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  • How to Calculate Bike Insurance Premium in India

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    How to Calculate Two Wheeler Insurance Premium in India

    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.

    Bike Insurance Premium Calculator:

    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.

    Benefits of two wheeler insurance calculator:

    • You can use either parent or third-party website to calculate two wheeler insurance premium. Buying insurance online will save you time and money by making online insurance purchase easy and convenient for you.
    • You can compare quotes by various insurers through bike insurance calculator to determine which is the best policy for you. Online insurance purchase is quick and easy with minimum paperwork.
    • You eliminate the middlemen and agents who sell insurance offline with the assurance of the lowest premium. But often one ends up paying more for the same insurance offline than online.
    • There are variables which you have to input to calculate the premium on the two wheeler insurance calculator. You can witness that the premium of the bike changes with different values of the variables which is otherwise not noticeable offline.
    • Buying insurance online will allow you a lot of time to search and choose the right policy without being influenced by any agents or middlemen. With the help of bike insurance premium calculator, you can know which policy gives you maximum coverage with minimum premium.
    • This online premium calculator is free of cost and therefore anyone can use it.

    Factors that affect the bike insurance premium:

    • Vehicle model and manufacturing year: The premium amount that the insured pays is decided on the Insured Declared Value also known as ‘market value’ of the vehicle. IDV is the sum insured by the insurance company that they promise to pay at the time of total damage or accident. Therefore higher the price of your vehicle, higher is the premium amount for the insurance.
    • Age of the vehicle: Age of the vehicle is a vital parameter for premium calculation. The rate of depreciation for a new vehicle is comparatively less when compared to bikes which are old.
    • Engine capacity and vehicle condition: Higher the cubic capacity of your engine, higher the premium. For bikes above 750cc and super bikes which are 1200cc the premium amount paid is higher. The condition of the vehicle is also important, the maintenance of the bike is taken into consideration as well. If the vehicle has been in an accident or the owner of the bike has a bad track record, the insurance premium will also change according to it.
    • Age of the insured: The younger you are the higher the premium amount. It is believed by insurance companies that youth particularly aged below 20 years are more prone to accidents and injuries because of their riding style. So anybody who is below 20 years and wants to own a bike should be prepared to pay higher premium. This depends on the insurance company.
    • Deductibles: It is the amount the insured or policyholder pays voluntarily as a part of the insurance claim, the rest is paid by the insurance company. The lower your premium amount is, the higher the deductibles will be and vice versa.
    • Geographical Location: The city you live in also matters in computation of bike premium calculator. If you live in metropolitan cities like Delhi, Bengaluru, Mumbai, etc. where the rate of road accidents and injuries are high, the premium amount will be slightly higher than for regular cities.
    • Anti-theft discount: If you have installed anti-theft device in your vehicle that is approved by Automotive Research Association of India (ARAI), then the insurer will give a discount of 2.5% on premium amount. You can install anti-theft alarm, safety gear lock, GPS device, etc.
    • No claim Bonus: If you have a good driving track record and have not claimed your insurance in that policy year, the insurer will reward you with no-claim bonus ranging from 20% to 50% at the time of policy renewal.

    Information required for calculation:

    In order to know the annual premium via online bike insurance premium calculator, this information should be handy:

    • Manufacturing year
    • Age of the vehicle
    • Registration Year
    • Model and Cubic Capacity of the vehicle
    • RTO location
    • Status of previous policy

    The standard rates of premium for the current financial year:

    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.720 75-150 cc
    Rs.970 150-350 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

    Tips to save on two wheeler insurance premiums:

    • Always buy insurance online. It is fast and convenient and requires minimum or no paperwork and it eliminates agents and middle man commissions.
    • Opt for 3 years or long term policy as it saves you from yearly renewals and you can get discount on the premium amount.
    • Voluntarily decide the deductibles percentage.
    • If you haven’t already then install Anti-theft device in your vehicle, you can avail discounts for the same.
    • Never buy additional covers if you do not require one.
    • If you have not claimed insurance during the policy period, then avail the No-claim discount at the time of renewal.

    Steps Involved in renewing your insurance policy:

    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.

    Vehicle Survey:

    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.

    Purchasing the policy:

    Purchasing online:

    This mode is hassle free, time saving, money saving, convenient and paperless. It requires only few clicks to purchase the policy;

    • Keep the documents like registration number, previous policy details, add-on insurance benefits, driving license, manufacturer details, vehicle model, engine capacity, RTO details, etc.handy.
    • Log on to the desired insurer’s website and go to online renewal option.
    • Enter the required details accurately and cross-check your details once you have them.
    • On submission of the details, you will get a quote from the insurer.
    • If you are satisfied with the quote, then make online payment via debit/credit card or NEFT transactions.
    • You will get immediate documents of your renewal through email or you can download from the website. You can also set reminders on the insurers’ website for future convenience.

    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.

    FAQ's for Bike Insurance Calculator

    1. What are the documents required for bike insurance claim?
      • Apply for claim with a properly filled claim application
      • Registration Certificate of the vehicle
      • Receipts of the bills paid by you for the damage
      • Repair invoice and payment receipts

    2. What are the documents required to purchase two wheeler insurance?
      • Registration certificate
      • Previous policy details
      • Driver license along with bike details

    3. What are the factors that affect bike insurance premium?
      • Insured Declared Value
      • Brand and year of manufacturing
      • Age of the vehicle
      • City of residence
      • RTO region
      • Engine cubic capacity of the bike
      • Claims in previous year if any

    4. What is third-party insurance policy?
    5. 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.

    6. What is Comprehensive Cover?
    7. 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.

    8. Is it mandatory to own a two wheeler insurance?
    9. Yes, it is.

    10. Does the premium increase if i make a claim?
    11. 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.

    12. Can we change insurer in the middle of a policy year?
    13. 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.

    14. What is voluntary deductible?
    15. 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.