How Much Does Bike Insurance Cost?

  • Author :
  • TATA AIG Team
  • Published on :
  • 21/12/2022

Bikes can be your preferred mode of transportation for ease of navigation through the busy roads of the country. But like any other mode of transportation, bikes are also prone to risks. Therefore, getting a bike insurance plan while you purchase a bike is essential. This will ensure that you are financially secure even if you have an accident on the road.

The main types of bike insurance plans are a comprehensive bike insurance plan and third-party insurance for the bike. Third-party insurance for the bike covers the damages or injuries caused to a third-party vehicle or person by the insured vehicle. A comprehensive bike insurance plan includes coverage for own damages as well as for damages or injuries caused to a third party. Third-party bike insurance is compulsory for driving your vehicle on Indian roads.

With Tata AIG, you can purchase bike insurance online through an efficient and hassle-free process. The process takes only a few minutes. If you want to avoid the hassle of understanding the bike insurance renewal cost and renewing your bike insurance plan yearly, you can choose a long-term two-wheeler insurance plan. With this plan, your bike can be insured for 2 to 3 years.

The bike insurance cost depends upon several features. This article will discuss the bike insurance price details and how to lower the two-wheeler insurance cost.

Factors that Affect Bike Insurance Cost

Here are the features that affect the bike insurance price:

  • Deductibles

If you decide on a higher deductible, the premium of your bike insurance plan will be lower. If the replacement or repair costs of the bike parts are higher, then opting for a higher deductible means that you will have to pay more money from your own pockets if an accident takes place. Thus, deciding on the deductible to ascertain the bike insurance cost is an important decision.

  • Safety devices

Gadgets for the safety of the vehicle should be installed so that your bike is always secure. Some of these safety features include anti-theft locks, etc. When you install a safety device on the bike, the exposure of risk to the bike will also be reduced. Thus, the insurance company might charge you a lower two-wheeler insurance amount.

  • Model and make of the bike

The two-wheeler insurance cost also depends on the make and model of the bike. For example, there might be higher premiums for sports bikes. Also, the engine capacity of these bikes is higher. Moreover, the spare parts of any luxury bike cost more. Inversely, the bike insurance cost of affordable bikes will be on the lower side.

  • Additional riders

If you opt for additional riders, like zero depreciation riders with your bike insurance plan, the bike insurance cost will increase. While purchasing a bike insurance plan, you should opt for riders you think are necessary. You should purchase riders that suit your driving and geographical needs.

  • Coverage

The two-wheeler insurance cost of third-party bike insurance is lower than a comprehensive bike insurance plan. But, the coverage provided by a third-insurance plan is limited to the damages/injuries to a third-party vehicle/person. With a comprehensive plan, you can get coverage for damages to your vehicle and also to a third party. Also, riders can be included with a comprehensive bike insurance plan.

How to Reduce Bike Insurance Prices?

Below are some tips that you can use to reduce bike insurance costs:

  • Get a smaller bike

If the engine capacity of the bike is lower, the premium of the insurance plan will also be lower. Also, the costs of getting the bike repaired will be lower as the spare parts would come at affordable prices.

  • Avoid unnecessary riders

It is essential to understand the riders that are essential for you. Avoid buying riders that you think are not important. With every bike insurance rider, the two-wheeler insurance amount also increases. So, choose the right riders with your bike insurance plan.

  • Avoid buying modified bikes

Buying modified versions of a bike can prove to be expensive. The prices of the spare parts will also cost more. Moreover, due to attractive looks, the risk of getting stolen increases. Thus, two-wheeler insurance costs also increase.

  • No claim bonus

If you do not make claims during the previous year, the insurance company will offer discounts on the bike insurance renewal costs. This is known as the no-claim bonus, which reduces bike insurance prices.

  • Anti-theft gadgets

If you take measures like anti-theft locks to safeguard your bike, you have to pay lower bike insurance prices.

  • Purchase a long-term two-wheeler insurance plan

If you buy a 2 or 3 year bike insurance plan, the premium remains the same throughout the period of insurance. Hence, there will be no effect of any yearly increase in premium on the bike insurance costs.

Why is Bike Insurance Essential?

Here are the reasons for buying a bike insurance plan:

  • A third-party bike insurance plan is compulsory under the Indian Motor Vehicles Act.
  • A comprehensive bike insurance plan provides coverage for natural disasters like floods, cyclones, etc.
  • A comprehensive bike insurance plan provides coverage for manmade disasters like theft, ear, etc.
  • Bike insurance covers risks associated with driving on the roads, which provides the riders with peace of mind.

Conclusion

A bike insurance plan is the best way to stay financially protected from risks on the road. It ensures that you have a financial backup in case of an accident. You can choose the riders as per your requirements. Choose a policy after carefully considering your needs, geographical location, price of the bike, engine capacity, etc.

You can make use of the bike insurance calculator available on the Tata AIG website to understand the bike insurance cost and the bike insurance renewal cost. Ensure that you renew your bike insurance on time so that you do not lose out on the no-claim bonus that you have accumulated. Drive safely and follow all the rules while you are on the road.

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