Universal Sompo Two Wheeler Insurance Premium Calculator
What is a Bike Insurance Premium Calculator?
Bike insurance premium calculator is a very helpful online tool that lets you calculate the premium for a bike insurance policy. By using InsuranceDekho’s bike insurance premium calculator, you can also analyse bike insurance quotes from multiple insurers, compare them, and select the most suitable one for you as per your requirement and budget. To use the bike insurance premium calculator online at InsuranceDekho, you will be required to enter a few details of your bike such as make, model, variant, fuel type, and year and place of registration. It is a quick and simple process that does not take much of your time.
How to Use a Bike Insurance Premium Calculator?
InsuranceDekho’s bike insurance premium calculator is really easy to use. All you need to do is follow the simple steps listed below:
Step 1: Select your bike’s Make, Model, Variant, and Fuel Type.
Step 2: Select the City of your bike’s registration. Select the 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 the ‘Calculate’ button. You will find the right IDV and premium for your bike insurance policy.
Benefits of Bike Insurance Premium Calculator
You can enjoy the following benefits by using InsuranceDekho’s bike insurance premium calculator online:
- Get the Right IDV: IDV or Insured Declared Value is what your bike is valued at in the market after deducting the depreciation. IDV of your bike that is decided by the insurer and hence, may differ from insurer to insurer. It is important to know the right IDV of your bike because it makes you aware about the amount that you can claim from the insurer in case of mishap. InsuranceDekho’s bike insurance premium calculator takes into consideration your bike’s make, model, variant, and fuel type, and calculates the right IDV for your bike.
- Know the Correct Premium: InsuranceDekho’s bike insurance premium calculator tells you the premium for the bike insurance policy within a few seconds. Knowing the premium amount in advance helps you make an informed decision.
- Helps You Decide: By using the bike insurance premium calculator at InsuranceDekho, you can easily compare quotes from multiple insurers online. Comparing and then selecting the most suitable bike insurance policy helps you make an informed decision without any influence of the agents.
- Helps You Buy Affordable Policies: InsuranceDekho’s bike insurance premium calculator not only helps you compare bike insurance policies, but also helps you buy the most affordable one from them within a few minutes.
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
To calculate premium for comprehensive bike insurance plans and standalone own-damage bike insurance plans, several factors are taken into consideration. These include the bike's IDV, its age, cubic capacity, your age, etc. To gain better knowledge of how these factors affect the premium, read below:
Factors Affecting Bike Insurance Premium
Given below are some important factors that affect the premium of your bike insurance policy:
- Insured Declared Value (IDV): Insured Declared Value is the maximum sum insured that is provided to you in case of total loss of your bike. Not that the IDV of your bike depreciates with time and may differ from insurer to insurer. The better the brand and functionality of your bike will be, the higher the IDV will be. And hence, higher premium amount you will be required to pay to get it insured.
- Engine’s Cubic Capacity: Higher cubic capacity ensures faster speed of your bike. But as fast speed can be risky too, so it will increase the insurer’s liability. Therefore, if you ride a bike with higher cubic capacity then you will be required to pay a higher premium to get it insured.
- Modifications: Modifications are done to increase the performance of the bike. But not always do modifications ensure the same. Sometimes, you put your bike’s security at risk when you get it modified. This increases the insurer’s liability thereby increasing your premium amount.
- Anti-Theft Devices: Use of anti-theft devices is an important factor that decides the premium for your bike insurance policy. Use of ARAI-approved anti-theft devices ensures safety of your bike and reduces the insurer’s liability. So, to enjoy paying a lesser bike insurance premium, you should get anti-theft devices installed in your bike.
- Number of Add-On Benefits: Add-ons are additional benefits that you can opt to buy along with your bike insurance policy and enjoy extra coverage. For instance, you can purchase zero depreciation cover, daily cash allowance cover, etc. but will be required to pay an extra premium to avail the benefit.
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