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Bike insurance Premium calculator

The bike insurance premium calculator is an online tool, which calculates the approximate insurance premium of a bike and helps generate quotes from different insurers by comparing the wide range of plans available from the information provided. It's quite a useful tool as it allows you to go through all the plans of the different insurers and select the best among them based on your budget and coverage.

What's the importance of Bike Insurance Premium Calculator?

There are a few reasons why you should use this calculator. The most significant ones are highlighted below-

  • One becomes well-informed about the market and the players.
  • Makes your overall policy buying procedure easier.
  • One is already prepared with the prerequisites and the documents required.
  • One can have a quick scan through all the policies available and select the best one.
  • As there are no agents involved, there is no need to shell out commissions. So, it's a value for money tool.

What are the benefits of using an online Bike Insurance Premium Calculator?

Here are some of the notable benefits of using this calculator. Let's check them out:

  • It is a trustworthy tool. It's not affected by the decisions of brokers/agents. The premium is only calculated based on the information provided.
  • No paperwork is needed for this procedure.
  • You can use this calculator free of cost and it gives results in a matter of minutes.
  • Based on the premium, you can select the best two-wheeler plan that suits your wallet.

How To Use a Bike Insurance Premium Calculator on PolicyX.com?

With the help of a bike insurance premium calculator, buying two-wheeler insurance has become easier. To get premium quotes, one needs to follow the below steps-

  1. Find 'Free Quotes From Top Companies' on the top-right corner of this page.
  2. Fill in the required details of your bike such as bike make, variant, RTO Code, registration year, and click on 'Continue'.
  3. Enter your personal details and tap on Proceed.
  4. Select the type of policy (comprehensive or third-party) and choose add-ons (if needed).
  5. The premium amount of different two-wheeler plans will be displayed in front of you.

Which factors affect the Bike Insurance Premium?

Several factors contribute to calculating a two-wheeler insurance premium. Let's check out the most important ones.

  • Insured Declared Value or IDV: Insured Declared Value or IDV is the amount of sum insured promised by the insurance company, which one receives from the company at the time of any damage, theft, burglary, etc. The more the IDV, the higher will be the premium amount.
  • Bike Model: The model of the bike has an impact on the premium amount. If you own a high-end bike like a Harley Davidson or Ninja 1000, then you will end up paying a higher premium.
  • Age of the insured: Insurance companies generally carry this notion that young riders are more prone to accidents, as they mostly drive recklessly as compared to matured and experienced riders. Therefore, if you are planning to give your teenage son a bike this year, then you will end up paying a high premium.
  • Manufacturing year: The older the model of your bike, the lower would be the IDV, So, it will lead to a low value of the premium. Similarly, the latest models will have high premium value.
  • Location: Location also affects the rate of premium. For example, if you live in cities like Delhi, Mumbai where the volume of traffic is high, there are higher chances of accidents. So, the insurance premium will be high as well.
  • No Claim Bonus (NCB): All insurance companies give a discount to policyholders who don't make any claim in a policy year. You can use that discount (20-50%) to get a lower premium.

How To Reduce Bike Insurance Premium?

With the help of our experts, we at PolicyX.com, have penned down a few points that can help you in reducing the premium amount of your bike insurance policy. Let's check them out.

  • Do Not File Claims For Minor Expenses: Avoiding small claims will help you in reducing the premium (to a great extent) with the help of no claim bonus that you get for every claimless year.
  • Compare And Buy Online: Always compare policies from different providers, and choose the one that offers maximum benefits and at the same time, lies within your budget.
  • Install Anti-Theft Devices: By installing anti-theft and protection devices in your bike, you can earn discounts on your premium amount.
  • Timely Renewals: Always renew your policy before its expiry date. Renewing your policy on-time maximizes your chances to grab the additional discounts offered by the company.
  • Choose A Higher Deductible: It is the amount, which the insured is supposed to pay from his/her pocket. The higher the amount of deductible, the lower will be the premium.
  • Select Useful Add-Ons: To get additional protection, some people choose all types of add-ons, which increases the overall premium amount. There is no need to do that. It's smart to only go with those add-ons, which are relevant to you.

Bike Insurance Premium Calculator FAQ's

1. What is the third-party liability bike insurance premium for the financial year 2019-20?

Engine CC of the BikePremium with effect from 16th June 2019 (Rs.)
Not exceeding 75 cc482
Exceeding 75 cc but not exceeding 150 cc752
Exceeding 150 cc but not exceeding 350 cc1,193
Exceeding 350 cc2,323

2. What documents are necessary for filing a two-wheeler insurance claim?

  • Claim form appropriately filled
  • Photocopy of the vehicle RC along with the original for verification
  • Authentic approximation of loss
  • Repair bills & payment receipts
  • Others requested by the company

3. How much time does it take for the insurers to send a two-wheeler policy document?

Generally, most insurers send the soft copy of the policy as soon as you pay the premium. But in some cases, a few insurers may take hours to share the same.

4. Is there any disadvantage of buying a two-wheeler policy online?

No, there is none. On the contrary, buying insurance online helps to save time, money, and guarantees the safety of your data.

Last updated on 03-12-2020