We have given important information about vehicle insurance in the previous article . Some of our readers wanted to know, how much is the insurance of a motorcycle or a bike? Some people also wanted to know that how can one do bike insurance online? What is the price of Motorcycle or Bike Insurance in Hindi? How to purchase it?.
How much is bike insurance
The amount you will have to pay to get a motorcycle or bike insured depends on the type of insurance policy you are buying.
- fact, there are three types of insurance policies that can be purchased for a vehicle-Third party insurance policies only (legally mandated)
- Comprehensive Insurance Policy (Third Party Insurance+Own Damage Cover)Comprehensive Insurance + Add Own Covers
- These different types of insurance policies, what kind of risks do you cover, we will tell youafter giving information about their prices. So let’s first know their prices-
What will be the cost of getting a third party insurance policy only?
Third party insurance is done to compensate for the damage caused by your vehicle to any other person, vehicle or property. It is also legally mandatory for every vehicle owner to get third party insurance.
If you only get third party insurance for your motorcycle or bike, then for 1 year, the insurance price will be as follows-
- Motorcycles with Engine Capacity Below 75cc 482+18% GST= Rs 568.76
- Motorcycles with engine capacity from 75cc to 150cc 752+18% GST = Rs.887.36
- Motorcycles with engine capacity from 150cc to 350cc 1193+18% GST= Rs 1407.74
- Motorcycles with engine capacity above 350cc 2323+18% GST= Rs 2741.14
Note: The price of third party insurance policy is decided by IRDAI (Insurance Regulatoryand Development Authority) and is same for all insurance companies. If you want, you canalso run the work by paying the premium of third party insurance only.What will be thecost of getting a comprehensive insurance policy?If you go for comprehensive insurance, you get both third party insurance and owndamagecover. In third party insurance, where your vehicle gets compensation for damage causedto the vehicle, property or body of another person, in Own Damage Cover, you get
compensation for damage to your own vehicle.
On getting comprehensive insurance, you will have to pay the cost of own damage cover along with the cost of third party insurance. By adding the cost of both, your total premium will be made. GST of 18% of the total premium will also have to be paid separately.
Note: If you want, you can also take Third Party Insurance and Own Damage Cover separately. Even from different companies. In fact, Own Damage Cover is also a type of add on cover, which is designed to cover the damage caused to your vehicle.
Cost of Comprehensive Insurance + Add Own Covers
If you buy an Add Own Cover along with Comprehensive Insurance, then you will have to pay by adding its cost as well. To protect you and your vehicle from different types of risks, insurance companies offer a variety of Add On Covers. The names of some of the major Add own Covers are-
- Zero/Nil Depreciation: To prevent reduction in market value as the vehicle ages
- Roadside assistance cover: To get help at the scene in case of breakdown or accident
- Engine Protection cover: For damage caused to the engine, which is not covered by general insurance
- Return to Invoice cover: In case of complete destruction of the vehicle, to get the full value as mentioned in the receipt
Your total premium will be made up of all the add-on covers you add to your main insurance policy. GST of 18% of the total premium that will be made will also have to be paid together.
Auto insurance premium costs
In the above description, we see that the price of a normal vehicle insurance may include 4 types of costs. Of these, four types of costs are for insurance cover and the fourth cost is in the form of tax on insurance premium (GST).
- Premium for Third Party Insurance (Cost of one year insurance): Mandatory
- Own Damage Insurance Premium (Year- Old Insurance Cost): Optional
- Add On Premium of Insurance (Cost of one year insurance): Optional
- Premium Total L8% GST of mandatory vehicle insurance tax
Note: As directed by the Supreme Court, IRDA has made it mandatory to provide Personal Accident Cover along with third party insurance. In this, the person insured (the registered owner-driver) gets insurance up to Rs 15 lakh in case of physical disability or death due to accident.
Insurance companies compulsorily cover the cost of third party insurance as well. Optional personal accident cover can also be made separately for other passengers sitting in the vehicle.
Example of a typical bike insurance price
We took the help of an insurance company’s website to know what might be the cost of taking Comprehensive Insurance + Add Own Covers. In this, for a 125 cc motorcycle, the insurance premium for one year was as follows-
Cost of 125 CC motorcycle or bike insurance (for one year)
These also affect the cost of bike insurance
Factors That Affect Bike Insurance Premium
The cost of third party insurance is fixed. But the cost of own damage insurance and other add-on insurance is affected by many other factors as well. These factors are-
- Coverage Type : What type of policy have you selected such as only third party insurance, comprehensive insurance or add ons have also been added.The more facilities you take, the higher the premium will be.
- IDV (Insured Declared Value): The insurance company declares its Insured Declared Value (IDV) at the time of insurance, for the maximum claim you can get if the vehicle is destroyed or stolen. Higher the IDV, higher will be the rate of premium.
- Age of the Vehicle: The higher the age of your bike, the higher the cost of its insurance premium.
- Make and Model of your bike: The model of the vehicle and its frame number or serial number also affects its insurance premium.
- Security systems: The more and stronger the security systems in your vehicle, the more discount you can get in its premium.
- No Claim Bonus: If you have not made any claim during the term of the previous insurance policy, then you will get a concession in the new premium.
- Geographical location: The insurance premium for vehicles registered in a metro city is slightly higher than that of vehicles registered in a non-metro city.
- Age of the Insured: If the age of the vehicle owner is more than 30 then his premium may be slightly higher.
How to insure motorcycle online How to buy online insurance for your Bike
You can also insure your bike online sitting at home. Its method is very simple. How can you take insurance online, let’s know-
- There are two ways you can use to insure your motorcycle online-
- through the website of the insurance company
Through the website of the insurance aggregator company - through the website of the insurance company
Visit the website of the insurance company from which you want to insure your bike. We are also giving here the names of some insurance companies and the links to get motorcycle insurance on their website- - SBI General Insurance
- ICICI Lombard General Insurance
- HDFC ERGO General Insurance
- Bajaj Allianz General Insurance
- IFFCO Tokio General Insurance
- Tata AIG General Insurance
- Reliance General Insurance
- Go Digit General Insurance
- Shriram General Insurance
- riental Insurance Company
- The New India Assurance Company
- National General Insurance Company
- On the home page itself, you will see separate buttons or links for Car Insurance and Bike Insurance. Click on the link for bike insurance. There can only be a link to motor insurance on any website, so use it.
- In the next step, you will have to enter your vehicle’s registration number, your mobile number, etc. Some insurance companies also ask for other details of your vehicle (such as company, make, model, related ARTO, etc.).
- After entering the requested information on the website, when you click on Get Quotes, the rate of its premium (amount paid for insurance) will be shown on the screen.
- If you want to buy it, then you can pay by clicking on the button of Payment. In this way you can buy insurance for your bike online sitting at home.
