Tata AIG Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
A bike insurance premium calculator is an online tool that assists you find the correct insurance premium for your Tata AIG bike insurance policy. You can get an instant premium from the calculator by entering some bike details like make, model, variant, RTO location and so on. Entering these details on the premium calculator will give you the right premiums of different insurance providers with which you can choose a premium quote as per your requirements and budget.
How to Use a Two Wheeler 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 Two Wheeler Insurance Premium Calculator
- Right Insured Declared Value (IDV) – The bike insurance premium calculator helps you get the right IDV in accordance with the make, model and age of your bike. By knowing the right IDV, you can request the claim for the correct claim amount of your bike in case of theft or total loss.
- Correct Amount of Premium - To get 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 the most suited one for you.
- Assist in Decision Making – The premium calculator informs you about the prevailing bike insurance premium rates in the market. With the knowledge of the IDVs and premium costs of various policies, you can make prudent decisions related to your bike insurance plan.
- Helps In Finding a Cost-Effective Plan – With 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 insurance plan.
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 (IRDAI))
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
The premium amount for standalone own-damage and comprehensive bike insurance plans is dependent on diverse factors like make, model, and the variant of the bike, age of the bike, fuel type and engine capacity of the bike, etc. You can use our premium calculator to get instant results for the premium cost of different bike insurance plans. To have a better understanding of premium calculation process, find below the factors affecting it:
Factors Which Determine Two Wheeler Insurance Premium
- Anti-Theft Devices – The anti-theft devices ensure the safety of your bike, which minimize the risk of offering compensation to the insurance company. Hence, insurance providers charge a lesser amount of premium from the bikes equipped with anti-theft devices.
- Insured Declared Value (IDV) – The Insured Declared Value of bike denotes its current value. It is also the amount that an insurance company has to provide to its policyholder in the event of theft or total loss. So, higher the IDV will be, higher will be the premium cost.
- Year of Registration – The year of registration reveals the age of a bike. It is a common fact that with every passing year increased depreciation applies on the bike that reduces its value. It means insurers have to offer lower compensation for an old bike. Therefore, older bikes are charged with a lower amount of premium than from the newer bikes.
- No Claim Bonus (NCB) – The NCB is a discount on the premium amount, offered by the insurance company to its policyholders for not requesting any claim in the last policy term. The provided discount increases every claim free year and ranges between 20% to 50%. It means higher NCB will bring down the premium amount of the bike.
- Add-On Options – The add-on options under the bikes insurance plans offer additional protection to the bikes, which can only be availed by paying an extra amount. Thus, the more the add-on covers will be included in the policy, the higher will be the cost of premium.