National Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is a digital instrument that offers you the right premium amount for National bike insurance policy. To get the correct premium amount, you just have to enter a few details of your bike such as make, model, variant, RTO location, registration year of your bike, and so on. The premium calculator is a user-friendly tool which helps policyholders to find the most suitable bike insurance policy by comparing quotes offered by multiple insurers.
How to Use a Bike Insurance Premium Calculator?
Step 1: Select the Make, Model, Variant, and Fuel Type of your bike.
Step 2: Select the City of Registration and Year of Purchase of your bike.
Step 3: Tell us, if you have requested any claim in the last policy term.
Step 4: Click on the ‘Calculate’ button to find the IDV and premium for your bike insurance policy.
Benefits of Bike Insurance Premium Calculator
- Right Insured Declared Value (IDV) – By considering a few factors like make, model, variant, age, etc., of your bike, the premium calculator helps you find the right IDV of your bike. The right value of IDV of your bike, you can easily get to know the accurate market price of your bike that you should get on making a claim for your bike insurance.
- Correct Premium Amount – Bike insurance premium calculator tells you the right premium in advance that you will be required to pay for the chosen bike insurance policy under different insurers. With the knowledge of the correct premium amount, you can select the best-priced policy for your bike.
- Improves Decision Making - The premium calculator provides you the correct value of IDV and premium of the bike insurance plans offered by different insurance providers. This allows you to compare policy quotes online in order to opt for the most suitable plan for your bike.
- Helps to Get an Economical Plan - When you find premium quotes of different bike insurance plans through the premium calculator, you can choose the most economical plan as per your budget and requirements without any hassle. It makes you get a value for money deal.
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 Plan
The bike insurance premium amount of standalone own-damage insurance cover and comprehensive insurance plans is affected by several factors which includes make, model, variant, fuel type, engine capacity, registration year, registration location of the bike, and so on. To get the bike insurance plan at the best price, you must have the understanding of such factors. Below are the details of such factors:
Factors Which Determine Bike Insurance Premium
- Insured Declared Value (IDV) - The IDV denotes the current market value of the bike, which policyholders are entitled to get on making a claim in case of theft or total loss of their bikes from their insurance providers. It means bikes with higher IDV will be charged with an increased premium amount.
- Anti-Theft Devices – Installing anti-theft devices reduces the chances of your bike getting stolen that ultimately lessen the liability on the insurance provider. So, if you have ARAI-approved anti-theft devices installed in your bike, then you will be required to pay a lesser premium amount.
- Engine Cubic Capacity - The cubic capacity signifies the power of the engine of a bike. Bikes with higher cubic capacity generate more power for which they consume more consumables as well. However, it increases the risk of an accident, due to which insurers charge higher premium amounts from the owners of the bikes with high cubic capacity.
- No Claim Bonus (NCB) – The insurance providers give a no claim bonus as a reward to its policyholders for every claim-free year. The discount applies to the own-damage premium and ranges between 20% to 50%. Hence, the more the NCB will be, the lower the premium will be.
- Number of Add-Ons: Add-ons are extra policy coverage benefits that you can purchase with your bike insurance policy. You can buy add-on benefits like zero depreciation, roadside assistance cover, and so on, by paying an additional amount of premium and enhancing the coverage for your bike.
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