FAQs October 2, 2018
The premium of your 2 wheeler vehicle consists of many components and is calculated after taking numerous factors into account. The most important and mandatory portion is the third-party liability cover, the premium of which is decided by the Insurance Regulatory Development Authority of India (IRDAI) each year. However, for “Own Damage” premium or the premium calculated after taking into account add-on covers are determined by certain essential factors. They include the insured declared value (IDV), make and model of your 2 wheeler vehicle, year of registration of the vehicle, place of registration of the vehicle, purpose (private or commercial) for which the vehicle has been bought, safety devices installed, your geographical place and other benefits that you may be seeking through insurance.