What factors influence the cost of bike insurance

Before purchasing a bike, people always seek advice and do some research. They try to find details like features, cost of the bike, the manufacturer, etc., comparing various alternatives and then zero down to a few appropriate options. When they get a bike, it is time to register it at the Regional Transport Office. It is then they realise that they require to buy two-wheeler insurance to complete registration.

People usually ignore purchasing insurance and do not give a second thought about it. Ideally, it is wise to research, compare and buy an insurance policy for a bike just as they do the while buying a bike. Many of us do not understand that we do not require any assistance to buy two-wheeler vehicle insurance.

There are a lot of facets of purchasing an insurance policy. Mainly, it should offer sufficient financial protection when it is needed, and it should be within your budget. To attain the right balance, you need to be aware of the basics of bike insurance. This article focuses on how your bike affects its coverage and why the cost may differ from one person to another.

Model

Every model of a two-wheeler will always have a varied cost of insurance. This way, similar vehicles may have different insurance premiums. For example, if brothers have bikes, one owns Bajaj NS 200, and the other owns Bajaj RS 200. Both will pay different amounts to buy two-wheeler insurance. It is because the cost of both bikes will differ.

Age

Just as you age with time, your bike also ages. In the motor industry, the value of vehicles declines with the of time, unless it is a vintage model. This decrease in value will also bring down the cost of your bike insurance.

Engine

The engine is the heart of a bike. The more you look after it, the more it will stay in a healthy condition. When you buy a comprehensive bike insurance policy, one of the critical factors for evaluating the premium amount depends on the engine’s cubic capacity. The cost will be higher for bikes with higher cc.

Why buy two-wheeler insurance online?

Nowadays, the smartphone plays an essential role in the lives of people. Almost all tasks like shopping, communicating, etc. are done with the help of a smartphone. Thus, insurance providers have also made policies available online.

Buying bike insurance online has its set of advantages. First, when you buy two-wheeler insurance online, you can compare a variety of policies for their features, services, and cost. Additionally, you can also get extra discounts while purchasing a policy online because operational costs for online policies is less as compared to their offline counterparts. Thus, buying two-wheeler insurance online is more profitable than buying the same policy offline.

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