How to Calculate Two Wheeler Insurance Premium in India

People may not understand the bond you have with your bike. She is your pride and joy. (Not to mention a huge investment.) She is also reliable, always available and well, beautiful! So isn’t it important to make sure it is insured?

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How to get your two-wheeler insured

Getting an insurance for your two-wheeler is just the smart and responsible thing to do because it secures your monetary investment. It’s not just about getting AN insurance for your two-wheeler, it’s about getting the RIGHT insurance for your prized possession. One must do their homework when deciding which insurance policies to go with; because there are several out there, each meeting different requirements. If you think you need some advice, talk to dealers and friends who have bikes.

Importance of two-wheeler insurance

It is quick and easy process to get yourself a two-wheeler insurance. The best reason to go for insurance is that when and if you need to take your two-wheeler to the garage, you can do cashless settlement. Many insurance programs will have tie-ups with several garages. If you have any third party property damage or third party physical injury, your insurance will cover it. You can also get instant claims assistance as well as 24-hour support. Generally, all two-wheeler insurance policies are issued for twelve months. You must make sure to renew your policy before the expiration date to avoid break in insurance. Most insurance providers allow you to .

In India, it is compulsory to get vehicle insurance. So, really, you have no way around it. Many dealers of two-wheelers, offer insurance along with your two-wheeler purchase. Your insurance should provide sufficient cover for any damage your two-wheeler will go through including loss or damage from natural calamities such as fire, earthquake, flood etc and loss or damage from other risks like burglary, riot, and accident by external means etc. Third party legal liability provides protection against legal liability arising out of an injury or death of a third party and property damage of the third party due to accident of your own vehicle.

Two-wheeler insurance premium calculation

Online insurance policy is a good option because you don’t need a middleman, it’s quicker, there is less paperwork and is generally the cheaper option. You can compare two-wheeler insurance premium rates online, either by visiting various insurance providers’ websites separately or checking out the rates on insurance aggregators websites.

Make sure you use an online two-wheeler insurance premium calculator when you are making your decision because it will help you evaluate your requirements and provide you with options most suitable for your specific case. There are plenty of online calculators available for free. Simply fill in some basic details about your two-wheeler, like the IDV of the vehicle, Cubic capacity of the vehicle, Zone of registration and the Age of vehicle to calculate the premium amount. IDV is the amount you are assured to receive from the insurer in case of any damage, theft etc. It is calculated by reducing the depreciation from the manufacturer’s listed selling price. IDV does not include the registration and insurance cost. Use this amount calculated online to pay using your credit card or net payment.

Factors Affecting Two-Wheeler Insurance Premium

The premium to be paid on a two-wheeler insurance depends on several factors. Some of which are explained below:

  1. Type of Insurance Policy:

    The kind of insurance policy that you select is an important determinant of the premium on your insurance. The premium for a basic third-party motor insurance is lesser than that of a comprehensive motor insurance policy. This likewise in light of the fact that an outsider protection approach offers a restricted security when contrasted with a far reaching protection strategy.

  2. Two-Wheeler Type And Performance Delivered:

    The cost of your motor insurance relies upon the kind of your vehicle to a great degree. The model of the vehicle, the city in India where the vehicle is enlisted, and the frills installed in the vehicle also determine the premium of the insurance. The Cubic Capacity (CC) of your vehicle likewise influences the sum of premium. The premium for sports bikes and superbikes that deliver higher performance are charged high compared to commuter vehicles.

  3. Additional Insurance Covers Opted:

    You may pick one or more additional insurance covers to upgrade the coverage of your insurance policy. A few examples are co-passenger accident cover, nil-devaluation cover, cover for accessories and more. These add-on covers can be availed on the payment of additional cost which eventually increase the amount of premium.

  4. No Claim Bonus (NCB):

    NCB in basic words is a reward that insurance agencies offer to the policyholders for not making claims on their insurance policy amid the former year. It is a sort of motivation for the riders for their safe riding practices. A No Claim Bonus lessens your protection premium up to half in view of the total number of claim-free years.

  5. Voluntary Excess:

    If a harm or misfortune is caused to the vehicle because of any unpredictable situation, there is a certain amount of claim that the insured must pay from their own pockets. If the policyholder chooses to contribute more from their pockets in times of a claim, the premium value on their insurance will come down. This is called voluntary excess.

  6. Discounts Offered By Insurance Providers:

    With increased competition in the insurance industry, the insurance agencies nowadays are offering several types rebates and discounts. For example, a person may choose to buy a multi-year insurance policy for a period up to three years which will help him save on their insurance premium.

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