Buy Insurance the Smarter Way Using Premium Calculator to Have Total Control on Policy
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Bike Insurance Premium Calculator
User-friendly calculator
Allows detailed comparison
Enhanced product knowledge
Handy tool
Bike insurance calculator uses different details such as the model and make of a bike, the RTO specifications etc., to calculate the premium amount. By calculating the premium before buying an insurance, the insured individual can get an idea about the various insurance plans and the premium that they need to pay for each plan. You can also check the Insured Declared Value of your two-wheeler with the help of a bike insurance premium calculation formula.
What is a Bike Insurance Premium Calculator?
A two-wheeler insurance calculator is an online application that can be used to compare and calculate the premium of a policy. So, with the help of a Bike Insurance Premium Calculator the insured can come to know how much premium he/she would be paying for a particular bike insurance policy.
The various details that a premium calculator uses to calculate the premium include:
- Make of a bike
- Model of a bike
- Variant of a bike
- RTO location where the bike was registered
- Year in which the bike was purchased etc.
The calculator uses the above details to compute the premium amount that an insured has to pay for the selected bike insurance policy.
Benefits of Bike Insurance Calculator
There are several benefits of using a bike insurance calculator as mentioned below:
- An insurance premium calculator for a two-wheeler supports computing and comprehending the premium amount that an insured has to pay for a bike insurance.
- Premium calculator takes into account several details to compute the premium quote within seconds, thereby saving a lot of time.
- The premium calculator also helps in comparing premiums of various insurance plans as per the coverage that different insurers offer. Thus it helps in selecting the best plan as per your need.
- Premium calculator is a flexible digital instrument which considers everything properly before giving any decision. So, you can make your choice independently without getting affected by any external influence like agents.
How to Calculate Insurance Premiums for bikes?
Bike insurance premiums can be easily calculated by using a premium calculator. As already mentioned above, a number of factors are taken into consideration for computing bike insurance premium, such as, make of a bike, model of a bike, variant of a bike, RTO location where the bike was registered, and the year in which the bike was purchased etc.
Now, as you know, that the third-party insurance policy is a mandatory policy that is required for riding a two wheeler. So, the IRDAI has set the premium amount to be paid for the third-party two-wheeler insurance policy, which you can calculate using a two wheeler third party insurance premium calculator. However, the premium amount that needs to be paid by the insured for bike standalone own-damage and comprehensive bike insurance plans are set by insurance companies, which you can compare by using a bike insurance premium calculator. These premiums are decided as per different conditions of the two-wheeler of the policyholder.
How to Use a Bike Insurance Premium Calculator Online?
The process of calculating bike insurance premium calculator India varies from one insurer to another. Also, it depends on the age of the bike. So, accordingly, a bike insurance premium calculator can be used to compute premiums in two different categories, namely for new bikes and for old/used bikes. So, as per the condition and age of your bike, you have to add certain details of your vehicle and depending on them the premium is calculated.
Here, two things are required to be noted. The first one is related to the NCB discount that the insured might have from his/her previous policies. This is applicable in the case of calculating an old bike premium and it reduces the premium amount to an extent. The second one is IDV, which is normally high in case of new bikes and it might increase the premium of new bike insurance policies.
Further, here are some steps that are used to calculate bike insurance premium online:
- Submit the details of the model as well as the make of your two-wheeler.
- Submit the details of the city where you have registered your bike.
- Select the year of purchase of your two-wheeler.
- Mention about NCB discounts (if any) available from the preceding year.
- With all these details in hand. the bike insurance calculator will allow you to know the premium of your bike insurance plan.
Why is it Important to Use a Bike Insurance Calculator?
Using a two wheeler insurance premium calculator is important because it allows the insured to compare and know the premium before buying a policy. Also, there are other benefits as mentioned below:
- It helps the insured to buy the best policy with a lower premium by comparing various policies.
- It helps the insured to make a better decision about the right policy to buy.
- It helps in finding a reasonable and cost-effective policy for the policy seeker.
- And most importantly, a bike insurance premium calculator helps a policy seeker to stay away and protected from frauds.
