How To Calculate Two Wheeler Insurance Premium In India
28 May 2019
Two-wheeler insurance is the perfect solution to meet exceptional costs that may arise due to damages caused to the motorcycle. Moreover, in India, it is mandatory to get your bike insured, so it is wise to get the best insurance policy. Getting an insurance for your two-wheeler is quite easy however to get the right fit for your requirements and your bike, needs some brainstorming. There are several policies out there, each meeting different requirements. While buying two-wheeler insurance, most of us keep an eye on the premium amount when comparing policies. Seeing that figure jump with each passing renewal is enough to stress out even the most hardened budgeter.
If you think you need some advice, talk to dealers and friends who have bikes. 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.
Importance Of Two Wheeler Insurance
The best reason to go for insurance is that when you need to take your two-wheeler to the garage, you can do a cashless settlement. This makes it easier to cover property damages caused through third party physical injury your insurance will cover it. You must make sure to renew your policy before the expiration date to avoid break in insurance. In India, it is compulsory to get bike insurance.
Apart from this your vehicle is protected against damages incurred due to unforeseen situations like theft, personal accident, third party liability and many more. Investing in an all-encompassing two wheeler insurance policy is definitely worth it.
An online bike insurance premium calculator helps you in making your decision because it will help you evaluate your requirements and provide you with options most suitable for your specific case. Getting the right insurance for your bike is as significant as buying the right two-wheeler for riding.
Types of two wheeler insurance
Liability only two wheeler insurance
Comprehensive two wheeler insurance
Liability only two wheeler insurance: A third party two wheeler insurance policy that protects the rider against any damages caused to a third party and financially protects the insured from accidental expenses incurred by the third party. In India, it is mandatory to have a third party two-wheeler insurance when riding a two-wheeler.
Comprehensive two wheeler insurance: This policy covers everything included in a liability only policy besides additional coverage of any loss or damage caused to a two-wheeler on account of natural calamities such as fire, flood, lightning, earthquakes, etc. or man-made calamities like burglary, theft, riot, strike, malicious acts, and terrorist activity. The policy also covers accident by external means, and damage during travel by air, rail, road, water. The premium for this policy is comparatively higher than the third party insurance policy. Depending on your requirements, either one of the policies can be chosen.
Two Wheeler Insurance Premium Calculation
The basis of a calculation of this nature is a matter of knowing what factors are the key influencers when it comes to the actual part of calculating. There are countless car insurance plans in the market at various premium costs and providing different benefits. And while you are spoilt for choice, you have to somehow figure out the most suitable plan for you among all these choices. By simply going through the requirements you can go for the plan that works for you. To get the best out your two wheeler insurance, make sure you compare all available policies in the market to clinch the best policy. Also, enquire about the conditions that affect the premium price with your insurer before selecting a bike insurance policy.
How to use Two-Wheeler Insurance Premium Calculator?
First, you need to visit the official website of Bajaj Allianz and select the two-wheeler insurance premium calculator. You can select the calculation on the basis of new premium payment or renewal. Next, fill up the requested details mentioned below and then click ‘calculate’.
KYC - Name, mobile number and email ID
Model, type, class and bike manufacturer
City and date of registration.
IDV in insurance is the cost you will receive from your insurer in the event of any damage, theft etc.
Factors Affecting Two Wheeler Insurance Premium
Types of Insurance:
The type of insurance cover being sought is a major factor that influences the final premium amount. 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 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 has a direct influence on 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 and 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. Choosing the add-on covers carefully to ensure you only pay for what you need is a good way to lower your premium ceiling. So even with additional requirements, do be wise in choosing only the necessary covers. The zero depreciation cover being 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 and the maximum without breaking the bank when it comes to premium payments.
Other Related Factors
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. Rider related factors are used to determine the insurance premium quote based on risk. A middle aged rider with tons of riding experience will have a better premium than a young rider with less experience.
So now that you know how to calculate your two wheeler insurance premium, you can get an exact quote of your bike insurance policy online. Buying two wheeler insurance on Finserv MARKETS is a simple and easy process. With bike insurance, enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and a lot more. To buy or know more about bike insurance renewal, visit Finserv MARKETS.
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