Driving is fun. Whether you ride on two wheels or four, riding a vehicle has a lot to do with the liberty of an individual. To express Freedom there are numerous ways, and driving is one of them. The prime reason for this characterization is that bikes are macho. It is absurd, but anyone on a motorbike symbolizes individuality. Like warriors are on horses, and family men in cars, rebels are on bikes.
Women bike riders are perceived in the surreal limelight because bikes and women do not go hand in hand. See, all these things you might find futile, but these factors play a definite role in motorcycle insurance. The insurance companies take a lot more into consideration while signing your insurance. You will be stupefied to see what all factors go in when you go for insurance.
Why is Insurance necessary?
Uncertainties in life, such as early death or a medical emergency, might occur at any time. An accident or damage to your vehicle, property, or other items is another example of these scenarios. Dealing with the financial implications of these occurrences might leave you with a hole in your pocket. You would have to use your savings or your family’s hard-earned cash.
As a result, you and your family require immediate insurance coverage and financial assistance against any dangers affecting your life, health, and property. Insurance policies will assist your family in maintaining their level of life if you are no longer alive. The insurance lump sum pay-out will assist them in covering the expenditures of operating the home.
Several factors influence the cost of motorcycle insurance. To calculate the premium for your bike insurance policy, the insurance company looks at numerous indicators to forecast risk.
The make and model of a bike indeed have an impact on its price. And, because insurance is acquired to protect the value of the bike, the manufacturer and model of the bike are the basic elements that influence the bike insurance price.
Basic bike models will have a cheap insurance price. If you own a high-end motorcycle, your insurance coverage will be maximum. Similarly, the insurance coverage for sports bikes is the best of all. Expensive motorcycles are more costly to repair and replace, insurance companies will charge you extra for comprehensive and collision coverage.
Age of the Insured
The premium is also affected by the bike owner’s age. A youthful rider’s insurance premium would be greater than that of a middle-aged rider. This is because, as compared to a teen, insurance companies consider an older individual to be a more responsible driver. The older you get, the better in terms of getting insurance.
One of the most common and important factors that influence the prices of bike insurance premiums is the engine capacity of the bike. You will pay a lower premium if your motorcycle has an engine capacity of 75 cc or less. If your bike is 350 cc, on the other hand, you will have to pay a larger price for your bike insurance coverage.
Motorcycle models and types are more likely to be involved in accidents than others. Thinning of brake pads, tattered brake shoes, and failure of the transmission parts are some common reasons for accidents. Motorcycle insurance providers believe you’re more likely to submit a claim if your bike model is involved in more collisions. Click here for more information.
Age of the Bike
The age of a bike is also taken into account when calculating the coverage premium. This is why, when purchasing a bike insurance policy, every insurance portal requires you to enter the age of your bike to provide policy quotations.
A new bike has a larger market worth than an old bike, which means the former will have to pay a higher premium for insurance, while the latter would have to pay a lesser cost.
Your premium will be significant if you reside in a large city with a high traffic density. Your bike insurance policy’s premium will climb if your risk exposure is high. However, if you reside in a rural area, your premium may be cheaper.
When it comes to a type of motorcycle that is regularly stolen, insurance companies typically charge a higher rate. It is because the chances of the insurer having to pay out for a comprehensive claim are maximum. As a result, insurance for showy and costly bikes that are bigger theft targets is more expensive.
The bikes that get stolen, then get dismantled, and individual parts are sold separately. Vintage motorcycle parts for sale is one such thing where illicit means are adapted to sell off the bike parts of the vintage motorcycle.
Many insurance firms provide discounts for installing security systems that have been authorized by the Automotive Research Association of India (ARAI).
It implies that if your bike is recognized with safety equipment, your bike insurance rate will be lower since sophisticated technologies minimize the danger of bike theft and loss, reducing insurance companies’ duty to provide compensation. Invest some of your money in anti-theft devices to protect your bike and easy insurance.
The Parting Words
Motorcycles are more prone to be stolen than automobiles and trucks due to their lower size and weight. Thieves typically put the motorcycle into a vehicle to limit the chance of detection and damage to the motorbike. Nowadays, the COVID-19 has further widened the scope of thefts, and more and more vehicle thieves are doing their chores. Not all stolen vehicles get discovered. Therefore, play the safe game. Get your motorbike insured.
Do not fool around by not getting insured. Insurance is crucial as mishaps can happen at any time. Therefore, insurance is a safety net that saves you when you hit rock-bottom. It might feel that you are wasting your money, but it is for the better. Be wiser than your age and do the needful.