How are the two wheeler insurance rates decided ?
Simply put, two wheeler insurance rates are determined by each insurance company in their own way. It also reflects their past experiences of a certain segment, or customer group, etc. So its better to compare 3 – 4 quotes for getting the best insurance quotation possible. However, you need to ensure that the insurer does not reduce the valuation of your vehicle (known as IDV) to reduce premium, as it is counter-productive. Same is the case with deductibles and coverage amount. Lowering these parameters, to give you a lower premium amount, may adversely impact you when you go for a claim.
Some of the parameters are:
- Your 2 wheeler value as per the insurance company database.
- Type of 2 wheeler, electric scooty, motorcycle or scooter.
- City where the 2 wheeler is registered (not where it is being used).
- Past claims.
- Model/make and year of manufacture of the 2 wheeler.
Any special clauses that will reduce my insurance premium amount further?
There are multiple clauses, centered around the safety of your vehicle, like
- Installation of approved Anti-theft devices,
- membership of selected 2 wheeler clubs,
- Separate personal accident insurance cover taken for the driver, owner, paid driver that gives comfort to your insurer, and reduces the premium.
If you need any assistance in selecting the best insurance for your two wheeler, please fill in the form above and get the best insurance quote.