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Royal Enfield Classic 500 Overview

The Classic 500 is the bigger and more powerful Classic 350. But make no mistake, the Classic 500 has a few tricks up its sleeves. Buyers will be pleasantly surprised with the direct ignition 500cc engine that produces 43Bhp. Other added features include read disk brakes and a rear monoshock suspension for extra stability. If you are looking to reminisce about the good old days with a ride down the highway, the Classic 500 is the most stylish yet powerful way to do just that. 

Other Popular Royal Enfield Models

Popular Royal Enfield BS6 Models available for sale in 2021. 

Popular Models

Ex-Showroom Price

Royal Enfield Classic 350


Royal Enfield Bullet 350


Royal Enfield Himalayan


Royal Enfield Thunderbird 350X

Price: Rs.1,64,004

Royal Enfield Interceptor 650


Royal Enfield Classic 500


Royal Enfield Continental GT 650


Why Insure Your Royal Enfield Classic 500?

To legally ride a Royal Enfield Classic 500 motorcycle on Indian highways, you must obtain a minimum of third-party insurance. According to the Indian Motor Tariff, having this type of bike insurance is mandatory. If you don't, you'll be fined Rs. 2,000 and could face a three-month jail sentence. Royal Enfield Classic 500 insurance protects you from third-party obligations such as physical injury or death. As a result, make sure you purchase your Royal Enfield Classic 500 insurance and renew it before the end of its expiry.

Types of Royal Enfield Classic 500 Bike Insurance Plans

The premiums for the Royal Enfield Classic 500 vary according to the type of insurance you choose. There are two kinds of insurance plans for the Classic 500. Both of them are described below in detail:

1. Third-Party Insurance -

According to the law, availing of third-party insurance for your bike is mandatory. Under this insurance plan, the entire liabilities of third-party are being covered. If any damage/loss is caused to the third-party property or person, the compensation will be provided by your insurer. As in the case of third-party, the coverage amount is limited. Therefore, the charges of premium are affordable and less expensive.

2. Comprehensive Insurance -

Insurance plan for your bike becomes useful, especially if the plan is covering your precious possession. For the security of your bike in situations like accidents, loss, or theft due to natural disasters or man-made, you must opt for the comprehensive insurance policy. It covers all the liabilities of third-party if your bike encounters any mishap.

Royal Enfield Classic 500 Insurance Price

Classic 500 Variant

Insurance Price

IClassic 500 STD

Rs. 17,635

Classic 500 ABS

Rs. 17,935

Classic 500 Squadron Blue Rs. 17,935

Why Choose Bajaj Markets for Royal Enfield Classic 500 Bike Insurance

There are several bike insurance plans available on Bajaj Markets with different features and benefits. Here are some of the advantages of buying insurance for your Classic 500 from Bajaj Markets:

  • Hassle-free claim settlement can be enjoyed by those who buy two-wheeler insurance with Bajaj Markets. The process is cashless and claims can be settled without paying in cash at any of the network garages in the country.
  • Customers enjoy 24x7 round the clock assistance for any queries related to their bike insurance.
  • Plans with Bajaj Markets offer a number of add-on covers such as the zero-depreciation cover, personal accident cover, round-the-clock spot assistance and return to the invoice.

Inclusions in Royal Enfield Classic 500 Insurance

Before you choose an insurance cover, it is important to understand what is covered under the plan and what is excluded. Here are some of the inclusions for the Royal Enfield Classic 500 insurance—

1. Third-party liability: Any damages caused by a third party to your motorcycle will be covered under a bike insurance cover from Bajaj Markets. Such damages could occur because of accidents.

2. Accidental damage: You can protect your Classic 500 with a two-wheeler cover that includes coverage for damages that take place because of accidents.

3. Damage caused by calamities: Damages caused to your motorcycle because of natural or man-made calamities such as a fire, cyclone, earthquake or others will be covered by this insurance plan.

4. Repair and replacement: The replacement of your vehicle or any repairs that would be necessitated after an accident are covered by the insurance policy.

5. Personal injuries: Any injuries caused to the owner of the bike and policyholders are also covered under this insurance policy. Costs of treatment and hospitalization after an injury takes place are covered under the insurance policy.

Exclusions in Royal Enfield Classic 500 Insurance

As per the policy documents and insurance details, below is the list of what’s not at all covered in the Royal Enfield Classic 500 insurance policy:

  • Wear and tear of sub-components
  • Tyre Damage
  • Accident while the driver was under the influence of liquor or other illicit substances.
  • Any illegal activity conducted in the vehicle.
  • Driver doesn’t possess a driving license.

