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What Is A Two-Wheeler Insurance Premium Calculator?
A two-wheeler insurance premium calculator helps you to calculate and figure out the insurance premium for a two-wheeler insurance plan. This tool considers various details of your two-wheeler such as the make, model, RTO details, Insured Declared Value (IDV) and provides you with the premium quote in an instant.
Benefits Of A Two-Wheeler Insurance Calculator
- A two-wheeler insurance calculator provides the premium quote for a two-wheeler insurance plan instantly and thus helps you save time.
- This tool helps you compare the premium rates and the coverage offered by different insurers and thus help you choose the plan which best suits your requirement.
- It is a flexible tool and does not rush you into making any decision. Your choice remains unaffected as there is no external influence of an agent.
How to Use a Two-Wheeler Insurance Premium Calculator?
The technique of calculating the premium for two-wheeler insurance may vary from one insurer to another.
Nonetheless, the type of premium calculators can be divided into two categories - one for new two-wheelers and other for used two-wheelers. To calculate the premium quote for your two-wheeler insurance plan, all you need to do is to enter a bunch of important details of your two-wheeler and you are done!
Required two-wheeler details for calculating the premium of an insurance plan for a new two-wheeler:
- Name of manufacturer
- Year of manufacture
- Model of the two-wheeler
- Variant of the two-wheeler
- Registration state and city of the two-wheeler
The two-wheeler premium calculator will calculate the premium amount that you will have to pay for your two-wheeler insurance and will help you in choosing the right insurance.
Essential two-wheeler details to calculate the premium of an insurance plan for a old/used two-wheeler:
- Make, model and variant of two-wheeler
- Fuel type
- Current two-wheeler insurance policy details (if any)
- Two-wheeler’s registration state and city
- No-claim Bonus (NCB) or past claim file reports and details (if any)
After entering the details, the two-wheeler premium calculator will provide the estimated amount of premium for your two-wheeler insurance plan. Then you can choose the most suitable option for yourself.
Factors Which Determine Two-Wheeler Insurance Premium
- Two-wheeler owner’s age: As per the track records, it is assumed that two-wheeler riders below the age of 25 are more prone to get involved in an accident or other mishap than the riders above the age of 25. Therefore, riders aged between 18 to 25 years have to pay a relatively higher premium for their two-wheeler insurance than others.
- The fuel type required to run the two-wheeler: Two-wheelers with CNG (Compressed Natural Gas) are required to pay a relatively higher premium for a motor insurance plan than the two-wheelers which run on petrol or diesel.
- Geographical location: The insurers consider the location where the insured’s two-wheeler will be driven mostly, as a determining factor of the premium. For instance, riders in locations with higher traffic tendency and high risk such as metro cities are charged a relatively higher premium than those riding their two-wheelers in areas with lower traffic and low risk.
- Insured Declared Value (IDV): The maximum amount that an insurance provider pays to the insured’s two-wheeler owner in case of theft or constructive total loss is called the Insured Declared Value. The IDV may vary from one policyholder to another as per the brand, model, manufacturer’s selling price, RTO details etc. A high IDV will result in a high premium.
- Another factor that affects the own-damage premium of a two-wheeler insurance plan is the vehicle’s cubic capacity. A relatively higher premium is charged for a two-wheeler with a greater cubic capacity than a lower one.
- The premium of a two-wheeler insurance plan is also affected by the make, model and variant of the two-wheeler.
- Two-wheeler’s manufacturing year: The IDV values of a new two-wheeler is higher than the IDV of an old two-wheeler. Therefore, the premium for a new two-wheeler is higher than an old two-wheeler.
- No Claim Bonus (NCB): No Claim Bonus is the discount which a policyholder receives for not making even a single claim during the two-wheeler’s previous insurance policy.
- ARAI Anti-theft discount: Vehicles that have ARAI (Automotive Research Association of India) approved anti-theft devices fitted are entitled to get 2.5% off on the premium of their insurance plan.
Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
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Great support from insurancedekho.com
Simple and fast
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Thanks to your executive
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Policy issuance time is reduced and it was done was swiftly.
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