Oriental Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is an online tool that helps you find the correct premium amount for Oriental bike insurance plan. It takes a few details to exhibit the right premium cost such as make, model and variant of bike, registration year of bike, RTO location of bike, and so on. On filling up these particulars, the bike insurance calculator comes up with the right premium amounts offered by different insurance providers.
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 as if you have made any claim in the previous policy term.
Step 4: Click on the ‘Calculate’ button and get the right IDV and premium for your bike insurance plan.
Benefits of Bike Insurance Premium Calculator
- Right Insured Declared Value (IDV) – The premium calculator helps you find the right IDV on the basis of make, model, fuel type, registration year, RTO location, etc., of your bike. It gets you to know the amount that you are entitled to receive from your insurer on making a claim request in case of theft or total loss of your bike.
- Correct Amount of Premium – The premium calculator is meant to compute the right premium amount of your bike insurance plan. When the calculator shows you the bike insurance policy quotes offered by different insurers, it allows you to compare and choose the most suitable plan for your bike.
- Provides Assistance in Making Decision – The premium calculator provides you complete and right knowledge of the premium amount and IDV offered by multiple insurers. The information can assist you in making informed decisions related to your bike insurance policy after comparing the policy quotes in-depth.
- Helps in Choosing An Economical Plan – With the help of a premium calculator, you can find the premiums offered by different insurers for your bike. The calculator allows you to compare and choose the most value for money bike insurance deal among various insurers in the market.
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
The premium amount for standalone own-damage and comprehensive bike insurance plans can be derived by entering some details like make, model, and the variant of your bike, fuel type, RTO location, cubic capacity, etc. But, the premium amount can be influenced due to some factors which you should know before choosing any plan. Some of those salient factors are as follow:
Factors Affecting Bike Insurance Premium
- No Claim Bonus (NCB) – The No Claim Bonus (NCB) is a reward in terms of discount on the premium amount, offered to policyholders for not making any claim in a policy year. With every successive claim-free year, this bonus accumulates from 20% up to 50%. So, the more the NCB will be, the lesser the premium amount will be.
- Anti-Theft Devices – Some bike owners install anti-theft devices in their bikes to increase its protection. The installation of such devices curbs the risk for insurance providers too. So, if a bike owner has installed a trusted security system, which is Automotive Research Association of India (ARAI) approved, many insurers charge a lesser premium from them.
- Insured Declared Value (IDV) – The Insured Declared Value (IDV) is the current market value of a bike and the claim amount that a policyholder is eligible to get as compensation against the theft or total loss incurred by his or her bike. Therefore, for bikes with high IDV, more premium is charged by the insurers.
- Age of the Rider – With age and experience, the driving skills of people improves. On the same note and track records, the insurance providers tend to provide bike insurance plans to older people at lower prices considering that they drive more sensibly, which reduces the chances of accidents.
- City of Registration – The Regional Transport Office (RTO) locations in India are segregated as Tier 1, 2 and 3 based on the density of traffic that impacts the accident rate. Hence, bike insurance premiums of the bikes registered in Tier 1 cities are higher than Tier 2 and Tier 3 cities.
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