Add-On Covers for Your Royal Enfield Classic 500 Bike

You can buy any of the following add-on covers for your Royal Enfield Classic 500 for extra protection:

  • Engine Protection: Any damage to the engine of a Classic 500 is covered in this add-on.

  • Roadside Assistance: Towing facility is provided in case the engine breaks down while you are in the middle of a journey.

  • Zero Depreciation Cover: As soon a vehicle hits the road its cost decreases and over time, the market value depreciates further. Zero depreciation cover doesn’t factor in this decline and considers the billed value of the bike for the purpose of insurance.

  • No Claim Bonus: If you haven't filed any claim for the entire term of the policy, you will be eligible for a certain discount on the premium.

How To Apply For Royal Enfield Classic 500 Bike Insurance Online

The process of applying for Royal Enfield Classic 500 insurance is a simple process. All you have to do is follow these 4 steps to easily apply for bike insurance online.

  • Navigate to the motorcycle insurance provider website such as Bajaj Markets.

  • Click on the motorcycle insurance option. Then, enter your bike registration number and your contact number.

  • The next step is to enter your personal details and pick the type of coverage you want.

  • Finally, complete paying the insurance price through any mode of payment. Once you pay the premium, you will have an active bike insurance policy.

How to Renew Royal Enfield Classic 500 Insurance

On Bajaj Markets, renewing your Classic 500’s bike insurance is a simple process as stated below:

1. Go to the Bajaj Markets website

2. Navigate through Insurance -> Motor insurance -> Bike insurance and click on the ‘Get Quote’ button displayed on the body of the page.

3. Enter your Classic 500 Bike’s registration number, mobile number, and previous policy details.

4. Check your renewal premium and append any necessary policy add-ons to see the revised Classic 500 insurance cost.

5. Now, pay the insurance price reflected on your screen through online mode and complete the payment.

6. Once the payment is finished, you can now download your policy document.

Royal Enfield Classic 500 Insurance Claim Process

Classic 500 insurance provides comprehensive coverage in the event of an accident or theft. While purchasing car insurance is the first step toward financial security, understanding how claims are filed is the second.

Royal Enfield vehicle insurance claims are often divided into two categories:

  • Claim Cashless Car Insurance for Classic 500

With cashless claims, you can get your car fixed at a network garage if it has been damaged in an accident. The garage will be paid immediately by the insurer for any expenses incurred.

  • Claim Reimbursement for Classic 500

In the event of a reimbursement claim, you can have your automobile repaired at your favorite garage, pay for the costs, and then file a claim with your insurance company. The settlement amount is transferred to your bank account once your claim is approved (minus the deductible, if applicable).

Steps to Claim Classic 500 Insurance Online

Bajaj Markets' claim settlement process for Royal Enfield motorcycles is simple. Simply follow the instructions outlined below:

Process for Filing Cashless Claims for Classic 500

1. Register the claim and notify the insurance company. You can reach them by calling their toll-free number or visiting their website.

2. Repair your car at a network garage near you.

3. All required documentation must be submitted.

4. Your insurance will settle the claim directly with the network garage once the documentation has been validated.

Process for Filing Reimbursement Claims for Classic 500

1. Notify your insurance company of the damage.

2. In the event of third-party vehicle damage or theft, file a FIR and send a copy of it along with additional documentation.

3. Repair the car at your own expense at a garage of your choice.

4. Send the original bills as well as the payment receipt to your insurer

5. The insurance will refund you for the claim amount once the documents have been confirmed.

Documents Required for Classic 500 Insurance Claim

Here is the paperwork you'll need to file a claim for your Classic 500 insurance:

  1. Documentation for Classic 500 insurance

  2. Details about Classic 500

  3. Details about the insurer

  4. In the event of theft, the details of the incident FIR copy

  5. Original bills and receipts for repairs to the vehicle.

Check Out Bike Insurance Plans Available at Bajaj Markets

FAQs on Royal Enfield Classic 500 Insurance

What is the price of Classic 500 cc?

The price of Royal Enfield Classic 500 starts at Rs. 2,02,046.

What is the mileage for the Royal Enfield Classic 500?

The city mileage for the Royal Enfield Bullet is 28.46kmpl, while the highway mileage is around 35.93kmpl.

How can I renew my Royal Enfield insurance?

All you have to do is fill in your Royal Enfield's Registration number and your mobile number and generate a quote online.

Can my insurance for Royal Enfield Classic 500 be customized?

Yes. When you choose Bajaj Markets as your insurance provider, you get the benefit of multiple add-ons to customize your insurance. 

How can I cover my Royal Enfield Classic 500 from road accidents?

When you opt for comprehensive two-wheeler insurance, you are covered against damages caused to your bike as well as a third party arising from a road accident. 

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