When you buy a two-wheeler, regardless of whether it is a used or new vehicle, it is necessary to insure the vehicle with a two wheeler insurance policy. There are a number of general insurance companies in India that offer two wheeler insurance policies with attractive benefits. Two wheeler insurance policies are primarily of two types – third-party liability insurance and comprehensive/bundled/package two wheeler insurance. The premium charged for a two wheeler insurance policy will vary based on the coverage offered by the policy.
Before you purchase a two wheeler insurance policy, it is important to do your research about the features and benefits offered by the various types of two wheeler insurance policies. You should also compare the premiums quoted by different insurance companies. This will help you purchase a two wheeler insurance policy at an affordable rate.
You can calculate the premium charged for a two wheeler insurance policyusing the premium calculator tool, which is available on almost all insurer websites. You can also calculate the premium payable through a reliable third-party insurance website.
A premium calculator is an online tool that helps you calculate the premium payable for an insurance policy. When you use the premium calculator tool, you will have to key in certain particulars such as the registration number of the vehicle, the vehicle model, the city that you are located at, year of vehicle registration, your contact details, etc. Once you key in these details, the premium quote will be displayed. If you find the premium quote to be satisfactory, you can purchase the policy.
If you are using a third-party insurance website to compare premiums, you will have to navigate to the respective website and key in the required details. Post this, the policies that are available to you will be listed on the website with the premium charge.
Unlike in the case of comprehensive/bundled/package two wheeler insurance policies, the premium rates for third-party liability insurance policies are set by the Insurance Regulatory and Development Authority of India, based on the cubic capacity of the bike’s engine. The premiums charged for two wheeler insurance policies, with effect from 1 April 2018, are as follows:
|Engine Capacity||Premiums Payable|
|Up to 75 cc||Rs.427|
|Above 350 cc||Rs.2,323|
In the case of two wheeler insurance policies that also offer an own damage cover, the premium payable is set by insurance providers, after taking a number of parameters into account.
If you are looking to purchase a two wheeler insurance policy, it is advisable to check the premium quote using the premium calculator tool. Ensure that you do the required research and opt for a policy that suits your budget and your coverage needs.
The documents that you will need to submit to purchase a two wheeler insurance policy will vary from insurer to insurer. That said, most insurance companies require minimum/nil documentation for two wheeler insurance policies.2.What is a third-party insurance policy?
A third-party liability insurance plan provides cover against damages caused by a third party’s assets or property and injuries sustained by a third party. It is mandatory for all vehicle owners to have at least a third-party liability insurance policy.3.What is a comprehensive two wheeler insurance policy?
Comprehensive two wheeler insurance policies provide an own damage cover, which offers coverage against damages caused to the insured vehicle due to natural or man-made events. Further, this policy also offers a third-party liability insurance cover and personal accident cover to policyholders. The premium for this plan is comparatively high due to the extensive coverage that the plan provides.4.Does the premium increase if I make a claim?
If you raise a claim, you will not receive a No Claim Bonus at the end of the policy term. Thus, the premium payable will increase for the next policy year. Hence, it is advisable to not raise claims for small damages.5.What is a deductible?
Deductibles can be of two types – compulsory and voluntary. The compulsory deductible is a certain part of the claim amount that you will have to bear in the event of a claim. In comparison, you can opt for a voluntary deductible at the time of purchasing the policy. If you opt for a high voluntary discount, the premium charged will be lower, and vice versa.
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