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July 19, 2024

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How Your Bike Impacts Your Two-Wheeler Insurance Plan

Third-party bike insurance is a crucial purchase in India, mandated by the Motor Vehicles Act of 1988. Every two-wheeler must have at least a third-party liability insurance policy for registration. Riding without insurance is not permitted, leading to legal and financial consequences in case of accidents or mishaps.

Knowing What Bike Insurance Covers

There are several kinds of policies that provide two-wheeler insurance:

A third-party policy covers injuries or property damage caused by your insured bike to a third party. In contrast, a comprehensive bike insurance or standalone own damage policy covers damages to your bike based on its characteristics and provides broader coverage. When assessing how your bike impacts your two-wheeler insurance plan, it’s crucial to conduct a bike insurance check online to ensure you have the right coverage for your specific needs. Claims are subject to terms and conditions set forth under the motor insurance policy. *

Five Factors That Affect Your Bike’s Insurance Coverage

  • Manufacturer Of The Bike

The popularity and demand for bike manufacturers influence bike insurance coverage. High-end brands like Harley Davidson or BMW have a higher market value, resulting in a higher Insured Declared Value (IDV) and increased coverage and premiums compared to other bikes.

No Claim Bonus (NCB):

Factor in the No Claim Bonus (NCB) when assessing bike insurance options. NCB is a discount provided by insurers for every claim-free year. Accumulating NCB can lead to significant premium reductions when renewing your policy, making it an essential consideration for long-term cost savings.

  • Engine Power

A bike’s engine capacity, or cubic capacity (cc), significantly influences insurance coverage and premium calculation. The Insurance Regulatory and Development Authority of India (IRDAI) determines third-party insurance premiums based on the bike’s engine capacity. This factor also impacts comprehensive insurance plans, increasing premiums for bikes with larger engine capacities. #

  • The Bike’s Age

A bike is an asset that depreciates over time, losing value. An insurance company uses the bike’s age to estimate depreciation when quoting a bike insurance policy. Due to depreciation, an older bike will have a lower sum insured and, as a result, be less expensive than a newer bike of the same make and model. As a result, the bike’s age directly affects its cover and premium.

  • Insured Declared Value (IDV):

The market value of a bike, influenced by factors beyond its manufacturer, make, and model, is considered the Insured Declared Value (IDV) by insurance providers. IDV represents the maximum amount the insurance will pay for a stolen or totalled bike, considering deductibles and depreciation in the claim calculation.

In most cases, policyholders can lower their IDV to receive a premium concession from the insurance company. It is crucial to select this carefully because a lower IDV translates into a smaller insured amount and a more minor total loss payment.

Choose from comprehensive, standalone own damage, or third-party liability-only policies for your two-wheeler insurance needs. Use our online bike insurance calculator to estimate your premium and enjoy the easy and hassle-free purchasing and Bajaj Allianz two-wheeler insurance renewal process online. Benefit from our extensive cashless garage network, 24/7 customer service, quick claim processing, and optional add-ons for comprehensive coverage. *

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

*Standard T&C Apply
#Visit the official website of IRDAI for further details.

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.