Magma Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike Insurance premium calculator is a digital instrument, which computes the premium amount of multiple insurers and helps you select an insurance policy for your bike. To use this bike insurance premium calculator, you just have to visit the website of InsuranceDekho and are required to enter a few details including your bike’s make, model, fuel type, registration number, RTO location, etc. Entering these will make bike insurance quotes of multiple insurance companies to appear on your screen. It will allow you to compare and choose the most suitable bike insurance plan.
How to Use a Bike Insurance Premium Calculator?
You can follow the below steps to use InsuranceDekho’s bike insurance premium calculator:
Step 1: Select your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Select the City where your bike is registered. Then select its Year of Purchase.
Step 3: Tell us, if you have made any claim in the previous year, by clicking on Yes or No button.
Step 4: Click on the ‘Calculate’ button. You will find the IDV and premium for your bike insurance plan.
Benefits of Bike Insurance Premium Calculator
Here are the benefits of using the premium calculator of InsuranceDekho:
- Get the Right IDV: The bike insurance premium calculator takes several factors into consideration such as make, model, and fuel type of your bike, etc., to calculate the right Insured Declared Value (IDV). The IDV denotes the market value of your bike, which makes you informed about the maximum amount you can get from your insurer in case of total loss or theft.
- Find the Correct Premium Amount: The major benefit of this bike insurance premium calculator is to make you aware about the right premium amount offered by different bike insurance plans. It helps you find the bike insurance policy at the right premium amount for your bike.
- Helps You Make Insurance Decisions: The complete and right information gives the power to make right decisions in life. The bike insurance premium calculator helps you in decision making by showing you the best bike insurance quotes online as well as allowing you to compare them to shortlist the most suitable one for you.
- Assist to Buy Economic Plans: The bike insurance premium calculator helps you buy cost-effective bike insurance policies online without any influence of the insurance agents. You just have to compare premium amounts of different bike insurance providers.
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
There are some factors that affect the amount of premium for standalone own-damage and comprehensive bike insurance plans, which include add-on benefits, cubic capacity of your bike, age of the bike and so on. Below are the details of these factors:
Factors Affecting Bike Insurance Premium
- Anti-Theft Devices: Anti-theft devices keep your bike relatively secured, which can also reduce the insurer’s liability. So, policyholders who have ARAI-approved anti-theft devices installed in their bikes are charged a relatively lower bike insurance premium.
- Insured Declared Value (IDV): IDV is the market value of your bike computed on the basis of your bike’s make, model, fuel type, etc. The value of your bike keeps on depreciating with time, which decreases the IDV. So, the lower the IDV of your bike will be, the lesser the premium you will be charged.
- Number of Add-On Benefits: Add-on covers enhance your coverage and benefits by paying a little extra premium. It can make you enjoy greater benefits under your policy at an affordable price. But adding add-on covers to your bike insurance plan will increase the premium of your policy.
- Engine’s Cubic Capacity: If the cubic capacity of the engine of your bike is high, then it will produce more power, which will make it move faster. It will increase the risk of accidents that brings liability on the insurer. Therefore, the higher the cubic capacity of your bike will be, the higher premium amount you will be required to pay.
- Modifications: Modifications do not always prove to be beneficial for your bike. It may upgrade your bike’s performance but might as well affect its in-built security. This increases the insurer’s liability and hence makes the premium amount to increase. So, as the number of modifications increase, your premium amount may increase too.
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