How to Calculate Two Wheeler Insurance Premium

• Bike registration number

• Your contact details

• Date of birth

• Whether your bike is registered as a commercial vehicle or not

• Whether you have a bike insurance policy or not

Once the necessary details are filled in, click on the ‘Get Quote’ button. Proceed to provide details about your vehicle that includes:

• Make and model of the bike

• Fuel type

• Other vehicle-related information

Then, choose the type of bike insurance plan you wish to buy – third party bike insurance or comprehensive bike insurance. Provide a few personal details as requested, and you are done. Based on the information you’ve filled in; the tool will calculate and display the bike insurance premium on the screen.

• Type of Insurance

The type of insurance cover you pick is a major factor that impacts the final premium amount you pay. A comprehensive two wheeler insurance plan helps you stay covered against third party liability, loss or total damage of your insured vehicle caused by man-made and natural calamities, vandalism and theft, 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 the 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 vehicle age and other factors directly affect the premium amount. The higher the cubic capacity, the higher the premium amount payable.

• Add-on Covers for Two Wheelers

The number of add-on covers you choose to add to your existing premium will impact the amount you have to pay. While add-on covers protect you from incidents not covered by your regular policy, they come at a cost. It is important to select add-on covers carefully so as to ensure that you only pay for what you need. This way you can even lower your premium amount.

So, even with additional needs, choose the covers wisely. The zero depreciation cover is the most important one to consider, with relation to all two wheeler insurance add on plans. Comparing the policies available and reading the fine print for hidden charges are the best ways to ensure you get the best deal without breaking the bank when it comes to premium payments.

• Insured’s Age and Experience

The riding experience, age, and gender of the rider may also impact the premium amount. For instance, a male insured with nearly 5 years of experience in riding can get a lower premium over a male applicant with just a year’s worth of experience. Certain factors related to riders are used to determine the insurance premium quote where risk acts as a basis of the same. A middle-aged rider with tons of riding experience will have a better premium than a young rider with less experience.

• No Claim Bonus (NCB)

No Claim Bonus in bike insurance is a reward that you can avail on your insurance premium. By not raising any claims during the policy period, you can get a discount on the Own Damage component of comprehensive two wheeler insurance. The percentage of this reward keeps increasing by 5-10% for every claim-free year. Thus, if you haven’t filed any claims during this tenure, you might get a discounted premium rate!

• No Claim Bonus (NCB)

With the NCB, you can avail discounts on your bike insurance premiums at the time of renewal. As mentioned above, NCB is granted to policyholders that do not raise a single claim during the bike insurance tenure. It is like the insurer’s way of rewarding you for driving responsibly.

• Anti-Theft Devices

If you install anti-theft devices on your bike, especially if you stay in a theft-prone area, your insurer can regard you as a low-risk applicant. Based on the kind of anti-theft devices installed on your bike, the insurer will determine the premium amount accordingly.

• Voluntary Deductible

Voluntary deductible is a clause in your bike insurance plan with which you are liable to pay a certain percentage of the claim settlement from your pocket. So, if you opt for a higher voluntary deductible, your bike insurance premium will be lower and vice versa.

By now, you must have a good understanding of how to calculate the bike insurance premiums in India. We’re now discussing the types of bike insurance plans available at Bajaj Markets and the different add-ons you can choose.

• Online Bike Insurance

To get an affordable two wheeler insurance premium quote, it is recommended to buy the policy online. As there are no intermediaries involved in the process, you get a discounted premium rate. Furthermore, you can also compare various policies online, enabling you to get a lucrative premium quote.

• Long-Term Bike Insurance

Earlier, bike insurance plan came with a one year policy period and had to be renewed annually. However, you can now opt for long-term two wheeler insurance with a tenure of three years. Thus, you can avail continuous protection against risks and avoid the hassles of policy renewal. Moreover, long-term bike insurance provides a cost-effective premium rate and secures you from the rising cost of insurance plans every year.

• Bike Insurance Renewal

Ensure to renew your two wheeler insurance plan before expiry. This will eliminate any chances of policy lapse and also safeguard your No Claim Bonus. In case you forget the due date and miss the grace period, you shall end up losing the NCB. Moreover, your bike will require a new insurance plan, mandating a vehicle inspection, which can lead to an increased premium quote.

Further, a few worthy add-ons that you can purchase along with the comprehensive bike insurance plans include:

1. Zero Depreciation Cover

2. Engine Protection Cover

3. NCB Protection Cover

4. Consumables Cover

5. Return to Invoice Cover

6. Roadside Assistance Cover

You can read more about these add-on benefits by visiting Bajaj Markets.