5. Anti-theft devices
Anti-theft device is a security feature which reduces the chance of your two-wheeler theft. This in turn helps in reducing the risk for the insurance provider. Just like how the insurers compensate for higher risk by charging a higher premium, the lower risk is rewarded with a lower premium. So, if you do not have such security devices installed on your two-wheeler, it can hike your premiums.
6. Voluntary excess
Two-wheeler insurance companies offer two features - Compulsory excess and Voluntary excess. Compulsory excess requires you to pay a certain percentage of the repair cost from your own pocket while the insurer pays the rest. Compulsory excess is fixed and cannot be increased or decreased.
However, there is voluntary excess, which you can adjust at the time of purchasing the policy. You can go for a higher voluntary excess for lowering the insurance premium. But higher excess will require you to pay more money from your pocket if your two-wheeler is damaged.
7. Make and model
The amount of premium also depends on the model of your two-wheeler and its manufacturer. The more high-end the model, the higher is the insurance premium you need to pay. That means if you are the owner of a Harley Davidson or Ninja you would pay higher premiums.
8. Engine capacity
Do you know the cubic capacity of your two-wheeler’s engine? If you do, you are one step closer to knowing what your insurance premium should be. Higher the engine capacity, higher will be the premium charged.
9. Geographic location
The geographic location of the person using the two-wheeler also contributes towards determining its premium amount. If you stay in an urban location with higher density of traffic, this results in higher incidences of accidents. Well, that again means a higher premium for you!
To sum it up
Two-wheeler insurance is now easily available online in India. ICICI Lombard has a simple process of buying as well as renewal of two-wheeler insurance policy online. It provides 24x7 claim assistance so that your claims are settled fast. Once you are aware of the factors that affect insurance premiums, you can easily decide on which policy to opt for.
However, before making any payment, it is always advisable to read the policy documents carefully so that you are fully aware of the benefits, inclusions and exclusions of the selected policy.