As always, welcome to this blog of yours. Friends, in the previous post we learned, why should I buy car insurance 2022? Today we will know what is the best bike insurance price list. So let's know.
Bike insurance not only helps you recover from financial and physical troubles in the event of an accident, but it also saves you from various mental and legal troubles.
We have given detailed information about the benefits of bike insurance in the previous article. In this article, we will give information about the price of bike insurance (Bike Insurance Price List 2022).
What is Bike Insurance Price List 2022
Along with this, you will also get to know what factors affect the price of bike insurance.
Before talking about the cost of bike insurance, let us briefly introduce you to vehicle insurance. Actually, two types of insurance plans are offered to you while insuring a bike, car, or any type of motor vehicle.
Third Party Insurance Plans (including Compulsory Personal Accident Insurance)
Comprehensive insurance plans (automatically include third party insurance plans)
Legally mandated to have a third party insurance plan:
It is legally mandatory to have a third party insurance plan. That means you have to take it at all costs.
If a vehicle is caught without third party insurance, you can be fined up to Rs 2000 or jailed for 3 months. Or both sentences can be used together.
The advantage of taking third party insurance is that the insurance company pays compensation in case of injury or death to another person from your vehicle.
The insurance company also indemnifies the damage caused to any other vehicle or property.
With mandatory personal accident cover attached, you also get compensation of up to Rs 15 lakh in case of injury, disability, or death.
Comprehensive insurance is not mandatory, but more beneficial?
By taking comprehensive insurance, you not only get the benefit of third party insurance mentioned above, but also get the benefit of your own damage cover.
With this, the insurance company also compensates for the damage caused to your own vehicle.
Apart from this, there are a variety of addon insurance covers that you can combine with a comprehensive insurance policy.
The more additional insurance covers you add to your bike insurance, the higher your insurance premium.
Bike Insurance Price List 2022
As we have mentioned above that it is mandatory to have a third party insurance policy for any motor vehicle.
Its price is fixed by the government agency IRDAI (Insurance Regulatory and Development Authority of India).
Read Also: How to Get Best Car Insurance Online 2022
The cost of third party insurance varies according to the model and engine capacity of the vehicle. Here we are giving Third Party Insurance Price List 2022 for Bike, Scooter, Moped or Two Wheeler:
Engine capacity of bike or two wheeler Cost of Insurance
Bikes/two wheelers with capacity less than 75 cc Rs. 482'
75cc to 150cc bike/two wheeler Rs.752
Bikes/two wheelers in 150cc to 350cc capacity Rs.1,193'
Bikes/two wheelers with capacity above 350cc Rs 2,323
List of Prices announced by IRDAI as on 16th June 2019
Note: The above bike insurance price list is only for third party insurance, which is mandated by law. If you take out comprehensive insurance, or add other insurance features, the cost of the insurance policy goes up.
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