The premium for the 6th year came to INR 11,329, while last year’s premium was just INR ~7,006.
BHPian KarthikK recently shared this with other enthusiasts.
When the bike completed 5 years of age, it was time for the renewal of the insurance policy for the sixth year of ownership. I have stuck to Oriental Insurance once again. On account of a claim-free record in 5 years, they offered me a zero depreciation cover on the comprehensive policy for even the sixth year, something that very few insurance vendors offer for big bikes nowadays. Thanks to Oriental Insurance for that!
The zero depreciation cover itself was almost INR ~2000 more expensive for the sixth year compared to the fifth year, but this is hardly anything compared to being in a situation where some minor incident needs some body part replacements, all of which are atrociously priced for these bikes.
I was told that if there is no claim even in the sixth year, there will be one final chance to extend the zero depreciation cover even for the 7th year on a best-effort, goodwill basis next year, but after that there will be no more zero depreciation cover extension possible after 7 years of age get completed.
Anyway, with that information out of the way, the premium for the 6th year came to INR 11329, while last year’s premium was just INR ~7006. What caused this hike this year?
- One of course was the increase in zero depreciation cover charges.
- The second reason was that the vehicle is now 5 years old, which means the mandatory 5-year third-party cover bundled into the first year’s policy has now expired. The 6th year policy now contains the mandatory third-party cover which will be charged every year (now onwards) as a flat INR 2804 for bikes above 350cc.
This is how the Insurance premium story looks like over the past 5 years, with the 6th year premium added in along with year-wise IDV details.
If we have to take a look at the relative trend of the insurance premiums paid over the years, the 6th year has a substantial bump as explained above. This will again gradually flatten out when the IDV drops gradually and once the zero depreciation cover ends in another year or two.
That’s all I had for now. Until my next trip report, Thanks for reading!
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