Bike Insurance Premium Calculator for New Bikes | Bike Insurance Premium Calculator for Used Bikes |
|---|---|
Below are some essential details required to compute premium for a new bike insurance policy:
The premium calculator for a bike calculates the amount by using all the above mentioned details and helps you choose the apt insurance policy. | Below are some essential details required to compute the premium using a bike insurance renewal premium calculator:
These details are needed to know how bike insurance premium is calculated of a second hand bike insurance plan by using the premium calculator. |
Factors Which Determine Two-Wheeler Insurance Premium
Below are the factors that determine the insurance premium of a two-wheeler:
Age of the bike owner
Yes, this is an important factor because if the bike owner is below 25 years of age, they are likely to get involved in accidents more as compared to those above the age of 25. Hence, bike riders within the age limit of 18 years to 25 years are levied with a slightly higher bike policy premium than the rest.
Location where you are going to ride your bike
Many insurance companies also consider the place where the policyholder will ride the bike. This is because if the rider is stationed at a place where the traffic is high like a metropolitan city, the insurer will charge a slightly higher premium as compared to in areas where the traffic is low.
Fuel Type
This is again a strong determinant factor as bikes running in CNG are levied with higher premium as compared to those that run on petrol/diesel.
IDV or Insured Declared Value
The IDV differs for every policyholder depending on the model, manufacturer, brand, price, etc. Your insurance premium will be high if the IDV is high and vice versa.
CC or Cubic Capacity
This is another factor that is considered. Greater cubic capacity calls for a comparatively higher premium in a two-wheeler as compared to less cubic capacity.
Manufacturing year of the bike
Since the IDV of a new bike is high as compared to that of old bike, thus the premium levied for a new bike is more as compared to an old bike.
No Claim Bonus (NCB)
The accumulated NCB discount also affects the premium of a two-wheeler insurance. NCB discounts might help in lowering your premium amount.
Anti-theft Devices approved by ARAI
If your bike is equipped with approved anti-theft devices, you might get a certain discount on your bike insurance premium.
How To Reduce Two Wheeler Insurance Premiums?
Here are some tips to reduce your bike insurance premium:
Buy your bike Insurance policy Online as it is more economical as compared to offline buying. Also, you might get added discounts and benefits.
Try to avoid making small claims so that you can retain NCB and earn a discount on the next premium at the time of renewal.
Install some Anti-Theft Devices approved by AAI-Approved as it might help you in lowering your premium to some extent. Many insurers offer discounts to insured with anti-theft devices in their two-wheelers that are approved by AAIA.
You can also opt for a multi-year insurance policy for up to 3 years. This way you may have another discount on your premium.
Selecting a Bike is another factor that might help in reducing your insurance premium. If you have top model bikes, you will have to pay a higher premium and vice versa. Thus, it is another thing to consider for reducing your bike insurance premium.
Finally, add-ons that you have opted for also determine your premium. So it is important to choose add-on covers that you actually need to avoid extra premiums.
Frequently Asked Question
Two-wheeler insurance premium in India is calculated based on a number of factors such as model of the two-wheeler, its make, variant, city where it is registered (RTO location), etc. All these factors are taken into consideration to calculate the premium of your bike insurance.
The value or the Insured Declared Value (IDV) of a two-wheeler means the highest Sum Assured that your insurer will pay if your bike is stolen or in case of total loss where your bike suffers over 70% damage. So, if you ask about the value of your two-wheeler for insurance, it means the IDV of the bike.
Similar to calculating the insurance premium of a new two-wheeler, several factors are taken into consideration while calculating the premium of a second-hand bike. Hence, the make of the bike, its variant, model, city where the registration was done, as well as the insurance plan you opted for, among the various questions that are considered while calculating the premium of second-hand two-wheeler. But, you must note that the insurance premium of a used bike is high as compared to a new bike.
Two-wheeler insurance calculator is a tool that can be used online to compare and calculate the premium that you would be paying for your bike insurance policy. The tool uses different details such as the model and make of your bike, the RTO specifications etc. to calculate the premium amount. You can also check the Insured Declared Value of your two-wheeler with the help of the calculator.
You would receive the insurance policy document via email after making the premium payment online.
