At times, two individuals owning the same bike tend to pay different s for their two wheeler insurance. Do you ever wonder why this happens? Well, the answer is simple.
Certain factors tend to affect the bike insurance s. In this article, we will be discussing the same. Following are the top six factors that determine the cost of your two wheeler insurance.
1. The make and model of your bike
Since the valuation of the bike is different based on the features it offers, the same is true when it comes to the bike insurance s. The cost of insuring each type of vehicle is different based on its features.
One of the features that tend to affect the bike insurance cost is the cubic capacity of the bike engine. A bike with high cubic capacity will have high s, while low cubic capacity bikes attract relatively low s.
2. The value of your bike
As mentioned earlier, the value of the bike is different based on the brand manufacturer and features it offers. For instance, the cost of Ducati bikes is more than Honda motorcycles. Thus, insuring a Ducati will cost more compared to a Honda bike. Generally, the cost of two wheeler insurance is 2-3 percent of the bike’s market price.
3. Modifications made to the bike (if any)
People make modifications to their bike to enhance its performance and features. And honestly, it does make your bike look cool! But with this, any damage to the modified components can be a significant financial loss to you.
In such a situation, it is recommended to insure the modified components separately. However, note that enlisting modified components in your insurance policy will increase its cost.
4. Anti-theft devices installed in your bike
When your bike is stolen, the insurer will check whether or not an anti-theft device was installed in your vehicle. Anti-theft devices ensure additional safety to your vehicle, especially in theft-like situations.
A claim on a stolen vehicle can be successfully made only after the insurer believes that you had taken preventive measures to avoid the mishap. Hence, it is highly recommended to install an anti-theft device in new vehicles as it helps reduce the insurance cost as well.
5. Your riding skills
The insurer might also look at your past riding records to ensure that you are a safe rider. Nowadays, insurers also check whether or not you follow the road safety rules. Not only will you have to pay penalties under Section 177 MV Act for breaking the law, but it might also stay in your record. This, in turn, will attract high insurance costs when seeking bike insurance.
6.Add-On Cover
A lot of insurers offer add-on covers over the existing insurance plan to enhance the coverage of the policy. Usually, add-ons are offered on comprehensive bike insurance plans. Depending on your personal motor insurance needs, you can choose add-on covers for extensive coverage. However, note that add-on will cost you extra s on your primary plan.
To Conclude
To calculate bike insurance is no longer a tedious task. Insurers offer bike insurance calculator tools that make the task easier for the customers.
It is also advisable to compare different two wheeler insurance plans online before buying one. After calculating the s and comparing different policies, you can choose the one that best suits your needs.
