Your bike’s cubic capacity can directly impact its insurance premium, here’s all you need to know
Your bike’s cubic capacity can directly impact its insurance premium, here’s all you need to know 02nd January 2023
Manufacturing date, location, vehicle model, claims history with add-ons, and optional deductibles are a few variables that could impact your bike insurance. However, some other aspects could also influence the cost of insurance.
An essential factor in calculating the insurance premium is the two-wheeler's cubic capacity (cc), also known as its engine capacity. Continue reading to learn how your bike's cubic capacity affects its insurance cost.
What is the cubic capacity of a bike?
The capacity of your bike's engine is measured by its cc i.e., cubic capacity. A bike's engine size is essential since it affects how much power it can produce. A two-wheeler is thought to be stronger if its chamber is larger. Similar to how a four-wheeler vehicle's engine capacity is expressed in litres, a bike's capacity is understood similarly.
Bikes with higher cubic capacity come equipped with large cylinders that can produce extensive power output from the engine. This results in low fuel efficiency as more consumption is observed to drive more engine power output per stroke.
Bikes with higher cubic capacities are expensive. This is because intense mechanical fitness and build are required for the bike to withstand tremendous torque and power. Higher cc bikes have premium quality brake pads, comfortable suspension, and excellent exhaust that can easily overcome the wear and tear that might result from high-speed riding.
What effect does your bike's cubic capacity have on policy premiums?
Your bike's engine power is critical in the premium fixing process. The engine's cubic capacity affects the cost of your motorcycle insurance. A 75 cc bike would be less expensive to insure than a 220 cc bike. Take proper care of your bike's engine to guarantee that it operates smoothly.
Higher cc bikes would cost more to insure because your insurance rate directly correlates to your engine's cubic capacity (cc). When determining the third-party insurance rate, the IRDAI primarily considers the cc of your bike.
A bike's cc majorly determines the on-road cost of the bike. Low-cc bikes are less expensive than high-cc ones. The insurance premium for expensive bikes is more, considering their superior build quality and use of costly parts.
Other elements that affect the insurance premium for bikes with the higher cubic capacity.
Here are the various factors that influence the premium of the higher cubic capacity bikes:
● Geographic location: Compared to Tier II cities or rural areas, the premium is more significant if you stay in a metropolitan metropolis. Compared to non-metro regions, urban areas have a higher risk factor.
● Year of production: The age of the vehicle directly affects the insured amount. The insurance sum will decrease as time goes on since the bike loses value.
● Make and model of the bike: Premiums for high-end/premium bikes are higher; premiums for entry-level bikes are lower.
● Add-ons: In return for a more premium for bikes with higher cubic capacity, add-ons safeguard you against situations that aren't covered by the basic program.
● Installation of security measures: Lowering the danger of theft and the likelihood of damage by installing anti-theft devices or other security measures reduces the insurance price. By installing security devices, you can get a reduction in insurance premiums for bikes with higher cubic capacity.
Every bike driven on the road must be covered by third-party insurance. Therefore, in addition to looking at the bike's qualities before buying one, you should also consider getting bike insurance. Shop around to buy motor insurance online that best suits your needs and expectations. You can reduce the cost of two-wheeler insurance while maintaining adequate coverage if you heed the above suggestions.
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Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.