Edelweiss Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is an online tool that helps you to figure out the insurance premium for a bike insurance policy. You can use InsuranceDekho’s bike insurance premium calculator to know the right IDV as well as the premium within a few seconds. The tool allows you to compare and analyse several bike insurance policies offered by multiple insurers and helps you make the right buying decision. All you are required to do is enter a few details of your bike like its make, model, variant, fuel type, city and year of registration, and the best bike insurance quotes will be displayed on your screen with the respective premium amount.
How to Use a Bike Insurance Premium Calculator?
You can use InsuranceDekho’s bike insurance premium calculator online by following a few steps mentioned below:
Step 1: Select the Make, Model, Variant, and Fuel Type of your bike.
Step 2: Select the City of registration and the Year of Purchase of your bike.
Step 3: Answer the question ‘Have you made a claim in the previous year?’ by selecting yes or no.
Step 4: Click on the ‘Calculate’ button. You can find the right IDV and premium for bike insurance policy on your screen.
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 (IDV) is the maximum sum insured that the insurance company compensates you in case of total loss of your bike. Therefore, it is important to know the right IDV in order to get the right deal online. InsuranceDekho’s bike insurance premium calculator helps you find the right IDV after considering several factors such as your bike’s make, model variant, and age. Note that you must choose a bike insurance policy with IDV closest to the market value of your bike.
- Know the Correct Premium: InsuranceDekho’s bike insurance premium calculator tells you the premium amount that you will be charged for a bike insurance policy. Knowing the premium in advance helps you make an informed buying decision.
- Helps You Decide: InsuranceDekho’s bike insurance premium calculator not only tells you the premium of different bike insurance policies, but also lets you compare and analyse them. This helps you decide the best bike insurance policy as per your requirements.
- Helps You Buy Affordable Policies: Once you enter the required details on InsuranceDekho’s bike insurance premium calculator online, it displays the most suitable bike insurance policies for your bike. You can then easily opt for the most affordable bike insurance as per your budget.
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
Premium for comprehensive and standalone own-damage bike insurance plans is calculated after considering various factors. These include Insured Declared Value of your bike, bike modifications, add-on covers, etc. To see if they increase of decrease your bike insurance premium, read below:
Factors Affecting Bike Insurance Premium
Given below are the factors that affect premium for comprehensive and standalone own-damage bike insurance plans:
- Add-On Covers: Add-ons protect you from expenses that your regular bike insurance policy does not cover by providing you extra coverage. You can buy several add-on benefits such as zero depreciation cover, roadside assistance cover, etc. by paying an extra premium and enjoy additional benefits. Add-ons are highly recommended but should be purchased wisely as they not only increase your bike insurance premium but your bike insurance premium too.
- Bike Modifications: Some bike modifications like installation of ARAI-approved anti-theft devices decrease your bike insurance premium while others such as aesthetic modifications like change in color, etc. or performance modifications like installation of speed enhancing mechanism increase your bike insurance policy premium. This is because security modifications decrease the insurer’s compensation whereas the other two are considered risky and increase the liability.
- Insured Declared Value (IDV): Insured Declared value is the amount that the insurance company compensates you for in case of total loss of your bike. So, higher the market value or IDV or your bike, higher amount the insurance company will have to compensate you for. This will in turn raise your bike insurance premium.
- Engine’s Cubic Capacity: High cubic capacity of your bike will increase its speed on the road thereby increasing the risk of accident. Accidents may increase your chances of making a claim and the insurer’s liability. So if your bike has a high cubic cap[acity, then you will be charged a higher premium amount for its insurance policy.
- Age of the Bike: The older your bike is, the lesser the insurance company will be required to compensate you in case of total loss of your bike. So, it will ask you for a lesser premium. But if your bike is new, you will be charged a higher bike insurance premium.
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