Important Factors Comprising The Two Wheeler Insurance Calculator
Do you know what actually forms your two-wheeler insurance premium? Find out what comprises your two-wheeler insurance calculator to get the best deal. Read to
Do you know what actually forms your two-wheeler insurance premium? Find out what comprises your two-wheeler insurance calculator to get the best deal. Read to know more.
“Some hate algebra and geometry, but still love calculating money. But, then again there are some people like us, who say, Hello Maths, go buy your own calculator and solve the problems on your own.”
Likewise, you might think that calculating the insurance premium of your two-wheeler might be easy, but mind it, it is definitely not that easy as you like it to be.
We congratulate you for gifting yourself a brand new two-wheeler. And that, you also wish to buy a two-wheeler insurance because you very well know that riding your two-wheeler without a valid insurance on the Indian roads is a serious crime by law.
This all is fine. But understanding the factors comprising the two-wheeler insurance calculator is something we really need to look into.
What are the factors comprising the two-wheeler insurance premium calculator
To know how to calculate the two-wheeler insurance premium, it is firstly important for you to understand the key factors influencing the basic calculation.
- How is the condition of your two-wheeler?
The first thing that should strike your mind while you calculate the premium is the make and other related information of your bike.
The below features influence highly the two-wheeler premium calculation:
- Make, model and manufacturing year
- Fuel type
- Place of registration of the bike
- Accessories fitted and modifications done to the bike
- Current showroom value of the bike
- Miles covered by the bike
The two-wheeler insurance calculator is influenced by the age of the bike, cubic capacity of the engine etc. Higher the cubic capacity of the bike, higher would be the premium.
- What is your age, experience and profession?
If you feel no one is really interested about knowing your age, mind you! Every insurer keeps a ‘kadi nazar’ on your age, your riding experience and profession. Your gender too makes a difference. Because, female riders are safe riders than the male.
These are all risk factors that an insurer considers should to calculate the two-wheeler insurance premium. Let’s say, if you are a young male rider aged between 20-25 with a 5 year driving experience, you will be charged a lesser premium than someone with the same age group but an experience of only a year or two.
- Do you wish to enhance your two-wheeler insurance policy by opting for add-ons?
If you feel that add-ons are only for cars, then let me correct you!
Add-ons like Zero Depreciation cover would be a good add-on you should opt for. But, again don’t forget, your premium will increase drastically for the add-ons opted. So, be wise while selecting the add-ons. Choose only what is required.
- Have you opted for a comprehensive coverage?
We know that you know that the third-party two-wheeler insurance is mandatory by law and yes it is cheaper compared to comprehensive coverage. This is one of the key factors affecting the two-wheeler insurance calculator. Because, had you to opt for a Comprehensive policy, your insurance premium would shoot up. Higher the coverage, higher would be the premium.
It makes good sense to pay a little extra that will cover you and your beloved bike sufficiently. Therefore, it is recommended you go an extra mile and opt for a comprehensive two-wheeler insurance plan.
- Did you increase your voluntary deductible?
Voluntary deductible is an amount paid by the insurer during an event of a claim. Opting for a higher deductible would reduce the insurance premium thereby affecting the two-wheeler insurance premium calculator. Higher the deductible, lower would be the premium.
Now, that you know the factors affecting the two-wheeler insurance premium, you can calculate the annual cost on your own.
- Did you have a claim-free year?
No claim bonus (NCB) is nothing but a reward the insurance company gives you for being a safe and responsible driver. This NCB ranges from 20% to 50% for every claim-free year. This being an important factor, decides the two-wheeler insurance calculator.
- Have you fitted an anti-theft device in your two-wheeler?
The insurance company will have to give you a discount in your premium, if your bike is fitted with ARAI approved anti-theft device. The discount of 2.5% would definitely make a difference in your bike insurance premium.
Now that you have a better understanding of how a two-wheeler insurance calculator works, go take it for a spin. Stay insured.”