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 Calculator

Here is a list of benefits of using an online bike insurance premium calculator:

Ground work

Using a calculator is groundwork which accelerates the buying process.

Compare Deals

You don’t settle for anything unprofitable since you compare deals from more than one Bike Insurance Company.

Know The Factors

You get an idea about the factors that affect your bike insurance premium in India. You can, thus, try to reduce it.

Make Informed Decision

You are not influenced by any agents. You make an informed decision, depending on your needs.

Components Of a Bike Insurance Premium

Your bike insurance premium is made up of  the following 8 components:

  1. Third-party Cover
  2. Own-damage Cover
  3. Insured Declared Value (IDV)
  4. Personal Accident Cover for Owner-driver
  5. Discounts
  6. Deductibles
  7. No Claim Bonus
  8. Add-on Covers

Third-party Cover

Following 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 Value

Insured 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 Cover

Following 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-driver

A 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.

Discounts

  • If 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.

Deductibles

  • 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.

No Claim Bonus (NCB)

  • Your 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 Years

  • One 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 Covers

Add-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.

So, please ensure that you make proper use of the bike insurance premium calculator the next time you want to check, buy or renew your bike insurance policy online. It will help you to compare the quotes of different insurance companies before you apply for the policy online and make the final decision that best suits your needs. Use the premium calculator before making the final payment.

Tips to Reduce Bike Insurance Premium

No 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.

Modifications:

Any 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.