Owning a bike or a two-wheeler can be quite liberating. With a two-wheeler, you can move through heavy traffic, travel short distances smoothly and get over your dependency on public transportation. Along with this, they are also quite affordable for someone who is looking for cost-effective and quick transport. However, the TATA AIG bike insurance cost roads can be a bit unpredictable, and you never know when you’ll come in harm’s way. Therefore to protect yourself and your vehicle from damages, you can rely on bike insurance.
Two-wheeler insurance plans are policies designed to provide policyholders with financial support if something unfortunate happens to their bike. It is an optimal way to protect your bike from damage. With bike insurance, you will get protection against any liabilities that arise from injuries or damage.
If you’re searching for different bike insurance policies, you must get an overall view of the market before you make the decision. Once you go through the average costs and benefits offered by the insurance company, you will make the most optimal decision that fits your requirements as a two-wheeler owner.
Generally, the insurance premiums are estimated based on the type of bike you own and your residential location. Moreover, an insurance policy with the most basic benefits will always be affordable than those that are feature-packed and have many inclusions. If you want to understand the average cost of a two-wheeler insurance policy based on different factors, you can consider the points listed below.
The average cost of bike insurance is based on different factors:
- The plan type:
The average cost of a comprehensive policy in the country is Rs. 5000 for 200cc bikes. A comprehensive policy will offer two-wheeler owners all the basic coverage necessities needed to cover accidents or issues. These issues include personal accident coverage, theft coverage, third-party liability, damage coverage etc.
The coverage for a basic plan would differ for different insurers. The average cost of a third-party plan is Rs. 3000 for a 200cc bike. They are quite affordable compared to comprehensive plans. This is because they only provide coverage for damages to any third parties.
- The bike type
A crucial factor that plays a role in the bike insurance premium is the type of two-wheeler you have and its engine’s power. It was found that the most preferred bikes across the country lie in the 100cc – 200cc range. The average premium cost for these policies is Rs. 4000.
However, for the bike’s that have a more powerful engine, the premiums are 21% more expensive. The difference in their price is because a powerful bike is perceived to be more risky and prone to accidents than normal bikes. Powerful bikes have a higher probability of being involved in accidents and getting damaged severely.
- Average add-ons and benefits of bike insurance
When you’re trying to purchase a bike insurance plan, there are benefits that you can add to the basic plan. For instance, you can rely on personal accident coverage, accidental damage coverage, third-party liability coverage, natural disaster coverage and more.
Many comprehensive plans provide the base coverage at 100% of the damage value or losses. However, additional covers like roadside assistance are only offered with certain plans that generally charge a high premium. The premium amount increases when you add certain enhancements to the plan. The hike in the premium amount will depend on the enhancement chosen.
Add-ons can be a great way to improve the coverage of the plan. Some of the most preferred add-ons include zero depreciation cover, emergency roadside assistance, accident cover etc.
Keeping these factors in mind when buying a bike insurance policy can be quite helpful.
To make the policy purchase process easy for individuals, insurance companies like TATA AIG have provided a two-wheeler insurance premium calculator on their website.
With the calculator, you can get an estimate on the TATA AIG bike insurance cost with the calculator. Some of the benefits of using a two-wheeler insurance premium calculator are:
- You will only have to provide certain bike insurance details and details about your bike, model, and IDV, and the calculator will provide you with the premium quotes instantly.
- With the calculator, you can easily compare the different plans available online and select the one that suits your requirements.
- You will understand how different add-ons to the plan will affect the 2 wheeler insurance price. It can help you adjust the terms of the plan.
- You can decide for yourself without being pressured by an insurance agent.
Therefore, before you apply for bike insurance online, you can use the calculator to select a perfect plan for yourself.
Summing up
Two-wheeler insurance policies are important products that will help us protect our two-wheelers and safeguard their future. The average price of a two-wheeler insurance policy depends on several factors like the two-wheeler, insurance plan chosen and any add-ons added to the plan. You can purchase the most optimal plan for yourself by keeping these factors in mind.
Some Commonly Asked Questions About Two-Wheeler Price in India
- How much does 2-wheeler insurance cost?
The cost of a two-wheeler insurance policy would depend on several factors like the plan, the bike’s engine, modifications to the bike and any other additions to the plan. A 200cc bike’s insurance premium can be anywhere in the range of Rs. 4000 to 5000.
You can use a bike insurance calculator to better understand the costs associated with an insurance policy.
- How much is insurance on a bike?
The insurance policy for a bike depends on different factors like the policy purchased, the bike model, the add-ons included in the insurance plan etc.
- Which insurance is mandatory for a two-wheeler?
In India, the third-party liability plan is a legal compulsion for every bike owner. With this plan, you can get financial support if your vehicle has caused damage to any third party.
