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  • Overview
  • Features And Benefits
  • Third-Party Two-Wheeler Insurance
  • Comprehensive Two-Wheeler Insurance
  • Calculate Premium
  • Save On Premium
  • Renewal Benefits
  • IDV in Bike Insurance
  • NCB
  • Zero Depreciation Bike Insurance
  • Roadside Assistance
  • New Bike Insurance
  • Engine Protection Cover add-on
  • Deductibles
  • Types of Shriram Two-Wheeler Insurance
  • Coverages
  • Compare Plan
  • Premium Components
  • Eligibility and Required Documents
  • Buy / Renew
  • Claim Process
  • Bike Insurance Premium Calculator
  • Terminologies
  • Policy Download
  • FAQs
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Understanding the financial aspects of Bike Insurance is crucial for any motorcycle owner. A Bike Insurance Premium Calculator serves as a valuable tool in this realm, offering insights into the cost of insuring a two-wheeler. From evaluating factors like the bike's make and model to the policyholder's details, this calculator aids in estimating insurance premiums effectively. In this blog, we delve into the significance of a Bike Insurance Premium Calculator, its functionalities, and how it empowers individuals to make informed decisions regarding their insurance coverage.

What is a Bike Insurance Premium Calculator?

A Bike Insurance Premium Calculator is a tool used to estimate the cost of insuring a motorcycle. It takes into account various factors such as the make and model of the bike, the age and condition of the motorcycle, the location where it will be primarily used, the type of coverage required, and the personal details of the policyholder, among other relevant data.

What is Two-Wheeler Insurance

How is the Bike Insurance Premium Calculated?

Bike Insurance premium is determined by several key factors, typically including the following.

Insured Declared Value

Insured Declared Value (IDV)

The IDV represents the current market value of the bike. The premium is often calculated as a percentage of the IDV

Type of Coverage

Type of Coverage

The type of coverage selected—such as comprehensive coverage, own damage coverage, third-party liability, or any add-ons—affects the premium.

Cubic Capacity

Cubic Capacity

The engine capacity of the bike, often referred to as cubic capacity, can impact the premium amount.

Age of the Bike

Age of the Bike

New bikes have higher premiums than older ones because depreciation affects the IDV, which impacts the premium.

Location

Location

The area where the bike will primarily be used or parked can affect the premium due to varying levels of risk.

No Claim Bonus

No Claim Bonus (NCB)

Policyholders with a history of no claims typically receive a discount on their premium.

What are the benefits of using a Bike Insurance Premium Calculator?

Using a Bike Insurance Premium Calculator offers several benefits including the following.

Approximate Estimates

It provides an approximate estimate of the premium, allowing policyholders to budget effectively

Comparison

It enables users to compare premiums from different insurers, leading to informed decision-making.

Customisation

Users can adjust parameters such as coverage type and voluntary deductibles to see their impact on the premium

Time-saving

It saves time by quickly providing premium estimates without the need for manual calculations.

Informed Decisions

It helps policyholders understand the factors influencing their premium, empowering them to make informed choices about their insurance coverage.

Features of Shriram Two-Wheeler Insurance

How can you reduce your Bike Insurance Premium?

You can reduce the premium on the OD component of your Comprehensive Bike Insurance through the following methods.

No Claim Bonus (NCB)

No Claim Bonus (NCB)

By not making any claims during the policy period, you can accumulate NCB , which results in a reduction on the premium at the time of policy renewal.

Type of Coverage

Voluntary Deductibles

Opting for a higher voluntary deductible – the amount you are willing to contribute towards a claim – can reduce your premium. However, it's important to ensure that you can afford the deductible in the event of a claim.

Installation of Anti-Theft Devices

Installation of Anti-Theft Devices

Equipping your bike with approved anti-theft devices can lower the risk of theft and, consequently, reduce the premium.

Age of the Bik

Choose a Lower Insured Declared Value (IDV)

While this may reduce the premium, it is important to ensure that the IDV adequately covers the potential loss in case of theft or total damage.

What are the types of Bike Insurance Plans in India?

