Cholamandalam Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is a digital instrument that shows you bike insurance premium amounts offered by different insurance providers and chooses the best policy quotes from them. To use this dynamic tool, you are required to enter a few details of your bike such as make, model, variant, RTO location and registration year and you can be aware of the premium amount you have to pay. You can use a bike insurance premium calculator when buying a new bike insurance policy or when renewing your old policy.
How to Use a Bike Insurance Premium Calculator?
Step 1: Choose your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Choose Registration Location and Year of Purchase of your bike.
Step 3: Share with us as ‘Have you made a claim in the previous year?’ by selecting yes or no.
Step 4: Click on the ‘Calculate’ button to get the right IDV and premium amount for your bike insurance policy.
Benefits of Bike Insurance Premium Calculator
- Right Insured Declared Value (IDV): The bike insurance premium calculator displays you the right Insured Declared Value or IDV, which denotes the current market price of your bike. It helps you find the maximum amount that you can claim from your insurance provider in case of theft or total loss of your bike.
- Correct Premium Amount: One of the prime benefits of using a premium calculator is to know the amount of premium that you will be required to pay for your bike insurance policy. The knowledge of the correct premium amount of different insurers can help you select a policy as per your budget and requirements.
- Helps You Make Better Decisions: The bike insurance premium calculator not only helps you find bike insurance policy quotes from different insurance providers, but also lets you compare the benefits and premium amounts of other insurers without any hassle. However, this helps you make insurance related decisions on your own, without the assistance of insurance agents.
- Helps You Choose Affordable Policies: By using the bike insurance premium calculator, you can easily get bike insurance policy quotes offered by multiple insurers to be displayed on your screen. Among them, you can compare and choose the most economical insurance policy quote for your bike.
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 (IRDAI))
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
The bike insurance policy premium for standalone own-damage and comprehensive gets affected by various factors. Some factors affecting the bike premium include make, model, and the variant of the bike, fuel type of the bike, RTO location of the bike, cubic capacity of engine, and so on, can influence it. Here are the details of the factors which affects the premium of your bike insurance plan reckoned through premium calculator:
Factors Affecting Bike Insurance Premium
- Insured Declared Value (IDV): Insured Declared Value or IDV is the market value of your bike, which denotes the maximum amount that you can get as a claim from an insurance provider in case of total loss or damage incurred by your bike. So, the higher the IDV of your bike will be, the higher your premium amount will be.
- No Claim Bonus (NCB): No Claim Bonus is a reward to the policyholder from the insurer for making no claims during the previous policy year. The discount offered under this benefit ranges between 20% to 50%. If you manage to gain this bonus, then you can avail the bike insurance policy by paying the discounted premium rates to your insurer.
- Engine’s Cubic Capacity: Higher cubic capacity of your bike will consume more consumables to generate more power. It can affect the efficiency of the bike, therefore, you will be charged with a higher premium as the condition of the bike is also taken into consideration while determining the premium.
- Anti-Theft Devices: Anti-theft devices keep your bike secured from being stolen, which lessens the liability on the insurer. Hence, if you get ARAI-approved anti-theft devices installed in your bike, then you will be required to pay a lesser premium amount
- Different Add-On Options: Add-on options enhance the coverage of the bike insurance. Insurance Providers provide different add-ons like return to invoice, roadside assistance, zero depreciation, etc., which you can buy by paying a little extra premium.
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