Insurance is like a spare tyre. You may not require it, but not having one is not an option.

Factors Affecting Your Two Wheeler Insurance Premium

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Buying two wheeler insurance, besides being required by law, has a whole host of benefits. The biggest of these is providing cover in the event of an accident or untoward incident involving your precious two wheeler. Other advantages would depend on the type of cover you choose and range from providing protection from natural calamities to incidents like vandalism and theft.

When buying two wheeler insurance, most of us keep one eye on the premium amount when comparing policies. Seeing that figure jump with each passing renewal is enough to cause heartburn to even the most hardened budgeter. So what drives this increase and what complicated computations are behind that figure that provides protection to you and your bike/scooter? We’ve broken down the what’s and how’s that go into the calculation of a two wheeler insurance premium, making it a little easier for you to choose the policy that suits your requirements the best.

Type of Insurance Cover:

The type of insurance cover being sought is a major factor that influences the final premium amount. Two wheeler insurance can either be the mandated third party insurance (also known as liability only insurance) or comprehensive two wheeler insurance.

The liability only policy has lower premiums, but is a very bare bones policy, only covering damage to a third party or a third party’s property and does not cover any damage to the policyholder’s vehicle.

A comprehensive two wheeler insurance covers third party liability as well as damage or total loss of the insured vehicle due to man-made and natural calamities, theft and vandalism among others.

Depending on your requirements, either one of the policies can be chosen.

Type of Vehicle:

The type of vehicle you own also goes a long way in determining your premium amount. The make and model of the two wheeler, the place of registration, any accessories and modifications made to the vehicle and the mileage all play a role in determining the premium amount.

The cubic capacity (cc) of the vehicle has a direct influence on the premium amount. The higher the cc, the higher the premium amount payable.

Rider Particulars:

The age, riding experience and gender of the rider also affect the premium amount. Insurers value stability and security, resulting in a male applicant with around 5 years of riding experience getting a lower premium over a male applicant with just a year’s worth of experience.

Add-on Covers:

The number of add-on covers you choose to add to your existing premium will impact the premium you have to pay. While add-on covers protect you from incidents not covered by your regular policy, they come at a cost. Choosing the add-on covers carefully to ensure you only pay for what you need is a good way to lower your premium ceiling.

The above factors go a long way in determining your premium amount. Trimming down on unnecessary add-ons and ensuring you maintain a stable and clean riding record would result in an automatic reduction in the amount you would have to pay towards premium.

Comparing the policies available and reading the fine print for hidden charges are the best ways to ensure you get the best deal and the maximum benefit from your insurance policy without breaking the bank when it comes to premium payments.

