If you want to get insurance for your two wheeler, then know how you can save premium


new Delhi. If you have a two wheeler and you want to get it insured, then the idea of ​​saving premium must have come to mind. By showing a little understanding, you can reduce the insurance premium. There are many ways to do this, knowing about which can save some money.

Generally, the insurance of any type of vehicle depends on many factors including its price, its type, its cubic capacity, its age i.e. how old it is. There are many other important facts like no claim bonus, addon cover etc., knowing about which you can reduce your premium while insuring your two wheeler. Let us know about the factors affecting the premium…

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Two Wheeler price of
Features, specifications, price of a two wheeler according to the model, varies. Insurance covers the cost of the two wheeler, hence its premium is directly proportional to the cost of the vehicle. If the cost of your two wheeler is Rs 70000 then its insurance premium will be less than that of two wheeler costing Rs 90000.

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engine capacity
The engine capacity i.e. cubic capacity (CC) of your two wheeler also affects the insurance premium. CC refers to the power output of the engine of any vehicle. If your two wheeler is of 150 cc then its premium will be less than the premium of 350 cc motorcycle. However, the third party premium for electric two-wheelers is now decided on the basis of kilowatt instead of CC of the vehicle.

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how old is your bike
The older your bike, the less it will cost. Similarly, the premium of his insurance will also be less. The older your bike, the higher the rate of depreciation. The rate of depreciation for two wheelers is 5 per cent for vehicles that are less than 6 months old. Goes up to 50% for vehicles older than 5 years. This also determines the premium.

Insured Declared Value ie IDV
IDV (Insured Declared Value) is the maximum price that your insurance company will pay for the entire loss or theft of your two wheeler. IDV is calculated every year at the time of renewing the insurance. In this the calculation of depreciation is also adjusted. The IDV decreases as the two wheeler gets older. It also plays an important role in setting the premium.

No Claim Bonus (NCB)
NCB is a reward, which you get for your good driving. This exemption is given as per the pre-determined slab. It starts from 20 per cent and goes up to 50 per cent if five consecutive claims are not taken. If you do not claim, you get a no claim bonus, which reduces your premium.

Tags: Bike, Engine, Insurance, NCB, Personal finance


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