GENERAL INSURANCEIRDAI Regn. No. 157
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Online Bike Insurance Premium Calculator
A bike insurance calculator is an online tool in that helps you calculate bike insurance premium offered by more than one General Insurance Company and select the lowest quote. With this dynamic tool, you can compare the quotes of different insurance companies. This comparison will help you buy the policy which is fully suitable to you.Using an online bike insurance premium calculator in India is very simple, all you need to do is fill in your details, select the factors which affect the premium for your bike insurance policy and click compare to buy a policy. The comparison will thus give an approximate idea of what will be the amount of premium you need to pay for the insurance policy. You can use this calculator before buying a new policy or before the renewal of your old bike insurance policy.Benefits of using an Online Bike Insurance Premium CalculatorHere is a list of benefits of using an online bike insurance premium calculator:
Ground workUsing a calculator is groundwork which accelerates the buying process.
Compare DealsYou don’t settle for anything unprofitable since you
compare deals from more than one Bike Insurance Company.
Know The FactorsYou get an idea about the factors that affect your
bike insurance premium in India. You can, thus, try to reduce it.
Make Informed DecisionYou are not influenced by any agents. You make an
informed decision, depending on your needs.
Components Of a Bike Insurance PremiumYour bike insurance premium is made up of the following 8 components:1. Third-party Cover2. Own-damage Cover3. Insured Declared Value (IDV)4. Personal Accident Cover for Owner-driver5. Discounts6. Deductibles7. No Claim Bonus8. Add-on Covers
Third-party CoverFollowing are the features of a third-party bike insurance component:This covers you for any loss or damage caused
to another person, vehicle or property by your bike during an accident.
It is mandatory for every vehicle rider to have a Third-party bike insurance cover in India.
The third-party premium rates depend on the engine capacity of your vehicle.
These rates are fixed and revised periodically by the IRDAI.
Insured Declared ValueInsured Declared Value(IDV) is the maximum amount that you
can claim in the case of any loss or damage. Over a period of time, the value
of your vehicle depreciates and thus, the IDV reduces too. The higher the
Insured Declared Value, the higher the premium of your bike insurance and
vice versa. However, it is better to get IDV which is near the cost of the
market value of your bike.
Own Damage CoverFollowing are the features of an own-damage cover, note
that it does not cover third-party components:This covers you for any kind of loss or damage
to your vehicle due to accidents, fire, theft, natural calamities, etc.
Although such a cover is beneficial, it is
not mandatory in India like a Third-party cover.
The premium rate of the own-damage cover is
calculated as a percentage of the Insured Declared Value (IDV) of
your bike.
These rates are calculated by your insurance company.
This cover is independent of Third-party
liabilities and is included in a Comprehensive Two-wheeler
Insurance Policy.
Personal Accident Cover for Owner-driverA personal accident cover of Rs. 15 lakhs for owner-driver
is included in every bike insurance policy.Following are its benefits:Compensation for Disability: In case of
partial or total disability of the owner-driver, he/she will be
given a compensation.
Accidental Death Benefit: Compensation
shall be provided to the owner-driver’s family in case of death
due to a bike accident.
DiscountsIf you buy safety features like certified
anti-theft devices you can get discounts on the premium.
You might also get a discount for being a
member of the Automobile Association of India.
DeductiblesFollowing are its benefits:Committing to pay voluntary deductibles reduces your premium.
This is the portion of the bill you pay from
your own pocket at the time of making claims. A certain amount is
also charged as compulsory deductible at the time of claims.
DiscountsYour claim history also affects your premium amount
If you do not make any claims in a year, you
get the best discount on own-damage premium at the time of renewal.
This discount is known as a No Claim Bonus. On renewal, it can get
you a discount of up to 50% on the premium amount for five
consecutive claim-free years. However, if you make even a single
claim in one policy period, your accumulated NCB comes down to
the lowest value i.e. zero.
The following table will give you a better understanding of the No Claim Bonus:
No. Of YearsOne claim-free year = discount 20%
Two consecutive claim-free years = discount 25%
Three consecutive claim-free years = discount 35%
Four consecutive claim-free years = discount 40%
Fiveconsecutive claim-free years = discount 50%
Add-on CoversAdd-ons are the best options to enhance your bike insurance policy.Add-ons provide more value as compared to a
standard bike insurance policy. For extra add-on covers, you have to
pay more premium. They increase the final payment amount of your
bike insurance policy
Zero-depreciation is a common add-on, which
compensates you for the entire claim regardless of the depreciation
of your bike.
Other add-ons include return to invoice,
pillion rider, roadside assistance etc.
How To Use an Online Bike Insurance Calculator?Most of the insurance companies have an insurance
calculator on their website, which you can use before purchasing or
renewing your policy.
You can go to these websites and click on their
insurance premium calculator button.
It then asks you for your personal, vehicle, policy and contact details such as:
The date of registration of your vehicle
The city of registration
The name of your bike manufacturer
The model and class of the bike
Fuel type of the bike
The type and the period of your policy
Details about the extra coverage that you need
Your name, mobile number, and email id.
Fill in these details correctly, agree to their
terms, and then click on the ‘Calculate’ button to check the two-wheeler
insurance premium quote.
Tips to Reduce Bike Insurance PremiumNo Claim Bonus (NCB):The sure shot way of reducing your
bike insurance premium is by earning the NCB for your bike.
Timely renewals:Avoid policy lapse by renewing your
bike insurance policy on time. The comparison of policies is advisable at
the time of renewal as well. This will help in availing the No Claim Bonus.
Make Smart Claims:File a claim against your bike insurance
policy only when you cannot personally afford to pay for the cost of damages.
Making small claims will reset your NCB cycle.
Add-ons:Select only those add-ons which you absolutely need.
Anti-Theft Devices:Installing security devices, like an Anti-theft device, will earn you a discount on premium.
ModificationsAny kind of expensive modification will
increase the cost of your bike insurance policy, and getting these parts
insured would be a good idea. If your priority is to reduce the amount of
premium, then avoid these modifications.
Other Factors:Providing accurate information like:
geographical location, age of owner, profession or marital status, will
result in better pricing for the policy.
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Acko General Insurance Ltd.Unit No. 301, 3rd Floor, E wing,
Lotus Corporate Park, Off Western Express Highway, Jay Coach,
Goregaon East, Mumbai 400063.Email: [email protected]Phone:1800 266 2256 (toll-free)We’re Socially Active
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CIN:U66000MH2016PLC287385
IRDAI Registration No:157
Category:Non-Life Insurance
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