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 t...