Liberty Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is an online tool that helps you know the premium with different insurers, compare quotes and choose the most suitable one for your bike. This dynamic tool is transparent in its calculations and tells you the right IDV as well so that you make an informed buying decision. You can use InsuranceDekho’s bike insurance premium calculator when purchasing a new bike insurance policy or renewing the previous one.
How to Use a Bike Insurance Premium Calculator?
You can use the bike insurance premium calculator at InsuranceDekho by following the steps given below:
Step 1: Select the Make, Model, Variant, and Fuel Type of your bike.
Step 2: Select the City of your bike registration. Select 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 and you will find the right IDV and premium 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 (IDV): InsuranceDekho’s bike insurance premium calculator keeps you informed of the right Insured Declared Value of your bike considering various factors like its make, model, variant and fuel type. Knowing the right IDV is important as it determines the amount that you can claim from an insurance company in case of total loss or theft.
- Correct Premium: Bike insurance premium calculator keeps you informed of the correct premium that you will be charged if you buy a particular bike insurance policy.
- Helps You Decide: With a bike insurance premium calculator, you can find and compare quotes from different insurance companies. As there is no involvement of insurance agents in the process, it helps you make an informed decision for your bike.
- Helps You Buy Affordable Plans: Bike insurance premium calculator calculates for you premiums charged by different insurance companies. You can compare them and choose the most affordable plan 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)
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
Premium for comprehensive and standalone own-damage bike insurance plans is calculated on the basis of several factors. Some of them include your bike’s make, model, variant, fuel type, engine’s cubic capacity, your age, and the city of registration of your bike. So, it is not necessary that two bikes of the same brand and model will have the same premiums. Read the factors affecting bike insurance premium given below for better understanding.
Factors Affecting Bike Insurance Premium
Listed below are some factors that affect the premium of bike insurance:
- Insured Declared Value (IDV): Insured Declared Value is the market value of your bike that is calculated on the basis of your bike’s make, model, and variant. The value of your bike depreciates with time which decreases its IDV thereby decreasing the premium for your bike insurance policy.
- Anti-Theft Devices: Having ARAI-approved anti-theft devices installed on your bike keeps it secure thereby reducing the chances of it getting stolen. This ultimately reduces the insurer’s liability and hence reduces your bike insurance premium too.
- Engine’s Cubic Capacity: If the cubic capacity of the engine of your bike is high, then it will use more consumables as well as move faster thereby increasing the risk on road. Hence, you will be charged a higher premium.
- Add-On Benefits: Insurance companies offer various add-on benefits like return to invoice cover, and zero depreciation cover that provide extra coverage to your bike. You can opt for them by paying a higher premium.
- Modifications: You can modify your bike to increase its performance or the aesthetic look. But you must be aware that modifications may lead to a higher bike insurance premium as it compromises with the in-built safety features of your bike which increases the chances of theft or accident.