The size of a motorcycle’s engine does affect the cost of insurance, but not in the way you might think. The size of your engine will not directly impact your insurance premium. However, the type of bike you have and its use will be considered when your insurer sets your premiums. Acko bike insurance by Bajaj Finance can be considered as the best two wheeler insurance.
Several factors affecting two-wheeler insurance premium
Some of the critical factors that determine the premium amount are
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Age of the vehicle
The older the bike, the higher is the premium amount. This is because older bikes are more likely to be involved in accidents.
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Make and model of the bike.
The costlier the bike, the higher is the insurance premium.
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The purpose for which it is being used
The premium amount for a bike used for commercial purposes is generally higher than for personal use.
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Geographical location
The premium amount varies from region to region, depending on the risk factor. For instance, a city with a high rate of accidents will have a higher premium than a rural area.
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Insurance company
The premium amount can also vary from one insurance company to another.
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Coverage amount
The higher the coverage amount, the higher is the premium amount.
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Discounts
Some insurance companies offer discounts on the premium amount if the bike is equipped with certain safety features or if the policyholder completes a safe riding course.
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Rider’s experience and age
The premium amount is usually lower for experienced riders and younger riders.
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Type of policy
The two main types of bike insurance policies are comprehensive and third-party liability policies.
The comprehensive policy covers the damage to the bike in case of an accident, while the third-party liability policy covers the damages caused to a third party. Therefore, the premium amount for a comprehensive policy is usually higher than for a third-party liability policy.
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Add-ons
Insurers also offer add-ons such as personal accident cover, waiver of depreciation, etc., increasing the premium amount.
Thus, it can be seen that several factors determine the two-wheeler insurance premium. Therefore, it is essential to understand these factors to select the right policy and get the best value for money.
How to save on bike insurance premium?
There are a few ways in which one can save on the acko bike insurance
- Buy a policy that offers comprehensive coverage that provides the best two wheeler insurance. This will protect against all types of risks, including theft, damage, and third-party liability.
- Choose an insurance company that offers good discounts like Bajaj Finance.
- Install safety features on the bike, such as a theft-deterrent system or a GPS tracking device.
- Pay the premium in full for the year rather than monthly or quarterly.
By following these tips, one can save a good amount of money on the acko bike insurance premium.
Reasons to choose two-wheeler Insurance from Bajaj Finance?
There are several reasons to choose Two-wheeler Insurance from Bajaj Finance. Some of these reasons include
1) Convenience
When you buy two-wheeler Insurance from Bajaj Finance, you can be sure of a convenient and hassle-free experience. They make it easy for you to purchase insurance online, and we also offer a variety of payment options.
2) Comprehensive coverage
Bajaj Finance offers comprehensive coverage for your two-wheeler, including both third-party liability and own damage cover. This means you are fully protected in the event of an accident or other incident.
3) Fast claims settlement
Bajaj Finance understand that you need it to be settled quickly and smoothly when you make a claim. That’s why they have a dedicated team of claims professionals who work to get your claim processed as soon as possible.
4) Affordable prices
Bajaj Finance offers competitive rates on two-wheeler insurance, so you can be sure you’re getting the best value for your money.
5) Easy renewal
They make it easy for you to renew your two wheeler insurance online, so you can rest assured that your coverage is always up-to-date.
6) Wide range of options
They offer a wide range of two-wheeler Iisurance options, so you can find the policy that’s right for you.
7) 24/7 customer support
Bajaj Finance provides 24/7 support, with friendly and knowledgeable customer support staff available to answer your questions and help you through the process.
8) Trusted brand
It is a trusted brand with over two decades of experience in the insurance industry. We are committed to providing quality insurance products and services to our customers.
Summary
Bike insurance is a necessary evil that all bike owners need to have. However, there are ways to save money on the premium amount. By following the tips mentioned in this article, one can save a good amount of money on the two wheeler insurance online renewal.
Additionally, Acko bike insurance by Bajaj Finance offers the best two wheeler insurance at competitive rates and a variety of policy options, so you can find the policy that’s right for you.