Buying a two-wheeler has become easy and convenient these days. There are so many choices to choose from and one can easily get confused as to which bike to buy. There are websites which can help you in many ways to buy a new bike. When we buy a two wheeler, whether used or new, it is important to insure the vehicle. There are companies which offer two wheeler insurance with various benefits and discounts. A standard insurance for bikes is comprehensive policy which usually includes third-party cover.
Now, before running off to an insurance company, it is important to do a thorough research as to which company gives you the best deal that meets your requirements. To know which company is offering you the best deal, it is important to know the premium amount that you pay so you can get maximum benefit.
You can calculate the two wheeler insurance premium online on various websites to know the annual premium payable on purchase of the policy. You just have to input some valid values of the bike to know the annual premium. Read the insurance contract carefully to know the benefits, cover, policy period, etc.
It is an online tool that helps you calculate the premium amount payable annually to continue enjoying the benefits of the policy. You can compare quotes from different insurers and determine which suits you the best with the help of this tool. You can eliminate middleman and you do not have to pay any commission to any agent. It’s quick and easy.
In order to know the annual premium via online bike insurance premium calculator, this information should be handy:
As per recent IRDA norms, the premium rates has been standardised with effect from April 1st, 2017.
|Premiums Payable||Engine Capacity|
|Rs.569||Up to 75 cc|
|Rs.1,114||350 cc and above|
The final premium amount calculation = Own damage premium amount + optional add-on covers+ third-party cover + Personal accident cover – no-claim bonus (if applicable)
IDV rate percentage based on Ex-showroom price and vehicle’s age:
|Insured Declared Value||Age of the bike|
|95% of ex-showroom value||Between 0 to 6 months|
|85% of ex-showroom value||Between 6 months to 1 year|
|80% of ex-showroom value||Between 1 to 2 years|
|70% of ex-showroom value||Between 2 to 3 years|
|60% of ex-showroom value||Between 3 to 4 years|
|50% of ex-showroom value||Between 4 to 5 years|
In today's competitive market, you get great deals at competitive prices to renew your policies. Almost every insurance company has facility to renew your policy online because that is the most convenient way. You can take advantage of the other third party websites to compare prices to get the best discount on your premium.
This is a very important aspect of renewing your insurance. Getting the vehicle survey decides whether you are eligible for renewing or not. You should get your vehicle surveyed by a surveying inspector to inspect if there are any pre-existing damages. If the damage is huge or irreparable then the surveyor can deny providing any insurance at all. If the damages are minor, then it will be excluded from the insurance coverage. There will be a nominal fee charged by the insurer for this process.
This mode is hassle free, time saving, money saving, convenient and paperless. It requires only few clicks to purchase the policy;
Always be informed of the latest technology and upgrades especially in banking and finance sector. Online Bike Insurance Premium Calculator is a tool that is a blessing for all those who do not know how the premium is calculated and how the factors of the bike influence the calculation. With the above information you can be stress free of worrying about the same.
Also known as the liability only cover, this plan provides cover against all the legal liabilities that arises due to damages or injuries caused to a third-party person or property by the insured vehicle. This is a mandatory policy that the owner of the bike should possess according to the law. Personal losses covered under this plan include accidental death, body injuries, permanent disability, etc. This insurance cover can be availed at a lower premium as it covers only third-party liabilities. This cover allows you to raise a claim under the ‘no-fault liability claims’ category. Here, you are allowed to raise the claim without having to provide proof that suggests your negligence caused the accident. Please remember that this does not cover the vehicle or the rider.
This is a standard policy that provides an extensive coverage under various situations for the policyholder. Also known as ‘other than collision’ cover, this plan covers third-party liabilities due to body injuries and/or accidental death/property damage, own liabilities arising out of personal losses and/or property damage from natural calamities and/or man-made calamities. The premium for this plan is high due to the extensive insurance coverage the plan provides. Insurers usually provide a number of add-ons that you can opt for under the comprehensive plan.
Yes, it is.
Yes it does because the no-claim bonus will no longer be applicable and you will be considered as a risky driver. So it is advised that try and deal with small damages by yourself so you can avil NCB at the time of renewal.
Yes, you can. You have to submit a written application to the insurer well in advance before the renewal period, so they can start the process. But the process will be complete only after you replace that insurance with the new insurance from another insurer.
It is a mandatory deductible amount that you have agreed to pay in the insurance for every claim you make which is not covered in the insurance. The minimum amount that you have to pay is standard that is set by the IRDA. You can choose the percentage of amount that you are comfortable paying in the final bill amount and the remaining will be paid by the insurance company. So if you choose higher percentage of the voluntary deductible amount, the lower your premium will be. But it is a monetary loss to you as you will be bearing the cost by yourself. So to save few penny on the premium amount, do not suffer this loss.
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