Digit Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is an online or digital mechanism that provides you with the right premium for Digit bike insurance policy. You just need to fill in some basic details like the make, model, RTO location, registration year of your bike, etc., to get the right premium cost. Entering these details will make the calculator show you the right premium of your bike insurance plan.
How to Use a Two Wheeler Insurance Premium Calculator?
Step 1: Choose the Make, Model, Variant and Fuel Type of your bike.
Step 2: Choose the Registration City and Purchase Year of your bike.
Step 3: Tell us, if you have made any claim request in the previous policy term.
Step 4: Click on the ‘Calculate’ button and get the right IDV and premium for your bike insurance plan.
Benefits of Two Wheeler Insurance Premium Calculator
- Correct Insured Declared Value (IDV) – The premium calculator gets you the right IDV based on the make, model and age of your bike. The correct value of IDV helps you get the market price of your bike which you should get as the claim amount in case of your bike’s theft or total loss.
- Accurate Premium Amount – The real purpose of this calculator is to get the actual premium amount for the bike insurance plans of different insurers. With the information of the right premium, you can select the best-priced insurance plan for your bike after comparing different plans.
- Improves Decision Making – The premium calculator assists you make right decisions for bike insurance policy purchase after comparing different types of insurance providers based on the IDV and premium cost.
- Helps Find A Economical Policy – The premium costs of multiple bike insurance policies computed with this calculator can make you find the plans at the most reasonable rates as it allows you to compare the policy quotes of different insurance providers.
Third Party Two Wheeler 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 Plan
The bike insurance premium amount for standalone own-damage and comprehensive insurance plans is based on different factors, which include make, model, variant, fuel type, engine capacity, registration year and so on. You can get the premium of your bike instantly with our premium calculator. Go through the factors given below to have a better understanding while computing your premium:
Factors Which Determine Two Wheeler Insurance Premium
- Insured Declared Value (IDV) - The IDV refers to the current market value of the bike, which the insurance providers are entitled to offer its policyholders as compensation in the case of theft or total loss. The more the IDV will be, the higher the coverage will be, which will ultimately increase the premium amount.
- Anti-Theft Devices - Bikes that have anti-theft devices installed in them are charged with a low amount of premium as they have less chances of being stolen, which reduces the coverage risk on the insurance providers.
- No Claim Bonus (NCB) - For every claim free year, the insurance company offers a reward in terms of discount to its policyholders starting from 20% off for the first claim-free year and reaches to 50%. It means that the higher NCB will lessen the bike insurance premiums.
- Engine Cubic Capacity - The high cubic capacity of a bike increases its power due to which it can run faster that enhances the risk. Therefore, the insurance companies charge a higher premium from the bikes with high cubic capacity like sports bikes, etc.
- Age of the Bike - The year of registration of a bike also impacts its premium amount. The default depreciation will lessen the value of an old bike, which will reduce the compensation amount to be offered by the insurance company. It means old bikes are charged with a lower premium cost than the new bikes.