3 Factors That Impact the Bike Insurance Premium

Bike insurance is a necessity to protect yourself from the financial stress that comes with a damaged bike after an accident. Additionally, Bike insurance does not just protect you from this one problem but also provides cover for hospitalization, third-party damages, add-on benefits, and much more. While everyone wants to buy the best motor insurance for themselves at affordable premiums, people often are unaware of the factors that impact the bike insurance premium amounts.

To help you understand this better, here are 3 important factors that impact the bike insurance premium-

Make and model of your bike- Depending on the model of the bike that you own and the make of it, the insurer decides on the premium amount. As the bike insurance cover makes the insurer liable to pay for the complete value of the bike, the insurer considers this cost while deciding a premium amount. The better the bike model, the higher are the premiums.
Your bike’s age- The age of the bike matters a lot because the higher the age of the bike, the lower is its market value and vice versa. Hence if you want to avail an insurance plan for your new bike, the premium amounts will be lower than those for an old bike.
Insured Declared Value (IDV)- The IDV of a bike is the current market value of the vehicle which is computed every year. As the bike grows old, the IDV value of the vehicle is also lowered because of the implementation of depreciation. Since the insurers are liable to pay the value of the vehicle in case of total damage, the IDV is taken into consideration while deciding the premium amount.

The above factors decide the premium amount of your bike insurance cover but irrespective of the age of your bike, it is always advisable to have a motor insurance cover in place. To avail of the best offers on the bike insurance plan you can visit Bajaj Finserv website which provides complete details of various bike insurance plans.

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