How is Premium Determined for Two-Wheeler Vehicle Insurance Policies?
It is always more convenient to buy bike insurance online. While buying two-wheeler vehicle insurance online, you need to make bike insurance check all by yourself. To check between various bike insurances, you need to know certain factors that affect the insurance premium. The insurance premium may differ from one vehicle to another. It is wise to compare bike insurance online beforehand. The major decisive factors of bike insurance premium are:
Two-Wheeler Model – If the two-wheeler model is recent, high-tech and expensive, the premium you pay towards insurance of the two-wheeler will be higher. For regular models the insurance premiums are much lower than stylized new models of bike.
Choice of Deductibles – Firstly, you have to know what deductible is. It is a portion of money you need to pay out while claiming loss amount. This means, while making a claim, your insurance company does not pay out the entire claim amount. Check the bike insurance price list for this. A portion of money is paid by the policy proposer towards the claim. That portion of amount paid by the insured is called deductible. The higher amount of deductible you choose, lesser would be your insurance premium. If you choose to pay less deductible then your premium will increase.
NCB – NCB means no claim bonus. This is a kind of bonus you earn for every claimless years of your insurance term. The higher the NCB, the lower will beyour insurance premium at the time of next online bike insurance renewal. You can earn up to 50 percent discount by the end of 6th year of the policy term. This is the why it is wise not to claim insurance for minor damage and repairing of your two-wheeler.
Zero Depreciation – Choosing the right kind of add-on feature to your bike insurance coverage is also a vital factor in determining the insurance premium. Insurance companies could offer you a bunch of add-on facilities such as cash free medical cover, coverage to zero depreciation, personal accident coverage and so on. But adding all of them could hike your premium unnecessarily. You need to decide the most important coverage you could add-on and zero depreciation is one such important add-on feature you might add. This add-on could provide you the original value of the two-wheeler in case you lose your vehicle during an accident. This helps in checking the depreciation of the vehicle’s value.
Two-Wheeler’s Condition – The age of the two-wheeler, fuel type, the zone of registration, cubic capacity of the engine, etc. are also vital in determining the premium amount of the insurance policy. you need to pay out higher premiums towards your insurance if:
Discount on Anti-Theft Device – Insurance companies provide a moderate amount of discount if your two-wheeler has devices like anti-theft, GPS system, safety lock for gears and so on. You can avail a good amount of discount on your premium for two-wheeler insurance if you have installed any of these devices in your bike. You just need to intimate your insurance company about the device and ensure that the anti-theft instrument is endorsed by ARAI (Automotive Research Association of India).
All the above factors could affect the premium of insurance policy. So, while buying two-wheeler insurance online at IFFCO Tokio, you need to take care of all the above mentioned factors. Once you have clear idea about these factors and get to check bike insurances via online insurance calculator, you really do not need any insurance agent for getting new bike insurance.