Sponsored

How to Calculate Your Two-Wheeler Insurance Premium Online

  • Mar 18, 2020
  • Views : 13175
  • 6 min read

  • facebook
  • twitter
  • bookmark

Bajaj Allianz helps you cut through the noise and calculate your exact insurance premium in just a few clicks

For a large section of Indians, the internet has revolutionised searching and buying products online. With just a few taps on your smartphone, you can search for any product and have it delivered to your doorstep. This convenience extends to financial products such as two-wheeler insurance as well. However, choosing the right two-wheeler insurance online is a lot harder than buying it as the internet is flooded with unorganised and unreliable information.

Wouldn’t it be great then if you could get accurate info from a trustworthy source with the convenience of buying online?

That is precisely what Bajaj Allianz offers with its online two-wheeler insurance premium calculator. Read on to find out how Bajaj Allianz helps you calculate two-wheeler insurance premium in a fast, transparent, and convenient way.

What Factors Influence Your Two-wheeler Insurance Premium Calculation? 
Bajaj Allianz helps you identify the factors that decide the premium amount of your two-wheeler insurance. They include:

Type of Cover

  • Third-party Two-wheeler Insurance – This type of cover is required by law for all two-wheelers in India. It covers damage or loss caused to a third-party individual or property in an accident. However, personal injury or damage is not covered. It has a lower premium than comprehensive insurance.
  • Comprehensive Two-wheeler Insurance – This type of two-wheeler insurance covers personal as well as third-party loss or damage. Comprehensive two-wheeler insurance also covers a variety of risks such as accident, theft, vandalism and natural calamity. As a result, it costs more than third-party insurance.

Two-wheeler Details
Your two-wheeler’s details such as model, year of manufacture, engine capacity, etc. play an important role in the final premium amount. Typically, two-wheelers with higher engine capacity have higher insurance premiums. For older two-wheelers, the premium is lower because of a lower IDV (more on that below).

Place of Registration
Two-wheelers registered in urban areas have a higher insurance premium than two-wheelers registered in rural areas. This is mainly because of the latter’s lower traffic density and accident rate.

IDV
The IDV (Insurance Declared Value) refers to the current market value of your two-wheeler. It is the approximate figure after subtracting depreciation value from your two-wheeler’s selling price. The IDV is what Bajaj Allianz will use as a reference to calculate your compensation in case of total loss i.e. when your two-wheeler is either stolen or damaged beyond repair.

NCB
NCB (No Claim Bonus) is a bonus or discount given at the time of insurance renewal, thus reducing your two-wheeler insurance premium. However, you can avail NCB only if you haven’t raised a claim during your two-wheeler insurance period. The NCB percentage increases after every claim-free year, up to a maximum of 50 per cent.

Deductibles
Deductibles, similar to co-pay in health insurance, refer to the amount you pay from your pocket when raising claims. If you choose to increase your share of the amount paid during claims, your two-wheeler insurance premium comes down and vice versa.

Add-Ons
As the name indicates, add-on covers offer protection from incidents that are not covered by regular two-wheeler insurance policies. Bajaj Allianz offers a variety of add-on covers including:

  • Zero Depreciation/Nil Depreciation – With Bajaj Allianz zero depreciation two-wheeler insurance cover, you are paid the full amount for a claim without subtracting depreciation value.
  • 24x7 Spot Assistance – The Bajaj Allianz 24x7 spot assistance insurance cover helps you with issues like flat tyre and battery, fuel, towing facility, and legal advice while you are on the move.
  • Pillion Accident Cover – While a regular insurance policy covers only the owner/driver of the two-wheeler, Bajaj Allianz offers personal accident cover for pillion riders as well.
  • Engine Protector Cover – The Bajaj Allianz engine protector cover insures you from expenses associated with engine/related-parts repair.
  • Consumables Cover – With Bajaj Allianz consumables cover, you can protect yourself from the cost of consumables such as oil, nuts, and bolts that are refilled or replaced after an accident or loss.
  • Return to Invoice – Bajaj Allianz return to invoice insurance covers the difference between the IDV and the invoice value of your two-wheeler. Unlike zero depreciation cover, return to invoice cover applies if your two-wheeler is stolen.

However, remember that your two-wheeler insurance premium goes up if you opt for more add-on covers. To avoid this, pick only those add-on covers that you need the most.

How to Calculate Your Two-wheeler Insurance Premium Online with Bajaj Allianz?
Now that you know the factors that affect your two-wheeler insurance premium amount, let’s see how you can calculate it online with Bajaj Allianz. Before you read further, please keep your (driving licence, address) and your two-wheeler (RC) details ready.

  • Visit Bajaj Allianz two wheeler insurance premium calculator.
  • Enter the required KYC details: full name, mobile number, and email.
  • Enter the details of your two-wheeler model, type, variant, manufacturer, date of registration, and previous insurance. The calculator generates your two-wheeler’s IDV based on these details.
  • Enter your current city/pincode.
  • Choose the type of cover and the add-on covers you want.
  • Tap the ‘Get Quote’ button.

That’s it. You will now see the exact amount you need to pay for your two-wheeler insurance premium. If you want to proceed with the buying process, click on the ‘Make Payment’ button.

Why Buy Bajaj Allianz Two-wheeler Insurance Online?

  • 100% Online, Zero Paperwork – Bajaj Allianz online two-wheeler insurance is completely online and the entire buying process can be completed within just a few minutes. There is also no paperwork, except the policy document that is mailed to your address. Bajaj Allianz also has you covered if you wish to go fully digital with its digital policy document.
  • NCB Transfer – Bajaj Allianz rewards you for being a responsible and safe rider, even when you are coming from a different insurer. You can carry over up to 50 per cent of the NCB from your previous insurer when you buy a Bajaj Allianz two-wheeler insurance policy.
  • Quick Claim Settlement – Bajaj Allianz General Insurance operates one of the widest cashless garage networks in India, helping it process your two-wheeler insurance claim in a quick, hassle-free, and cashless manner.
  • Instant Support – With Bajaj Allianz, you can buy a policy and call for support 24x7. The company offers round-the-clock claims assistance and updates you about the status of your claim via SMS.
  • Hassle-free Renewal – Bajaj Allianz also offers a smooth two-wheeler insurance renewal process and sends you timely reminders for the same. The renewal process is again completely online with no inspections or questions of any kind. Just enter the required details, pay the premium, and you’re done.

By using the Bajaj Allianz online two-wheeler insurance premium calculator, you can sift through all the confusing information on the internet and find out the exact amount you need to pay. In other words, it helps you do what ought to be done - ride without worrying about you and your two-wheeler’s safety!

See what our community has to say! NEW

India's largest automotive community

Explore Now
comminity image
×
Recently Visited
Select Category