Factors That Decide Bike Insurance Premium

Buying bike insurance is important to protect yourself from expenses that you may face because of an unforeseen event such as an accident. However, there are other benefits that insurance offers. Your bike insurance premium plays a big role in the cover. Many only invest in bike insurance third party premium. If you want to get more benefits from your insurance, then you can even look for policies that offer more than third party insurance. Most people see the premium price of different insurance policies to make a decision which one they would buy. Some factors such as the insurance cover, the bike that you own, etc. are what impacts the premium.


With that in mind, here are the factors that impact bike insurance premium calculator-

Your Bike -

The bike that you possess has a lot to do with the premium. Its age, the place it was registered, modifications, etc. can impact the bike premiums. Also, the cubic capacity (cc) affects it the most. The higher the cc, the higher the premium.

Insurance Cover -

The premium also relies on the insurance cover that you buy. There are two types of insurance covers- third party insurance and comprehensive insurance. The premium rate under third party bike insurance is cost-effective as compared to comprehensive insurance.

Add covers -

Add-on or riders enhance the coverage capacity of bike insurance. You can opt for riders such as engine protection, zero value depreciation, critical replacement cover, loss of personal belongings, roadside assistance, etc. As you opt for the rider option, the premium also gets hiked.

Age, experience & other factors -

Premium cost also depends on factors like the age of the driver, the riding experience, riding history and gender of the driver. The more riding experience, the less is the premium quote.

City -

The premium rate varies from city to city. For instance, if you have registered your bike in a metro city, you will have to pay a higher premium, while if you’ve registered your bike in a non-metro town, then the premium charged will be less.

Third-party insurance can be bought at a lower premium. However, it only covers third party damages. Also, there aren’t many benefits in third party insurance. Meanwhile, comprehensive insurance offers third party cover as well as cover for the damages to your bike. However, its premiums are costlier.

Decide which benefits you want with policy and purchase insurance which suits your needs better.

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