Acko Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is an online tool that calculates bike insurance policy premium. InsuranceDekho’s bike insurance premium calculator is an easy to use tool that lets you calculate bike insurance policy premium within a few seconds. All you need to do is enter a few details like make, model, variant, and fuel type of your bike and the relevant quotes will be displayed on your screen. The tool helps you compare different bike insurance policies offered by multiple insurers and select the most suitable one for your bike.
How to Use a Bike Insurance Premium Calculator?
InsuranceDekho’s bike insurance premium calculator helps you get premium rates instantly. To use the tool, follow the simple steps given below:
Step 1: Select your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Select the City of your bike’s registration and the Year of Purchase.
Step 3: Select yes or no to answer the question ‘Have you made a claim in the previous year?’
Step 4: Click ‘Calculate’. You will find the right IDV and premium for the selected bike insurance policy.
Benefits of Bike Insurance Premium Calculator
You can use InsuranceDekho’s bike insurance premium calculator online and enjoy the following benefits:
- Get the Right IDV: Insured Declared Value is the maximum sum insured that is provided to you by the insurer in case of total loss of your bike. InsuranceDekho’s bike insurance premium calculator tells you the right IDV of your bike, knowing which becomes important as it keeps you informed about the amount you will be paid at the time of claim. The premium calculator calculates the right IDV on the basis of your bike’s make, model, variant, and fuel type.
- Know the Correct Premium: InsuranceDekho’s bike insurance premium calculator calculates the right bike insurance premium that you will be required to pay for a bike insurance policy. This way, it helps you make an informed decision.
- Helps You Decide: InsuranceDekho’s bike insurance premium calculator lets you compare and analyse bike insurance policies offered by multiple insurers. You can choose the most suitable bike insurance policy as per your budget and requirements by analysing policy benefits.
- Helps You Buy Affordable Policies: With InsuranceDekho’s bike insurance premium calculator, you can not select the most affordable bike insurance policy for your bike after comparing the most relevant of them all. It will take just a few seconds for you to own the policy.
Third Party Bike Insurance Premium Rates
Premium to Buy a New Policy (5-Year Plan)
Premium to Renew Existing Policy (1-Year Plan)
Not exceeding 75 cc
Exceeding 75 cc but not exceeding 150 cc
Exceeding 150 cc but not exceeding 350 cc
Exceeding 350 cc
(Source: Insurance Regulatory and Development Authority of India)
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
Comprehensive bike insurance policy premium and standalone own-damage bike insurance policy premium are calculated on the basis of several factors such as bike’s IDV, its cubic capacity, age, your age, etc. To understand the impact of these factors on bike insurance policy premium, read below.
Factors Affecting Bike Insurance Premium
Listed below are a few factors that have a major impact of bike insurance policy premiums:
- Insured Declared Value (IDV): IDV is the market value of your bike that is calculated after depreciation. This is the amount that the insurer compensates in case of total loss of your bike. So, higher the IDV of your bike, higher the amount the insurer will have to compensate you for. The increased liability on the insurer due to higher IDV raises your bike insurance policy premium.
- Engine’s Cubic Capacity: Higher cubic capacity means greater speed of your bike. And if the speed of the bike is faster, there are higher chances of it getting involved in an accident thereby increasing the chances of claim. This will increase the insurer’s liability and therefore you will be required to pay a higher premium in this case.
- Modifications: Bike modifications may increase or decrease your bike insurance policy premium depending on the nature of the modification. For instance, if you get security modifications done like installing ARAI-approved anti-theft devices in your bike, then it will increase the security of your bike and hence you will be charged a lesser bike insurance premium. But if you get aesthetic or performance modifications, then it will increase the insurer’s liability and hence increase your bike insurance premium.
- Number of Add-On Benefits: Add-ons in bike insurance are extra benefits that you can opt for with a bike insurance policy. These may include zero depreciation cover, daily cash allowance cover, etc. To avail these benefits, you will be charged an extra premium.
- Age of the Bike: Bike insurance premium also depends on the age of your bike. You can enjoy paying a lesser premium if you own an old bike and vice versa. This is because the default depreciation will lessen the value of your old bike thereby reducing the compensation amount to be offered by the insurer.
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