Kotak Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is a digital tool that helps you know the premium for a bike insurance policy before buying it. The premium calculator helps you to find the most suitable bike insurance quotes offered by multiple insurers and compare them to shortlist the best one. To get quotes using InsuranceDekho’s bike insurance premium calculator, you are required to enter a few details of your bike. These include the brand name, model, registration city and year etc.
How to Use a Bike Insurance Premium Calculator?
InusranceDekho’s bike insurance premium calculator is easy to use. It helps you know the premium for your bike insurance policy by following a few steps given below:
Step 1: Select your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Select the City of your bike registration. Answer the question ‘When did you buy your bike?’ by selecting the year of purchase.
Step 3: Tell us ‘Have you made a claim in the previous year?’ by selecting yes or no.
Step 4: Click on the ‘Calculate’ button. You will find the right IDV and premium amount for your bike insurance policy.
Benefits of Bike Insurance Premium Calculator
InsuranceDekho’s bike insurance premium calculator offers you the following benefits:
- Right Insured Declared Value: Taking in consideration a few factors like make, model, variant, age of the vehicle, city of registration, etc.,the premium calculator tells you the right Insured Declared Value or IDV. This keeps you informed about the amount that you can claim from an insurer in case of loss or damage.
- Correct Premium: Bike insurance premium calculator tells you the correct premium in advance that you will be required to pay for the shortlisted bike insurance policy. It makes you well aware of your buying decision.
- Improves Your Decision Making Ability: InsuranceDekho’s bike insurance premium calculator lets you find bike insurance quotes from multiple insurers. You can also compare them online in order to shortlist the most suitable one for your bike.
- Helps You to Buy Economic Deals: The premium calculator displays the most suitable quotes as per your bike’s details. You can then choose the most affordable policy by comparing them.
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 are affected by several factors such as your bike’s make, model, variant, fuel type, cubic capacity, and location of registration. As there are many factors involved in determining the bike insurance premium, therefore it may happen that two people owning a bike of the same brand are required to pay different premiums. Read about the factors that affect bike insurance premium:
Factors Affecting Bike Insurance Premium
Given below are some factors that affect the premium for bike insurance:
- Engine’s Cubic Capacity: Your bike will require more consumables if its cubic capacity is higher. So, you will be required to pay a higher premium if you own a bike with a higher cubic capacity and you want to get it insured, and vice versa.
- Insured Declared Value (IDV): IDV is the maximum amount that you can claim from an insurer in case your bike gets damaged or stolen. IDV is decided by the insurer considering your bike’s make, model, and variant. Higher the IDV of your bike, higher premium you will be required to pay to get it insured.
- No Claim Bonus (NCB): Another factor that affects your bike insurance premium is No Claim Bonus. Insurers offer a discount on bike insurance premium to the policyholders as a reward for no claim made during a policy term. Usually, the No Claim Bonus ranges between 20%-50%.
- Anti-Theft Devices: Installing anti-theft devices reduced the chances of your bike getting stolen which further reduced the liability on the insurer. So, if you have ARAI-approved anti-theft devices installed in your bike, then you will be required to pay a lesser premium.
- Number of Add-Ons: Add-ons are additional coverage benefits that you can purchase with your bike insurance policy. You can buy add-on benefits like zero depreciation, roadside assistance cover, etc by paying some extra premium and enhancing the coverage for your bike.