5 major factors that may impact the premium of Two-wheeler insurance

Insuring two-wheeler is a must, but do you know what are the factors that affect the premium of a two-wheeler? According to the insurance company, they have some parameters through which they check for the premium of the vehicle. These are some of them: -

Insured Declared Value (IDV) – Every vehicle has it’s on value according to the market. This value declines every year, and the value of the vehicle is derived by the insurer. For information on your vehicle IDV, you can visit the site of the insurance company.

No Claim Bonus (NCB) – Every company offer the NCB. It is a discount on the premium, the company offer NCB in case the owner has never taken any claim previously. The value of the discount may vary from company to company.

Cubic Centimetre (CC) – This is a major factor that affects the premium of the two-wheeler. CC is the capacity of the engine in centimetres. The larger the size of the engine the higher the premium value.

Age of the Vehicle – The more the age of the vehicle the more premium. The age of the vehicle is directly proportional to the premium. This is because old vehicles are more prone to the danger of risks.

Modification of Two-wheeler – The modification to your vehicle give a reason for the premium hike. The insurer is more conscious for the modification, as these parts can be more expensive than the usual one, so premiums for the modified vehicles are heightened (The modification must be registered under RTU).

These are some of the major factors on which the premium of two-wheeler insurance may vary. You have all the required information regarding the premium, this will help you to calculate the value of your vehicle’s premium at the time of insurance.

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