What Are the Different Factors That Have an Impact on the Premium of Your Two Wheeler Insurance Policy?

With a large number of new two-wheelers and riders being introduced to the roads, it is important for all vehicle owners to use their vehicles more efficiently and responsibly. This is where two-wheeler insurance comes into play. It is a very important factor in owning a two-wheeler. Most importantly, it is a must-have for any bike owner in the country. The reason behind this is easy to understand. Two-wheeler insurance provides protection against damage to your vehicle in the event of an accident. Repairs for any damage caused while riding can be claimed through bike insurance. The insurance policy’s third-party coverage will take care of the damage caused to the third party involved in the accident. Thanks to this, you do not have to pay for the damage that they have incurred as a result of an accident. Insurance companies also protect two-wheeler owners from the effects of floods, fires, and riots.

But how do you get an insurance policy that offers you all these benefits? You will have to pay an annual premium fee to get this protection. The amount you pay for this premium varies from person to person. It is largely determined by the following factors.

  • Two-wheeler type

Each different part of your two-wheeler tells you how much premium you need to pay. Most insurance providers consider the make and model of the vehicle, the capacity of the engine, any accessories attached to the bike, the location of its registration, and the mileage. If your insurance provider’s process is transparent enough, there will be no surprise charges or sudden hikes in premiums. You will likely know how much you are paying and why. If you still need more clarity, you can use a two wheeler insurance premium calculator. *

  • Vehicle value

The make and model of the vehicle also have an integral role here. Bikes belonging to a brand that makes a particular type of motorcycle may demand a higher premium than bikes from other brands. Ideally, your insurance company should give you some input on how the brand of your motorcycle will affect your premium. *

  • Gap in renewal

If you fail to renew your insurance policy before the expiration date, you may need to purchase a new policy with different terms. It will cost the owners more than they would have spent on the renewal of the policy. Renewal can be done online without any hassles, and depending on your insurance provider, you will likely get regular reminders to renew your policy. *

  • Vehicle age

Vehicle age plays a big role in how much premium you pay for your two-wheeler. No matter how tough and well-maintained your bike is, it can malfunction and become unusable after a while. This increases the premium as the risk to the insurance company is higher. Hence, you should pick an insurance provider that has a fair valuation process and offers an affordable bike insurance price. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.