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.

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