The cost of a bike insurance policy is known as premium. The Insurance Regulatory and Development Authority (IRDAI) has fixed the premium for third party plans which vary depending upon the engine capacity of the bike. The premium amount for comprehensive bike insurance plans and for standalone own-damage bike insurance plans depend on a number of factors such as the coverage of the plan, make, model and variant, fuel type of the bike, RTO location etc.
You can get quotes for your bike insurance by following the steps given below:
While purchasing bike insurance, you can get the best quotes by considering the following tips:
No claim bonus is the bonus that the insurance company offers to its customers if there hadn't been any claim made from their end for a long time. The NCB discount shows continuous growth and for every year when the claim is not made, there is an increase in discount. The NCB can go up to 50% in case if it remains claim free for 5 years in a row.
Additional benefits are also to increase the coverage of your bike insurance policy at the cost of an additional premium amount. So, select the add-on covers wisely and pick only those which are necessary for your bike. Examples of add-on covers include Zero depreciation, roadside assistance, return to invoice, Engine safe cover, key loss cover, etc.
With different types of policies available in the market, it gets difficult for the policyholder to choose the best insurance policy. To avail the optimum policy with the best quotes, compare all the policies thoroughly prior to selecting one policy. You can easily do this from the comfort of your home by comparing the policies online at InsuranceBox with complete guidance.
Bike insurance is generally provided for 1-5 years post which it needs to be renewed. At times of delay in the timely renewal of your bike insurance policy, you are required to pay a premium along with a fine. Also, you won't be able to compare and choose the best quote from a variety of policies. Additionally, if the bike insurance policy has expired, the premium at the time of renewal would be at a higher end. Therefore, it is significant to get your bike insurance policy renewed on time.
To maintain an excellent driving record, it is necessary that you should drive safely and indulge in lesser accidents. Moreover, with fewer accidents, there would be consequently lesser claims, thus resulting in a higher No Claim Bonus. Also, your bike insurance company would get to know that the policyholder is associated with low risk. Therefore, at the time of purchasing bike insurance both these factors would help you in reducing the premium amount in order to get the best quote.
The following are the benefits of purchasing your two-wheeler insurance online:
These are a few tips to help in your search for the best two-wheeler insurance for you:
The pros and cons of buying a two-wheeler insurance plan online are mentioned below:
Insurance documents can be accessed instantly
Basic knowledge of insurance required
Policies are cheaper
Computer knowledge required is required
Easy to compare policies
No agent to provide additional help to file for claims etc.
The bike insurance premium refers to the cost of the insurance plan purchased for a bike.
No, the premium for comprehensive bike insurance is not the same for all bikes. The premium for a comprehensive plan varies on the basis of the MMV (make, model and variant) of the bike, its engine capacity, its age, the add-ons opted among other factors.
You can lower the insurance premium for your bike by following the below-mentioned tips:
Always compare available insurance plans and then choose the one which best suits your requirements and budget. Avoid making claims for small expenses. This helps you keep your No Claim Bonus (NCB) discount intact. The NCB ranges from 20%-50% depending on the number of claim-free years. Always remember to transfer your NCB at the time of policy renewal.
The Insured Declared Value (IDV) offered by an insurance company for an old or aged bike is relatively less than that of a new bike. The age of a bike affects the IDV because of the depreciation (wear and tear )suffered by it over time. Thus, the premium amount for aged bikes is lower than that of brand new bikes.
The premium for each bike insurance is different. Each bike insurance add-on such as a zero depreciation cover, engine cover, tyre cover, etc comes with a separate premium and helps you extend the coverage of your insurance plan. Bike insurance add-ons are available with standalone own-damage and comprehensive bike insurance plans.
At InsuranceBox you can compare different bike insurance quotes easily and quickly. All the quotes which get displayed to you are customized according to the details shared by you. Thus, you can compare the quotes basis the available coverage and other features offered by the bike insurance plans.
Generally, the bike insurance policy quotes which are calculated at InsuranceBox remain properly valid for approximately for a time of 10 days. There can be changes in them only if the rates of policy premium given by the insurers tend to alter or in case the bike's age gets a little bit change in it during a certain period.
Policyholders can get the best bike insurance plan quotes at the website of InsuranceBox by following the simple steps:
Step 1: Visit the official website of InsuranceBox and click on the ‘Bike' tab.
Step 2: Fill up the registration number of your bike. In case, you are not having the registration number of your bike, kindly select the option which says ‘Don't know your bike number?'.
Step 3: After this, a pop-up option or window shall be displayed on the screen. Opt for the brand name of your bike, model and variant of your bike, bike's fuel type, its variant and registration year as well as registration city, RTO, etc.
Step 4: Fill up your personal details such as Name and Mobile Number. After this, hit the ‘Submit and Get Quotes' button. Do try to confirm the expiry date of your last bike insurance plan and your last bike insurer's name.
Step 5: All bike insurance plan premium quotes offered by different insurance companies will be shown to you.
You can get affordable bike insurance covers by totally comparing various insurance quotes. You can perform so by going to InsuranceBox website and choosing the plan quote that perfectly suits all your needs.
InsuranceBox offers the service of comparing insurance premium quotes for your bike for free. However, you need to pay the premium at the time of buying a bike insurance plan.