A two-wheeler can be a lot more comfortable for wading through traffic-congested Indian roads than a four-wheeler. In addition, two-wheelers are cost-effective and easier to maintain. They provide superior fuel efficiency and are often more affordable than four-wheeler vehicles. However, you don’t purchase a bike every day. Therefore, make sure to invest enough time and research in finding a bike that matches your taste, meets your needs, and fits into your budget. Also, buy third-party insurance for bike, as it is a mandatory requirement in India. It is illegal to ride or drive a vehicle on Indian roads without a valid motor insurance policy.
Before getting insurance for your new bike, you should compare bike insurance policies to find a policy that meets your expectations. With so many options available in the market, choosing one policy for your bike might be difficult. So, here are some crucial pointers to remember when buying a two-wheeler.
Points to consider while buying the bike
- New or used bike
First, decide whether you want a new bike or a second-hand bike as that would cost less. Each has benefits of its own. New motorcycles come with a factory guarantee, the latest features, and technologically advanced systems. Additionally, they are eligible for special financing, and spare parts and after-sales support are often easily accessible. However, they cost more than used motorcycles, and insurance for bike can cost more.
Meanwhile, second-hand motorcycles are fantastic if you are new to riding bikes. However, finding replacement components could be more challenging for outdated models. Also, it is not always clear how well the motorbike was cared for by its former owner.
Several factors play out when choosing the perfect insurance for a bike. Remember, your bike’s age is one of the factors that determine the insurance premium amount. When you compare bike insurance online, the aggregator website will ask you to input your bike’s age before revealing coverage quotes.
- Body of the bike
There are different types of bikes such as scooters, cruiser bikes, and off-road bikes, among others, to meet different riding requirements. Cruiser bikes are excellent for those who like comfortable and leisurely rides. These bikes are as comfy as a couch and make lengthy passages seem easy. Sport bikes, on the other hand, are made for riders who enjoy the adrenaline rush that comes with competitive cycling.
The bike’s model and manufacturer are among the important factors affecting the cost of insurance for bike. Insurance safeguards your bike’s value and protects you from losses. Therefore, your insurance premium will be less expensive if you own a budget bike. However, you will have to pay a higher premium if you possess an expensive sports bike.
- Engine capacity
You can choose from bikes ranging from 100cc to nearly 2000cc engine capacity, according to your needs as a rider. This component is indisputable since the size of your engine’s cylinder controls how much power it releases. In layperson’s terms, an engine’s displacement determines how much power it will create. This highlights the most essential inversely proportional theorem in the motorcycle industry. The less fuel efficient a bike is, the more power it can make. So, choose your top priority accordingly. Also, remember that the vehicle’s cubic capacity (cc) directly affects the premium cost of insurance for the bike. The premium payment amount increases with the cc.
Most new bikes come with a manufacturer’s warranty. Most manufacturer warranties last up to two years or 30,000 km from the date of purchase. Check the warranty duration and other additional assurances offered by the manufacturer at the time of bike purchase. Note, you will not get a warranty if you purchase a used bike.
When you purchase a bike, you have the option to accessorise it to meet your needs and taste. You may add several extras to your bike. Usually, the basic kit comes with a radiator cover, a headlight cover, a tank cover, and angular side panels. However, specific components may vary depending on the brand and kind of your bike. So, check ahead of time what accessories are appropriate for your bike.
However, keep in mind, when you change your bike’s components or add accessories to it, the cost of your insurance for the bike will go up. In addition, your premium amount will rise in direct proportion to the number of alterations you make to your bike. However, anti-theft gadgets may keep your bike safe from being stolen. In addition, you will get savings on premiums and bike insurance renewal costs as safety devices reduce the insurer’s risk or liability.
Insure your bike as soon as you purchase it. It will help if you follow the regulations. However, you must also confirm that the insurance meets your requirements. If you have insurance, you do not have to worry about repair costs or other losses in the event of a mishap. Additionally, your insurance company will compensate you if your bike is stolen.
In general, purchasing bike insurance gives you peace of mind. Insurance covers you financially in the event of an accident or if your bike gets stolen. Third-party insurance saves you from third-party liabilities. You can rest knowing you are safeguarded against any damages or repairs your bike may require. At the time of claim settlement, you must pay for the necessary deductibles and the optional excess only. Compare bike insurance online to get the best coverage for your bike as per your needs and budget.
Research before choosing your bike, and obtain the best deal for yourself. Considering the above-mentioned factors will help you make the right choice. After careful consideration, pick the bike that suits you in all ways. Also, get bike insurance along with the new bike so that your bike stays protected from the start.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.