Royal Sundaram Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is an online tool, which is designed to assist you to find the right premium for Royal Sundaram bike insurance policy. The digital instrument takes a few details to display the correct premium amount which includes make, model and variant of your bike, registration year of your bike, RTO location of your bike, etc. Entering these particulars of your bike, the insurance calculator comes up with the right premium amount for your bike insurance plan.
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 policy.
Benefits of Bike Insurance Premium Calculator
- Right Insured Declared Value (IDV) – The premium calculator based on the make, model and fuel type, registration year etc., of your bike helps you find the right IDV. It is the prevailing market value of your bike and with its information, you can make the claim request for the right amount in case of theft or total loss of your bike.
- Correct Amount of Premium – Calculating the right amount of premium for your bike insurance plan is the main aim of this calculator. With the bike insurance policy quotes offered by different insurance providers, you can easily compare and select the most suitable plan for your bike as per your budget and requirements.
- Eases the Decision Making Process – The premium calculator tool gives you complete knowledge of the right premium amount and IDV provided by various insurance companies for your bike. This helps you make informed and right decisions related to your bike insurance policy after comparing the quotes thoroughly.
- Assistance in Selecting Economical Plans – With the assistance of a premium calculator, you can easily get to know the premium costs offered by different insurance providers for your bike. The complete data of policy quotes allows you to compare and choose the most value for money bike insurance 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 Plans
The premium amount for standalone own-damage and comprehensive bike insurance plans depends on diverse factors that comprise make, model, and the variant of your bike, fuel type, RTO location, cubic capacity, etc. These are some particulars of your bike entering which in the premium calculator can get you the right amount of premium for your bike insurance policy. Below are the salient factors which influence the premium of your bike insurance plan:
Factors Affecting Bike Insurance Premium
- City of Registration – The RTO locations in India are divided as Tier 1, 2 and 3 based on the density of traffic that impacts the accident rate. So, bike insurance premiums of Tier 1 cities are higher than Tier 2 and Tier 3 cities.
- Insured Declared Value (IDV) – The IDV is the current market value of a bike and the amount that a policyholder is eligible to get as a claim against the theft or total loss of the bike. Hence, for bikes with high IDV, more premium has to be paid.
- No Claim Bonus (NCB) – The NCB is a discount on the premium amount provided by insurers to its policyholder for making no claim. It accumulates from 20% to 50% with every claim-free year. So, the NCB affects the premium cost by reducing it.
- Anti-Theft Devices – Many bike owners install anti-theft devices in their bikes to enhance its safety. The security system curbs the risk for insurers too due to which they charge a lesser premium from persons who have got such devices installed in their bikes.
- Age of the Rider – With age and experience, the driving skills of people get better. On this note and track records, the insurance providers offer bike insurance plans to older people on lower prices as the older people tend to drive more sensibly.