Every person wants that policy which covers all the man-made and natural events causing damage to their vehicle and also provides cover for third party liability but at the cheapest price. Most of the people make the premium amount as the base for purchasing the insurance policy. Below are some of the important factors affecting the two-wheeler insurance premium, or even if you’re looking at an ebike for sale and wondering about what it would cost to insure it, and yourself:
The features of the two wheeler purchased plays an important role in determining the premium of the vehicle like Manufacturing year of the two wheeler, Fuel type of the bike, Place of registration of the two wheeler, Model and class of the bike, Accessories and modifications carried out on the two wheeler, Current showroom price of the bike, cubic capacity (cc) of the vehicle etc. The higher the two wheeler’s cc, the higher the premium to be paid.
Insurance companies have specific demarcated zones to decide a two wheeler’s insurance premium. Certain metro cities attract a higher rate of premiums compared to the others. And companies also charge a higher amount of premium from areas which are theft prone.
There are two types of two wheeler insurance policies – Comprehensive and Third party cover policy. In India it is mandatory for every person owning a two wheeler to have a third party cover policy. A third party cover policy only covers damages caused to the third party. Whereas a comprehensive policy not only covers damages caused to third party but also the damages caused to your own vehicle. A comprehensive policy is expensive compared to the third party cover policy.
If you are opting for add-on covers like zero depreciation cover, personal accident covers etc. then you will see a substantial increase in the premium costs. The DWI Guys also serving Rochester suggests that one should choose the add on covers wisely because add on covers come with an expense of payment of higher premium. With the additional knowledge about accidents from first aid course, the rider becomes extra precautions to avoid any kind of harm to him and others too.
Insurance companies also look at the driver’s age and experience of riding a two wheeler while giving a quote of premium. Usually companies charge a higher premium from young persons between the age group of 18-25 years and also from those having an experience of riding a two wheeler of less than a year.
Applicable in case of a policy renewal, the past insurance record and riding history such as accidents, number of insurance claims etc. are considered at the time of premium calculation
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