Have you ever given any thought to the question of why two persons who own vehicles of the same brand pay different amounts for their auto insurance policy? The choices that an insurance policyholder makes can have a significant impact on the total cost of the policy in a number of ways, and these factors vary greatly.
Keep these items in mind when you buy motorcycle insurance. By making sure you follow these guides, you can make a better insurance purchase decision that could greatly benefit you and your bike or scooter.
1. Classification of the Two-Wheeler
In the same way as the price of each type of car differs depending on the level of quality and amenities it provides, the cost of insurance for each category of motorcycle also varies. The primary factor that establishes the foundation for determining the price of a motorcycle insurance coverage is the cubic capacity of the bike’s engine. Insurance premiums will be higher for a two-wheeler that has a larger capacity for carrying passengers or cargo. You can get much more details about these differences from a two wheeler insurance check app. *
2. The Worth of the Automobile
The worth of a bike is typically determined by the brand of the vehicle as well as the functionality that it provides. Due to the higher purchase price of a BMW or KTM compared to that of a Honda Activa scooter, the cost of insurance for a BMW or KTM is higher than the cost of insurance for a Honda Activa scooter. The cost of a policy to insure a bike is often between two and three percent of the value of the bike. A great way to compare the differences is online via the Bajaj two wheeler insurance app. This can help you make a very guided purchase and help insure all types of bikes and scooters. *
It’s possible that customising your bike will make it appear better or boost its performance, and it will definitely look awesome. On the other hand, if any of the modified parts are broken, it can result in a significant financial loss. It is recommended that the modified parts be insured on their own separate policy. However, the total cost of the insurance policy will go up with each additional alteration that is made to it. The greater the number of alterations, the higher the premiums for the insurance policy will be.
4. Items that prevent theft
An insurer will investigate whether or not you had taken adequate precautions to avoid the theft of a bike in the event that it was stolen. Your insurance claim won’t be paid out until the insurance company is satisfied that you did not act carelessly by leaving the keys in the ignition or parking the vehicle in a location where there is a high risk of it being stolen. Installing an anti-theft device on your bike is the best way to stop someone from making off with it. Because of this, the cost of the insurance can go down. Anti theft devices are a must in this day and age.
5. Insurance policy add-ons
Add-ons are supplemental insurance protections that may be purchased in conjunction with a comprehensive motorcycle insurance policy. However, one should purchase these things according to their own particular requirements. When purchasing add-ons for a motorcycle, the potential exists for an uneducated purchase to result in an increased premium for the insurance policy. These add ons are subject to the terms and conditions laid out when purchasing the insurance policy. So remember this when you buy motorcycle insurance.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.