4 Factors That Affect Your Bike Insurance Premium

Two motorcycles at night near a zebra crossing blur

Buying insurance for your two-wheeler is mandatory as per the law. It guards you against expenses that can come upon you after unforeseen damages.

Finding out the two-wheeler insurance rate first is essential to calculate the amount of premium you need to pay for sufficient coverage value. The motor bike insurance renewal online becomes an easy process once you know which plan is suitable for you.

 The factors that affect your bike insurance premium

Before you take your bike insurance calculator out, you need to know what factors affect the amount of premium you need to pay for your two-wheeler insurance.

  1. The Condition of Your Two-wheeler

The condition of your two-wheeler is one of the defining factors that you need to take into account when calculating the premium. The maker of the two-wheeler is also an important aspect. Here are the issues you need to remember:

    • Manufacturing year
    • Type of fuel used
    • Model of the two-wheeler
    • City of registration
    • The manufacturer of the bike
    • Modifications you have made to it
    • The current value of the motorcycle
    • Number of kilometers you have driven it

When calculating the two-wheeler insurance rate, you must keep in mind that the higher-end bikes will cost you higher premiums.

  1. The Type of Insurance Coverage You Want

The required premiums for a two-wheeler insurance plan depend primarily on the type of plan you are buying. There are multiple choices available in the insurance market, which allows you to make a calculated choice.

Not all insurance coverages will protect you against every kind of possible damage to your two-wheeler. If you want coverage against both manmade and natural disasters, then you need a more comprehensive insurance plan. This will result in higher premiums, but it surely is the safer choice.

  1. Volunteer for a Higher Excess

When buying insurance for your two-wheeler, you have the option to set an excess amount that you agree to pay over the covered amount in case of any damages to your two-wheeler. If you want to spend a lower amount of premium, then you have to volunteer for a higher excess.

You can even change the amount while making a motor bike insurance renewal online or offline. Do not forget to factor this in when using a bike insurance calculator.

  1. Add-on Covers

When it comes to add-on covers, there are quite a few available options for your two-wheeler. These add-ons affect the two wheeler insurance rate significantly. One of the most critical add-ons is the zero depreciation cover. This cover makes sure that in case of replacement, you are paid the entire price of the part.

A depreciation pays according to the condition of the part before you replace it. Hence, for an older part, you get a lower cover. Zero depreciation add-on saves you from that.

Therefore, you must consider the four factors as explained above and avail of two-wheeler insurance that suits your requirements.