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Two-wheelers are the fundamental of living indeed. They are the easiest and affordable motors to avoid public transport and reach your location in time and the vehicle which helps you to be in your comforts deserves the protection. The two-wheeler insurance provides your bike the financial protection against mishaps, accidents, theft & burglary, natural calamities and also protects third-party liabilities. It is mandatory to have two-wheeler insurance in India according to the motor act 1988.
Two-wheeler insurance is the agreement between the insurance company and the bike owner to provide financial protection against Man-Made and Natural calamities.
Types of two-wheeler insurance:
Comprehensive two-wheeler Insurance
It covers the damage expenses of two-wheelers and also the third-party liabilities. This type of two-wheeler insurance is suitable for luxury two-wheelers as it gets a burden to bear the expenses alone by the owner in case of accidents. Comprehensive two-wheeler Insurance also pays the hospitalization expenses of the vehicle owner as well as the third-party liability.
Third-Party Liability
This is the essential and mandatory insurance any vehicle must-have. It covers the expenses and damage that occurred to the third-party liability in case of damage, injuries, etc. In case of the accident caused by you, it covers the damage expenses for the one you caused damage but the damage of your two-wheeler will not be considered under this insurance.
What factors decide the premium of the vehicle?
While buying insurance for your two-wheeler, here are the factors that contribute to your premium:
Engine Capacity
The cubic capacity of the engine depends on the model of the vehicle and hence the cubic capacity is also the primary factor for the insurance premium.
Higher CC bikes like sports will have a higher premium as the purpose of the bike is prone to more risk factors and the parts of the high-end bikes costs more compared to the low-end bikes, hence lower the CC, lower the premium.
Volunteered installation of safety devices
If you are the person who voluntarily adopted some of the safety measures like safety gear locks, anti-theft devices, before thinking to buy the insurance, then it is an added advantage as there will be the consideration of all the safety measures adapted by the owner while calculating the premium.
Type of the insurance chosen
Third-party liability insurance is mandatory for the vehicle to be on the road. Apart from that if the comprehensive insurance policy is chosen, the premium will be based on the factors you tick right, to meet the expectations while buying the policy.
Other factors
Premium is also based on the place of the vehicle registered and the fuel type, current showroom price of the vehicle, and the miles covered and is also dependent on the add-on and its optimization like NCB-(No claim Bonus) Zero-Dep Cover( Zero-Depreciation Cover).
Age of the insured
The opinion of the insurance companies is such that, if the policy buyer is experienced in riding the bike, the vehicle is less prone to mishaps and so the premium considered will be less and it is comparatively high for the young and no-experience riders.
Type of the vehicle
The model of the vehicle is the primary factor that is considered while buying the two-wheeler insurance policy.
Age of the vehicle
Used two-wheeler or the brand new one, premium of the vehicle is dependent on the age or the number of days/years from the day the vehicle is purchased.
