United India Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is an online tool used to calculate bike insurance policy premium easily. The tool helps you get the bike insurance premiums of bike insurance policies offered by multiple insurers. It also allows you to compare different bike insurance policies in order to make the right buying decision. To use InsuranceDekho’s Bike insurance premium calculator, you are required to enter a few details of your bike including its make, model, variant, fuel type, and year and place of registration and you will get to know the bike insurance premium within a few seconds.
How to Use a Bike Insurance Premium Calculator?
You are required to follow a few simple steps in order to calculate bike insurance premium at InsuranceDekho:
Step 1: Select the Make, Model, Variant, and Fuel Type of your bike.
Step 2: Select the City of registration of your bike and its 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 ‘Calculate’. You will find the right IDV and premium for the selected bike insurance policy displayed on your screen.
Benefits of Bike Insurance Premium Calculator
You can use InsuranceDekho’s bike insurance premium calculator online and enjoy the following benefits:
- Get the Right IDV: IDV or Insured Declared Value is the market value of your bike that is calculated after depreciation. It is important to know the right IDV of your bike as it reflects the maximum amount an insurer will compensate you for in case of total loss of your bike. InsuranceDekho’s bike insurance premium calculator helps you figure out the right IDV after taking into consideration several factors such as your bike’s make, model, variant, age of your bike, etc. You must go for the IDV that is closest to the market of your bike.
- Know the Correct Premium: One of the major benefits of using InsuranceDekho’s bike insurance premium calculator is that it tells you the premium amount you will be charged for a shortlisted bike insurance policy. You can make an informed decision if you know the premium details in advance.
- Helps You Decide: With InsuranceDekho’s bike insurance premium calculator, you can compare bike insurance plans offered by several insurers. This way, it helps you decide which bike insurance policy is the best for you as per your budget and other requirements.
- Helps You Buy Affordable Policies: When comparing bike insurance policies online, you also compare the premiums to be paid for every shortlisted policy. This helps you choose the most affordable policy online.
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)
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
Several factors such as bike modifications, bike’s IDV, age of the bike, how secured it is, etc. decide the premium of comprehensive and standalone own-damage bike insurance plans. To understand the impact of these factors in detail, read below.
Factors Affecting Bike Insurance Premium
Read below to understand how these factors increase or decrease your bike insurance policy premium:
- Insured Declared Value (IDV): IDV is the market value of your bike that the insurer compensates you with in case of total loss of the bike. This means, higher the amount of loss, higher the amount the insurer will compensate you for. As this will increase the insurer’s liability, so, you will be required to pay a higher bike insurance premium in this case and vice versa.
- Modifications: A lot of bike owners are enthusiastic to get their bikes modified. While bike modifications can surely increase your bike’s performance, sometimes they may also compromise with its in-built security. This increases the chances of your prized possession getting stolen or getting involved in an accident. As the risk increases the insurer’s liability in some cases, hence it will also increase the premium amount for our bike insurance policy.
- Age of the Bike: Another deciding factor for your bike insurance policy premium is the age of your bike. The old bikes have lesser Insured Declared Value compared to new bikes due to the default depreciation and hence the insurers have to pay lesser compensation to their owners in case of a mishap. so , you can enjoy paying a lesser premium if you won an old bike, and vice versa.
- Number of Add-Ons: Add-on covers are the additional benefits that you can purchase by paying an additional premium. There are several add-on benefits such as roadside assistance cover, zero depreciation cover etc. which are highly recommended for your bike. But if you opt for them, your bike insurance premium will increase respectively.
- Anti-Theft Devices: It is recommended to get ARAI-approved anti-theft devices in your bike to ensure its safety. Increased safety decreases the chances of it getting stolen and hence reduces the chances of claim. So, if you get these devices installed in your bike, you will be charged a lesser bike insurance premium.
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