Factors Affecting Motorcycle Insurance

Buying a two-wheeler has become more of a necessity than luxury given the problems with transportation. Having your own motorcycle spells freedom, convenience and availability at all times. But, to keep your vehicle guarded, you need a comprehensive two wheeler insurance that will offer cover against natural and man-made mishaps. When you are secured under a good motorcycle insurance scheme, you need not be worried about the sudden expenses that you will incur in case of unexpected events like theft or accident.

One important point regarding bike insurance is that there is no fixed price and there are various factors affecting the premium for motorcycle insurance. Understanding the factors that affect the insurance quote will also help you find the most comprehensive coverage at the best possible price.

Below are some of the important factors that affect the price of two-wheeler insurance.

Coverage
An important factor in deciding the insurance quote, every rider must determine what type of cover are required before selecting a policy. As a bare minimum, the Indian law requires every two-wheeler to have a third party cover which will cover the damages caused to the third party. However, this minimum coverage might not offer enough protection to the customer in the long run. If you opt for a comprehensive cover which will compensate for accidents, natural calamities and man-made mishaps, you will have to pay extra premium.
Driver’s Experience and Other Factors
Insurance companies also look at other factors like the riding experience of the driver, gender, age and driving record to set premium amounts based on risk. For example, young males aged between 20 to 25 with less than 1 year driving experience may be charged a little extra premium when compared to experienced, middle-aged customers.
Condition of the Vehicle
Insurance premiums are also affected by factors concerning the two-wheelers like age of the vehicle, the Cubic Capacity (CC) of the engine and the type of bike. Generally, the insurance premium for sports bikes and motorcycles with higher CC is considerably higher.

The following factors play a part in deciding the motorcycle insurance costs - make of the two-wheeler, model and class of the vehicle, manufacturing year, place of registration, fuel type, accessories and modifications done to the car, current showroom price and number of miles used.
Add-On Covers
If you are opting for add-on covers including zero depreciation cover, personal accident cover, medical cover and cashless hospitalization cover, you will see a substantial increase in the premium costs. Choose only the necessary covers, the most important one to consider being the zero depreciation cover.
Voluntary Excess
To reduce the premium cost, opt for a higher voluntary excess. It is the amount that you have to pay in case you make a claim.

To get the best out your two wheeler insurance, make sure you compare all available policies in the market to clinch the best policy. Also, enquire about the conditions that affect the premium price with your insurer before selecting a two wheeler insurance policy.

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