IFFCO Tokio Two Wheeler Insurance Premium Calculator
What Is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is an online tool meant to assist you get the right premium for IFFCO Tokio bike insurance policy. To find the accurate premium amount, you need to enter a few basic details of your bike which may include the make of your bike, model of your bike, RTO location of your bike, registration year of your bike, and so on. Filling up these details on the calculator will get the correct premium amount of your bike insurance plan to appear on your screen.
How to Use a Bike Insurance Premium Calculator?
Step 1: Enter the Make, Model, Variant and Fuel Type of your bike.
Step 2: Enter the City of Registration and Year of Purchase of your bike.
Step 3: Share if you have requested any claim in the previous policy term.
Step 4: Click on the ‘Calculate’ button and get the correct IDV and premium for your bike insurance policy
Benefits of Bike Insurance Premium Calculator
- Correct Insured Declared Value (IDV) – The bike insurance premium calculator helps you find the correct IDV based on the make, model and age of your bike. The accurate IDV will display the real market value of your bike which you can get as a compensation amount from your insurance provider in case of theft or total loss sustained by your bike.
- Right Premium Amount – The prime objective of this bike insurance calculator is to get the right amount of premium for your bike insurance plan. The knowledge of the premium amount under different plans can help you compare and choose the best-priced bike insurance plan.
- For Better Decision Making – The premium calculator helps you compare the bike insurance policy quotes of different insurance providers, going through which can assist you make the right buying decisions without any hassle.
- Choose Economical Deals – The right premium amount of various bike insurance plans computed with the help of premium calculator can be compared to choose the most relevant and economical bike insurance policy quotes available in the insurance market.
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
Different factors determine the premium for standalone own-damage and comprehensive bike insurance plans. Some of those factors are make, model, and the variant of the bike, age of the bike owner, profession and driving history of the owner, age of the bike, fuel type of the bike, RTO location of the bike, cubic capacity of engine of the bike, etc. Below are the salient factors that can impact the premium cost of your bike insurance plan calculated through premium calculator:
Factors Which Determine Bike Insurance Premium
- No Claim Bonus (NCB) - The No Claim Bonus (NCB) is a reward in terms of discount, which ranges from 20% up to 50%. A policyholder is entitled to receive this bonus for not making any claim in the previous policy year. It reduces his or her policy premium amount.
- Insured Declared Value (IDV) - The Insured Declared Value of the bike is the amount that an insurance provider has to pay off to the owner of the bike in case of theft or total loss. Hence, the higher the IDV will be, the higher will be the premium.
- Anti-Theft Devices - The anti-theft devices installed in the bike reduces the possibility of theft, which ultimately lessens the risk for the insurers as well. Therefore, bikes equipped with anti-theft devices are charged with a lower amount of premium.
- Engine’s Cubic Capacity - The cubic capacity of the engine of the bike also influences the amount of premium of your bike insurance plan. The bike with higher cubic capacity consumes more consumables, thus, charged with the higher premium for insurance plan.
- Age of the Owner - The age of the bike owner also affects the bike insurance premium amount. It is based on the assumptions and records as per which an older age individual rides the bike more responsibly than a younger rider. So, the older persons are charged with lower premiums than the younger persons.
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