Factors Affecting Two Wheeler Insurance 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.

1. Coverage - An important factor in deciding the insurance quote, every rider must determine what type of cover is 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 that will compensate for accidents, natural calamities, and man-made mishaps, you will have to pay an extra premium.
2. 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.