New India Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is an online tool that helps you calculate bike insurance premium offered by multiple insurance companies and select the best quote from them. To use this dynamic tool, you are required to enter a few details of your bike such as make, model, variant, registration city and year and you can be informed about the premium. You can use a bike insurance premium calculator when buying a new bike insurance policy or when renewing your old policy.
How to Use a Two Wheeler Insurance Premium Calculator?
Follow the steps given below to use bike insurance premium calculator at InsuranceDekho:
Step 1: Choose your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Select the City of your bike registration. Tell us ‘When did you buy your bike?’ by selecting the year of purchase.
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. You will find the right IDV and premium amount for your bike insurance policy.
Benefits of Two Wheeler Insurance Premium Calculator
Bike insurance premium calculator at InsuranceDekho offers you the following benefits:
- Right IDV: InsuranceDekho’s bike insurance premium calculator gives you the right Insured Declared Value or IDV. It helps you know the amount you can claim from the insurer in case of theft or total loss of your bike.
- Correct Premium: One of the main benefits of using a premium calculator is to know the premium you will be required to pay for your bike. Knowing the correct premium helps you manage finances and accelerates the buying process.
- Improves Your Decision Making Ability: InsuranceDekho’s bike insurance premium calculator not only allows you to find quotes from different insurers, but also lets you compare the benefits and premium with ease. This helps you make decisions confidently without getting influenced with agents.
- Helps You to Choose Affordable Policies: By using InsuranceDekho’s bike insurance premium calculator, you get quotes from multiple insurers displayed on your screen. From them, you can shortlist the most affordable quote for your bike.
Third Party Two Wheeler 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
There are a number of factors that affect premiums for comprehensive and standalone own-damage bike insurance plans. These include make, model, and variant of your bike, age of the bike, fuel type of the bike, engine’s cubic capacity, city of registration and so on. The premium for your bike is calculated by the insurer. Some factors that affect your bike insurance premium are listed below.
Factors Affecting Two Wheeler Insurance Premium
Given below are a few factors that determine premiums for comprehensive and standalone own-damage bike insurance policies:
- Insured Declared Value: Insured Declared Value or IDV is the maximum amount that you can claim from an insurer in case of total loss or damage incurred by your bike. Simply put, it is the market value of your bike. So, higher the IDV of your bike, higher your premium will be and vice versa.
- No Claim Bonus (NCB): No Claim Bonus is the insurer’s reward to the policyholder because of no claims made during the previous policy year. It is the discount ranging between 20%-50% that you can avail on your own-damage bike insurance premium that you will be paying in the subsequent policy term.
- Engine’s Cubic Capacity: If the cubic capacity of your bike is higher, then it will use more consumables. Therefore, your premium will be higher in that case. The condition and maintenance of the bike is also taken into consideration while determining the premium.
- Anti-Theft Devices: Anti-theft devices keep your bike secure from thieves and hence reduces the liability for the insurer. So, if you buy ARAI-approved anti-theft devices for your bike, then you will be required to pay a lesser premium.
- Number of Add-Ons: Add-ons are the additional benefits that add more value to your bike insurance policy. Insurers offer several add-ons like pillion rider, return to invoice, roadside assistance, and zero depreciation that you can purchase to increase the coverage with your bike insurance policy. But for this, you will be required to pay a higher premium.