If you own a motorcycle, getting it insured is crucial for financial protection. But how much does motorcycle insurance cost? The cost varies based on coverage, location, and rider’s profile. This guide will help you understand what to expect.
Types of Motorcycle Insurance
- Third-Party Insurance: Covers damage to other vehicles or persons.
- Comprehensive Insurance: Covers own damage, theft, and third-party liabilities.
- Add-on Covers: Includes roadside assistance, engine protection, and zero depreciation.
Average Cost of Motorcycle Insurance
The price depends on the type of bike:
- Standard Motorcycles (100-150cc): ₹2,000 – ₹4,000 per year
- Mid-range Motorcycles (150-250cc): ₹4,000 – ₹8,000 per year
- Sports & Premium Bikes (Above 250cc): ₹10,000 – ₹50,000 per year
Factors Influencing Motorcycle Insurance Costs
- Bike’s Age & Model: Older bikes have lower premiums, but premium models cost more to insure.
- Location: Urban areas have higher insurance rates.
- Riding History: Clean records help get discounts.
- No Claim Bonus (NCB): If you don’t claim, you get a discount on renewal.
Tips to Save on Motorcycle Insurance
- Compare different insurers before buying.
- Opt for long-term policies for better discounts.
- Increase deductibles to reduce premiums.
- Maintain a good credit score for better pricing.
FAQs
Q1: Can I buy motorcycle insurance online?
Yes, most insurers offer online purchase and renewal options.
Q2: Does motorcycle insurance cover theft?
Yes, comprehensive insurance covers theft and accidental damage.
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