6 Factors That Affect Two-Wheeler Insurance Premiums

Top Factors Affecting Bike Insurance Policy Cost

  • The Model of The Two-Wheeler

The cost of insurance differs for each type of bike, just as the price of each car varies depending on the features and quality it offers. The engine’s cubic capacity is the main factor in calculating how much a bike insurance policy will cost. Higher cubic capacity two-wheelers will have higher insurance costs.

The Value of The Vehicle

The brand and features a bike offers are typically what determine its price. The cost of insurance for a Ducati is higher than that for a Honda Activa because a Ducati will cost more. A bike insurance policy typically costs 2% to 3% of the bike’s market value.

  • Modification

Modifications may enhance your bike’s performance or appearance, and it looks fabulous! However, if any modified parts are damaged, it could result in a significant financial loss. It is suggested that you separately insure the modified parts to prevent this. However, the insurance policy’s cost will increase as more modifications are added. The cost of the insurance policy will increase as the modifications increase.

  • Anti-Theft Devices

If a bike is stolen, an insurer will look to see if you took all necessary precautions to stop the theft. Your claim will be paid after the insurer ensures you didn’t park in high-risk areas or leave keys in the ignition. Install a bike anti-theft device to prevent theft of your bike. This may result in lower insurance costs. ##

  • Add-Ons

When purchasing a comprehensive Bajaj Allianz motor bike insurance policy, add-ons are available as supplemental coverages. However, these must be purchased based on individual needs. Making an ill-informed decision when purchasing Add-ons could increase the price of a bike insurance policy.

  • Concessions

Most of us must be aware of the available insurance policy concessions. A No Claim Bonus/Concession is one of these concessions. You earn a No Claim Bonus (NCB) by not filing a claim in the previous year of your bike insurance policy. Under NCB, one can receive a bike insurance premium concession of up to 50%. *

How Can the Premium Cost Be Modified?

Making a note of       the above elements      and entering them into a bike insurance calculator is the ideal way to estimate the price of an insurance policy. If used for various procedures, the online calculator will show you a bike insurance price list and assist you with estimating the approximate cost of the policy. To finalise the procedure, refer to this price list for bike insurance.

Several factors significantly impact two-wheeler insurance premiums. Factors influencing insurance costs comprise vehicle age, model, coverage type, IDV, location, policyholder’s age, experience, and claims record. Individuals need to consider these factors when purchasing two-wheeler insurance to make informed decisions and obtain suitable coverage at an affordable premium.

Make sure you follow the Bajaj Allianz 2-wheeler insurance renewal process on time.

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* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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