Regarding the types of Bike Insurance plans in India, there are primarily two main categories. We will discuss both in this section.

1

Third-Party Liability Insurance

This type of insurance is mandatory by law in India. It covers the policyholder’s legal liabilities towards third parties for bodily injury, death, and property damage caused by the insured bike.

2

Comprehensive Insurance

In addition to the coverage provided under third-party liability insurance, a comprehensive plan also provides coverage for damages or loss to the insured bike due to accidents, theft, natural disasters, fire, and malicious acts. It also offers personal accident cover for the owner-driver.

Additionally, there is a standalone own-damage policy. This offers coverage only for damages to the insured bike without the third-party liability component. It’s usually purchased along with the mandatory third-party policy for complete coverage.

Third-Party Bike Insurance Premium Rates

You can use the table below to find out the premium slab for Third-Party Bike Insurance .

Segments Five-year single premium for new vehicles One year term
Not exceeding 75 cc 2,901 538
Exceeding 75 cc but not exceeding 150 cc 3,851 714
Exceeding 150 cc but not exceeding 350 cc 7,365 1,366
Exceeding 350 cc 15,117 2,804

Note: The information provided above is derived from a notice released by the Ministry of Road Transport and Highways (MORTH) in March 2022 and is subject to potential changes. We recommend consulting official sources before finalising any purchase decisions.

Why should you buy Shriram Bike Insurance?

You should consider buying Shriram Bike Insurance for the following reasons.

Comprehensive Coverage

Shriram Bike Insurance provides extensive coverage, including protection against third-party liabilities, own-damage, theft, and natural calamities.

Seamless Claim Process

Shriram Insurance offers a hassle-free and efficient claim settlement process, ensuring a smooth experience during unexpected incidents.

Additional Benefits

The policy may include additional benefits such as roadside assistance, personal accident cover, and coverage for pillion riders.

Customer Service

Shriram Insurance is known for its customer-focused approach, providing excellent support and guidance to policyholders when needed.

Frequently Asked Questions

Learn more about the Bike Insurance Premium Calculator by reading through this section of questions and answers.

How does a Bike Premium Calculator work?

A Bike Insurance Premium Calculator works by taking into account various factors such as the make and model of the bike, the age and condition of the motorcycle, the location where it will be primarily used, the type of coverage required, and the personal details of the policyholder to provide an estimate of the insurance premium.

What factors are considered when using a Bike Insurance Premium Calculator?

The factors considered may include the Insured Declared Value (IDV) of the bike, type of coverage, cubic capacity, age and condition of the bike, location, and any applicable discounts such as No Claim Bonus (NCB).

Can I get an accurate premium estimate using a Bike Insurance Premium Calculator?

While a Bike Insurance Premium Calculator can provide a close estimate, the final premium may vary based on additional factors considered during the underwriting process by the insurance provider.

How can I use a Bike Insurance Premium Calculator to compare quotes from different insurers?

Users can input the same details into the calculators of different insurers to compare the premium estimates and coverage options offered by each provider.

Are the results from a Bike Insurance Premium Calculator binding, or are they subject to change?

The results from the calculator are an estimate and are subject to change based on the insurer’s underwriting process, additional information, and policy terms and conditions.

What are the benefits of using a Bike Insurance Premium Calculator?

Benefits include getting an estimate of the insurance premium, the ability to compare quotes from different insurers, customisation of coverage options, and time-saving in obtaining premium estimates.

Is it necessary to provide personal information to use a Bike Insurance Premium Calculator?

While some personal information such as age, location, and bike details may be required for more accurate estimates, it varies by insurer and the specific calculator being used.

Will the premium calculated by the tool be the final premium I pay, or are there additional charges to consider?

The premium calculated by the tool is an estimate, and there may be additional charges or discounts applied by the insurer during the final underwriting process.

Can I use a Bike Insurance Premium Calculator for renewing an existing policy?

Yes, a Bike Insurance Premium Calculator can be used for renewing an existing policy to estimate the premium for the upcoming policy period.

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