Buying Two-Wheeler Insurance is exceptionally crucial. Riding a bike is risker than driving a four-wheeler. As a motorcycle is an open vehicle, you get exposed to innumerable dangers. Episodes of rash driving and poor condition of roads have made safety for two-wheeler riders worse. The risk worsens as the monsoon approaches.

With maximum road mishaps cases happening with two-wheelers, the Indian Government made it mandatory to hold Two-Wheeler Insurance when driving on the Indian roads under the Motor Vehicle Act, 1961. We agree that motorcycles are undoubtedly the easiest to ride and offer maximum convenience. But your life and security should not be compromised.

For additional measures, if you feel your life is at risk, you may buy Critical Illness Health Insurance as it offers more comprehensive coverage in adverse situations.

Benefits of Two-Wheeler Insurance

Saves from legal hassles

Considering the laws have made it necessary to hold Motor and Third-Party Insurance, you may face penalties if you do not hold one. In some extreme cases, the state RTO also holds the authority to cancel your driving license.

Protects resources

Bike accidents can be endangering. Riders may not be careful while driving or poor road conditions can cost your savings. Opting for Motor Insurance ensures that unforeseen expenses do not overburden you due to accidents. Also, is it better to systematically pay Insurance premiums monthly or write a considerable amount cheque and lose all your savings in one go?

Wise decisions

Unfortunate events are not within our control. Thousands lose their lives in road accidents. It is crucial to remain safe and sound while riding home. With an Insurance Plan in place, you get a reasonable Insurance amount if you face death owing to an accident. This keeps your family at ease after that.

Factors affecting premiums

Your Two-Wheeler Insurance premium is the key decider when it comes to choosing a plan for yourself. The premium primarily depends on bike value. This is the market value of your two-wheeler. Here are a few factors that influence the same, which impact the premium amount.

  • The total motorcycle cost also influences your premium value incredibly. A low-cost bike has a lower premium and vice versa.
  • Model, make, and variation have a significant say in the value. A higher-end model is more expensive, which translates to a higher premium.

The bike age also impacts the market value. Newer two-wheelers reap better market value. A more recent bike would be comparatively higher than a relatively older one.