage is required by law for all new bikes. A five-year third-party + one-year own-damage plan is included in this.
- Necessary accident add-on: In addition to the chosen kind of two-wheeler insurance online plan, each bike owner is required to acquire the mandatory personal accident add-on. The cost of your policy’s premium will go up with this addition.
Two wheeler insurance premium
Below is a table that will help you understand how bike insurance rates are determined depending on factors. It lists the top two-wheelers currently available on the market and their typical insurance rates. However, you must remember that other factors influence a bike’s insurance premium price, including mileage, maintenance, and other factors. The table below lists several motorcycles along with their associated insurance costs:
|Type||Power of engine||Price||Premium (avg.)|
|Honda Activa||110cc||INR 65,000/||Between INR 1350 to INR 1750|
|Bajaj Avenger||220cc||INR 1,00,000/||Between INR 1800 to INR 2000|
|Hero Honda Splendor||125cc||INR 70,000/||Between INR 1300 to INR 1800|
|TVS Apache RTR||180cc||INR 90,000/||Between INR 1750 to INR 2300|
|Yamaha Fazer||149cc||INR. 1,70,000/||Between INR 1550 to INR 2200|
If you understand how two wheeler insurance online policies operate, purchasing one is simple. The most crucial factor is getting enough coverage for the price you pay. The bike insurance provider enters the scene at this point. When filing claims, you will benefit greatly from purchasing a solid insurance plan from a reputable insurer. Choose a policy depending on your needs. For instance, get a comprehensive policy if you want a financial safety net against bike damage. Choose the right add-ons to improve the insurance plan. And avoid purchasing unnecessary coverage that will result in higher costs.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.