SBI Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is a digital tool that assists you find the correct insurance premium for your SBI General bike insurance policy. You can easily derive premium amounts of different insurance providers through the premium calculator by entering some bike details like make, model, variant, RTO location and so on. The value of premiums of different insurance providers helps you choose a suitable premium quote that fits your budget and needs.
How to Use a Bike Insurance Premium Calculator?
Step 1: Select your Bike’s Make, Model, Variant and Fuel Type.
Step 2: Select your Bike’s Registered Location and Purchase Year.
Step 3: Mention if you have requested any claim in the last policy term.
Step 4: Click on the ‘Calculate’ button to get the right IDV and premium of bike insurance plans.
Benefits of Bike Insurance Premium Calculator
- Right Insured Declared Value (IDV) – The bike insurance premium calculator helps you get the right IDV on the basis of make, model and age of your bike. With the information of the right IDV, you can get the correct claim amount of your bike in case of theft or total loss from your insurance provider.
- Correct Amount of Premium Amount - To compute the right premium amount of bike insurance plans is the key purpose of premium calculator. By getting the right amount of premium for different bike insurance plans, you can select a bike insurance policy for the protection of your bike.
- Eases the Decision Making – The premium calculator tells you about the current market value of your bike and premium rates offered by different insurance plans in the market. With the knowledge of the IDVs and premium costs of various bike insurance plans, you can make prudent decisions related to your bike insurance policy.
- Helps In Finding a Cost-Effective Plan – The knowledge of the right IDV and the premium amount of bike insurance plans, calculated by the premium calculator, you can select the most economical and value for money bike insurance plan to cover your bike. It will give the best protection to your bike at the best price.
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 is based on various factors like make, model, and the variant of the bike, age of the bike, fuel type and engine capacity of the bike, registration location of your bike, etc. You can use InsuranceDekho’s premium calculator to get instant results for the premium amount of different bike insurance plans. To attain a better understanding of premium calculation process, let’s go through the factors affecting it:
Factors Which Determine Bike Insurance Premium
- Anti-Theft Devices – The anti-theft devices increase the security level of your bike, which ultimately minimises the risk of insurance providers to offer compensation to policyholders. Therefore, insurance providers charge a lesser amount of premium from the policyholders who hold the bikes equipped with ARAI approved anti-theft devices.
- Insured Declared Value (IDV): The Insured Declared Value (IDV) is the market value of your bike calculated on the basis of your bike’s make, model, fuel type, etc. However, the value of your bike keeps on depreciating with time, which reduces the IDV. So, the lower the IDV of your bike will be, the lesser the premium you will be charged.
- 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.
- Number of Add-On Benefits: Add-on covers enhance your policy coverage and its benefits by paying a little extra premium in addition to the normal premium of the plan. It can make you enjoy greater benefits under your insurance policy at an affordable rate. But adding add-on covers to your bike insurance plan will increase the bike 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.
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