Factors that impact the bike insurance premium

Motorcycle insurance is a must-have financial aid and security tool that every bike owner must compulsorily possess. It also has become mandatory by law that everyone must have third-party motor insurance. But not all bike insurance has the same premiums, and they are calculated differently. We have given some of the top factors that impact the bike insurance premium to provide you with more information. So, keep reading!

Model of the bike

The bike model plays a vital role in determining the premium cost of bike insurance. A low cost will attract you lower premiums, while a high-cost luxury bike will cost you higher premiums.

Insured Declared Value (IDV)

The IDV is nothing but the current market value of the bike. It is very dynamic and changes every year. The premium is fixed by analysing the insured declared value of the bike.

The bike’s age

While calculating the premiums, the bike insurance provider will also take into count the age and well-working condition of the bike. The value of a new bike is much higher than that of the old one. So, the premium amount of the more recent bike will be comparatively higher than the old one.

Anti-theft device

If your bike has the facility of the anti-theft device already installed in it, then most bike insurance policy providers offer you lower premiums. Since it lowers the risk, it is even advised by the Automotive Research Association of India (ARAI).

Engine Capacity

The capacity of the bike’s engine also influences the rate of the premiums in a direct manner. If your bike engine is less than 75 cubic capacities, you can get lower premiums, whereas, for 350 cubic capacities, the premium cost will be much higher. You can discuss this with your bike insurance provider before opting for it.

Comments

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider. Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in

Know Detailed Information About Acko Bike Insurance

If you’re a bike enthusiast, you know that it’s important to have the right coverage for your bike. Acko Bike Insurance provides comprehensive coverage for bikes, offering a range of plans to suit different needs. Acko Bike Insurance is an insurance product from Acko General Insurance, a digital-first insurance company based in India. It’s an innovative product that provides comprehensive coverage for two-wheelers, offering a range of plans and features to meet the specific needs of bike owners. Acko Bike Insurance provides coverage for a range of bikes, from standard models to high-end bikes. The coverage includes accidental damage, theft, fire, and natural disasters. It also covers legal liabilities, including for third-party property damage and bodily injury. The main benefits of Acko Bike Insurance are the comprehensive coverage and the flexibility of the plans. You can choose from a range of plans, each with its own set of features and benefits. You can also customize the co

All Insurance News and Plans

Search This Blog