Ways in Which Your Bike Will Impact Its Insurance Cover

Insurance companies have also made policies available online which makes work easy and convenient. Purchasing online 2-wheeler insurance has various benefits.

By Smriti Gala

When purchasing a bike, it is important to buy a two-wheeler insurance policy for security purposes. Nevertheless, it is essential for one to first do their research, compare multiple policies online, and then buy adequate insurance coverage just like one does before buying a bike. An insurance agent or the dealership will help you purchase your first coverage, but one can do this simple process all by themselves too. 

Below listed are a few factors that will affect your bike insurance coverage:

Bike’s manufacturer

A bike’s manufacturer or brand can be influential on the cost and eventually affects the premium for bike insurance. Bikers are drawn to buy bikes from brands like Harley-Davidson, BMW, and many more because of their outstanding features, and attractive design. These increase the bike’s worth, which affects the bike insurance cost. Whereas a normal or standard scooter has a modest purchase price with a low insurance cost.

Bike model

Each two-wheeler has a different model and every model will have a different insurance price.  However, similar-type automobile insurance prices may vary. Two different bike owners will be required to pay different sums for the purchase of bike insurance plans. As different bikes will have different features, their prices will vary along with the insurance policy price.

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Engine capacity

The engine in the bike is said to be the core. One has to take good care of the engine in order to keep the bike healthy. One of the key factors when deciding the premium price for comprehensive motorcycle insurance coverage is the cubic capacity of the engine. Bikes with higher engine displacement will cost more to insure.

IDV of bike

Insured Declared Value is the sum that one must choose when purchasing insurance. This is about the bike’s current market worth. A greater IDV will increase the expense of the insurance, on the other hand, a lower IDV might result in a lower total loss claim payout. Total loss of a bike refers to a situation when it is damaged beyond repair and your insurer will pay you the pre-determined IDV in the form of compensation. So, it is important to set the appropriate IDV, whenever the user renews their policy.

Age of bike

The worth of any car falls over time in the automotive business. Similarly, the bike insurance policy’s price will drop due to the value decline. Depreciation will not affect the bike’s value but also, the particular bike insurance policy.

Buy Bike Insurance Online

Today, with the online facility things can be done with ease. Almost every task can be done with the help of the internet. Insurance companies have also made policies available online which makes work easy and convenient. Purchasing online 2-wheeler insurance has various benefits. When one buys online 2-wheeler insurance, one can easily compare various policies of a similar type for their features, services, and cost. Also, one can get additional discounts while buying a policy online as insurers spend much less on operational costs related to online policies compared to offline.

Conclusion

Many people avoid buying a two-wheeler insurance policy as they think that the process is long and tedious. Also, without the assistance of an insurance agent, one can buy the policy on their own. Remember to compare bike insurance plans and use the premium calculator before buying in order to know how much you need to pay for getting the bike insured.

Author Bio

Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.