As a bike owner, the registration, pollution certificate, and insurance policy are documents you should always have. But among the three, only the insurance policy is expensive and requires periodic renewal. Hence, it is best to know your two-wheeler insurance policy’s premium and only then buy one.
Technological advances make checking your policy’s premium before buying it simpler. This is possible using the bike insurance calculator. Leading insurance companies make this facility available free of cost on their website. You must input your policy specifics, select necessary features, and calculate the premium amount. * Standard T&C Apply
When you opt for a bike insurance premium calculator, you get the following advantages:
- As a policyholder, you can make an informed choice regarding your two-wheeler policy purchase.
- You can know of the different factors that have a direct bearing on your insurance premiums.
- Knowing the amount of your bike insurance premium can help you with financial planning.
- Option to buy directly from the insurance company without the involvement of any intermediaries.
* Standard T&C Apply
What are the different components that impact the bike insurance price?
The bike insurance prices are not impacted by one factor but by a combination of many. Here are some factors that are used to calculate the premium of your policy:
Type of insurance plan
A bike insurance policy is available in two broad categories — third-party and comprehensive. Third-party plans have limited coverage and hence, tend to be cheaper. On the other hand, comprehensive policies provide broad coverage for which steeper premiums are charged. *
Add-ons
Add-ons are optional features that can be purchased with a comprehensive policy. Since they are optional, selecting every add-on may add to your policy premium. *
Insured Declared Value (IDV)
The insured declared value, or IDV, is the maximum amount the insurance company underwrites. Thus, the maximum compensation an insurer has to pay in one single claim is the IDV of your bike. Since it is the risk that the insurance company bears, IDV impacts the premium rate directly. *
Deductibles
Deductibles are the component that the policyholder has to pay at every claim. A lower deductible in your insurance policy would mean the insurance company has to compensate for the damages, thus impacting the premium. *
No-claim bonus (NCB)
When renewing the policy, if the policyholder has not made any claims during the previous policy period, the insurance company offers a concession at the time of renewal. This is the no-claim bonus of a policy. Since your comprehensive policy’s premium reduces due to the NCB, it directly impacts the insurance premiums. *
* Standard T&C Apply
It would be best if you claimed smartly to keep your bike insurance premium in check. It means you do not raise claims for small repairs as you end up giving up your accumulated NCB or are required to pay deductibles. Further, the modifications must be carefully made as some adversely impact the premium.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
