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Vehicle insurance is a must if you want to ride your bike or car on the Indian roads. So, if you are planning to buy a two-wheeler, you must start looking for bike insurance online for your new vehicle. Let us find out in this post how much you need to pay for your two-wheeler insurance depending on the plan you choose and what purpose it serves you.
When you buy a two-wheeler insurance, the premium charged by the insurer depends on various factors such as age of buyer, make and model of bike, coverage opted for, location, bike driving and claim history of the buyer etc.
The obligatory and the most cheap bike insurance plan is the third-party liability insurance. This plan covers the insured for the damages and liabilities caused to the third-party person and property. However, it doesn’t cover for damages caused to your own vehicle. Comprehensive policy, on the other hand, is one that allows both third-party and your own damages in the most comprehensive way. So, the vehicle owner should buy the most useful and cost-effective policy after making proper comparisons and assessing the needs.
To understand the approximate cost of bike insurance and how they are calculated based on different variables like make and model of vehicle and engine capacity, we are providing a chart below. It contains the top two-wheelers in the market at present and their average insurance cost. However, you must note that other variables like mileage, maintenance, age of bike owner etc. also affect the insurance premium price of a bike.
Below is a table showing different bikes and their insurance premiums:
|Two- wheeler type||Engine Power||Price of bike||Premium (avg.)|
|Honda Activa||110cc||INR 65,000/||Between INR 1350 to INR 1750|
|Bajaj Avenger||220cc||INR 1,00,000/||Between INR 1800 to INR 2000|
|Hero Honda Splendor||125cc||INR 70,000/||Between INR 1300 to INR 1800|
|TVS Apache RTR||180cc||INR 90,000/||Between INR 1750 to INR 2300|
|Yamaha Fazer||149cc||INR. 1,70,000/||Between INR 1550 to INR 2200|
Let us check the various variables that affect a bike insurance premium in detail below.
Let us now consider some tips that can be used by policyholders to reduce their two-wheeler insurance policy.
To Sum Up
Bikes are very common and easy to use transport used all across India. In fact, many households possess more than one bike. Bikes are normally used for transportation by people of almost all ages in the country. So, it is important to be cautious while choosing your bike insurance policy so that you can avail the best benefits you need at a price that you can afford.
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