Factors Affecting Two Wheeler Insurance Premium Reviews

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  • HDFC Ergo Two Wheeler Insurance
    "Cost effective policy"
    0.5 5.0/5 "Blown Away!"
    Recently i have been renewing the policy for quite number of year. The premium amount was Rs. 1800 per year. Due to low premium amount, i have selected this HDFC Ergo. I have not faced with this policy and currently no claim experience with this policy
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with United India insurance from last 1 year, a premium of Rs 1600 has to be paid for this insurance policy. There was no claim experience so far from this insurance policy. I am happy with the plan benefits and policy coverage of this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Smart Protection for bike"
    0.5 5.0/5 "Blown Away!"
    I have Access 125 bike for that I took policy in ICICI lombard, the premium amount is around Rs. 1800 its 2 years model. They gave me good insured value with third party cover, in Hyderabad the insurer got tie up with many service centers even they are providing no claim bonus.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 14, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Smart Protection for bike"
    0.5 5.0/5 "Blown Away!"
    For my Yamha zs bike, I have taken the bike insurance policy from ICICI Lombard. By paying the premium around Rs.1600 and they gave me the insured value around 32,000. It has the third party cover even it include for the loss , damage and other things.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • L and T Two Wheeler Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    L&T GENERAL INSURANCE gives me more benefits on the bike policy, the premium which I paid around Rs. 3500 for bike policy they gave me the IDV value around Rs.1.16 lakh. I have Yahama bike, there is no claim experience. I have been using this policy from the day one.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 14, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using Two wheeler insurance with BAJAJ ALLIANZ GENERAL INSURANCE for long time, the agent had explain me about there policy coverage,there benefits clearly, till now i have not use claim experience, there premium amount they have charged me was nominal, i am happy with there overall service.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 13, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler insurance from BAJAJ INSURANCE insurance for this. I made the payment for 1 year through the on-line banking . Customer service and response is average as they have explained the benefits of the policy . It has good policy coverage with good policy benefits.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • National Insurance Two Wheeler Insurance
    "Good Two wheeler insurance policy"
    0.5 4.0/5 "Great!"
    My two wheeler insurance policy was taken with National. When i purchase the bike, the dealer has provided the policy with National and I've been continuing the policy continuously for 9 years. I used to pay the premium amount of Rs. 1800 and they used to charge according to the bike model and year. I have not checked the coverage value.
    Was this review helpful? 1
    , new delhi
    Reviewed on Dec 13, 2018
  • New India Two Wheeler Insurance
    " Satisfactory policy for my bike"
    0.5 4.0/5 "Great!"
    I have friend working with New India Assurance, they generated the policy, they done things easier way, the premium is less than others, I have three years of policy the IDV value remains same. I have taken third party liability plan for my bike.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • New India Two Wheeler Insurance
    "Its Affordable"
    0.5 5.0/5 "Blown Away!"
    I believe New India assurance two wheeler policy premium is nominal for one year policy, but I don't have any claim. I have no much paper work hence I have taken the bike policy through dealer. They gave third party cover liability its good for me.
    Was this review helpful? 1
    , ludhiana
    Reviewed on Dec 13, 2018
  • HDFC Ergo Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have my two wheeler insured with HDFC ERGO from last 1 year, a premium of Rs 1000 has to be paid every year for this insurance policy. I have no claim experience so far with this insurance policy. I am happy with the plan benefits and policy coverage of this insurance.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 13, 2018
  • Reliance General Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a two wheeler insurance with Reliance general from last 1 year, i am not aware of the premium amount for this insurance policy. I did not claim anything so far with this insurance policy and the coverage value is good in this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My dealer has provided me a two wheeler insurance policy with ICICI Lombard when i purchase my bike. I have paid the premium amount of Rs. 2500. They have given me a 100% coverage and it covers for all the parts of the vehicle. Since the premium was high i was not continued with the same company and i had no claim experience with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 12, 2018
  • HDFC Ergo Two Wheeler Insurance
    "Fine and Good"
    0.5 5.0/5 "Blown Away!"
    I have purchased a two wheeler insurance with HDFC ergo. I have renewed the policy last month. Since the premium amount is very low, i have selected this HDFC Ergo. I have paid the premium amount of Rs. 2200. They have offered me a coverage value of Rs. 2 lakhs. The vehicle has covered upto 80%.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 12, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have not connected with the ICICI customer care service. I bought the policy in 2017. The dealer has provided me this policy when i purchase my bike. I have paid the premium amount of Rs. 5000. This policy has a coverage value of Rs. 50000. I have not claimed anything from this policy.
    Was this review helpful? 0
    , jodhpur
    Reviewed on Dec 12, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good policy for vehicle"
    0.5 4.0/5 "Great!"
    Within a second they have renewed the policy from Bajaj Allianz. There is no particular reason for choosing a bajaj Allianz and the branch is nearby my location. The premium amount of Rs. 2070 per year. I have not claimed anything in this policy. I never interacted with their customer care also.
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 11, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good Insurance for two wheeler protection"
    0.5 5.0/5 "Blown Away!"
    The two wheeler services with the Bajaj Allianz is good, the premium amount is nominal, I have paid the cost around Rs. 1900 for one year, I have first party insurance and personal accidental cover. But there is no claim bonus available with this insurer.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 11, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have my two wheeler insured with ICICI LOMBARD from last 1 year, a premium of Rs 3000 has to be paid for this insurance policy every year. There was no claim experience so far with this insurance policy. I am happy with the policy benefits and plan coverage of this policy.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 11, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with ICICI Lombard from last 1year and it is a good policy to use. I am happy with the policy benefits and plan coverage of this insurance. Rs 4000 has to be paid as an an insurance premium and i have no claim experience.
    Was this review helpful? 0
    , lucknow
    Reviewed on Dec 10, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler insurance is with ICICI LOMBARD from last 3 years, a premium of Rs 1900 has to be paid as an insurance policy. There was no claim experience so far with this insurance and the coverage value is good in this car insurance.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
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