If you are planning to purchase a proficient bike insurance policy and are confused about the cost of the same, here is a brief guide for you that explains the cost of a bike insurance policy in India. Read to know more!
Cost of Bike Insurance Policy in India
If you own a two-wheeler in India, you may know bike insurance policies. Riding a bike without a bike insurance policy is illegal in India. The Motor vehicle act mandates every vehicle owner to have proper third-party insurance. However, the price of a bike insurance policy varies on you. Various platforms offer bike insurance policies at different prices.
In addition, the lump sum price of a bike insurance policy is very similar. Also, the price of a bike insurance policy is proportional to the benefits you select and the amount you pay in exchange. Furthermore, a wide range of factors affect the bike insurance policy price in India.
Factors Affecting Cost of Bike Insurance Policy in India
It is noted that there are factors that affect the bike insurance policy. Do you which are these factors? Let's find out.
One of the primary factors to affect your bike insurance policy price is its type. For instance, if your bike is standard, then the bike insurance policy will be at a low cost. But if you own a sports bike, then the price of a bike insurance policy will be higher. In addition, other various factors which affect bike insurance policy price are engine capacity, age, bike condition, & insured declared value.
If your bike has a big engine that generates more power, then the premium price will be higher than comparatively low-engine bikes. Furthermore, the Insured declared value is the bike market price and the amount you will get against your bike insurance policy. For this, the insurer decides on an IDV based on your bike history, riding history, claim settlement, engine capacity, & manufacturing year. Moreover, an average bike insurance policy in India cost around 1000 to 5000 rupees, and the least premium can be around 500 rupees.
Read more - Online bike insurance makes it simple to renew policies