ICICI Lombard Bike Insurance Premium Calculator
A bike insurance premium calculator is a digital resource used by users in order to calculate the two-wheeler insurance premium for their vehicle. You just need to know the type of vehicle, model, variant, year of establishment, and details from the Regional Transport Office (RTO), to generate an online quote. You can also use a premium calculator in budget preparation as you need an easy way to estimate the cost of insurance.
Benefits of Chola MS Premium Calculator Bike Insurance
- Accurate Bike Value: The calculator displays the present market value of your bike, which is known as Insured Declared Value, or IDV. This enables you to receive the correct coverage made to your actual bike value.
- Know Your Premium Cost: Through the use of the calculator, you know exactly how much you should be paying for your bike insurance. So you'll be all set to prepare your budget for it.
- Make Smart Decisions: You can compare different insurance quotes easily with the calculator. This helps you find the best insurance with the right benefits and coverage for your needs.
- Find Budget-Friendly Options: It shows quotes from all insurance companies in one place, making it easy to compare and choose an affordable insurance policy that fits your needs.
Third Party Bike Insurance Premium Rates
| Engine Capacity | Premium to buy a new policy (5 years plan) | Premium to renew existing policy (1 year plan) |
|---|---|---|
| Not exceeding 75cc | Rs. 1,045 | Rs. 482 |
| Exceeding 75cc but not exceeding 150 cc | Rs. 3,285 | Rs. 752 |
| Exceeding 75cc but not exceeding 150 cc | Rs. 3,285 | Rs. 752 |
| Exceeding 150 cc but not exceeding 350 cc | Rs. 5,453 | Rs. 1,193 |
| Exceeding 350 cc | Rs. 13,034 | Rs. 2,323 |
Third Party Electric Bike Insurance Premium Rates
| Engine CC of the E-Bike | Third Party E-Bike Insurance Premium Prices (in ₹) (w.e.f 1st June 2022) |
|---|---|
| Up to 3 KW | ₹ 457 |
| Over 3 KW and up to 7 KW | ₹ 607 |
| Over 7 KW and up to 16 KW | ₹ 1,161 |
| Over 16 KW | ₹ 2,383 |
Disclaimer: The third-party insurance rates mentioned in the above tables may vary depending on the age, make and model, and city of registration of the two-wheeler.
How to Use a Premium Calculator?
To use the calculator, follow these steps:
- Go to the official website of Square Insurance Brokers
- Click on Buy Two-Wheeler Insurance.
- Put in details regarding your bike's make, model, and all other details as shown in the registration certificate.
- Choose your desired type of two-wheeler insurance.
- Click "Calculate Premium" and all available types of insurance options will be shown.
- You can also include the other covers you want and any No Claim Bonus information that you have.
- The calculator will then present you with your amount of premium based on the details you have provided.
FAQs
You can access the premium calculator on the website of Square Insurance. It will guide you in finding the premium amount and the IDV of your bike insurance.
Several factors could determine the cost of your bike insurance:
- Your age
- Your bike's Insured Declared Value (IDV)
- The cubic capacity of the engine
- Any No Claim Bonus (NCB) you may have accumulated
- Anti-theft devices fitted
- Any alterations to your bike
Here are a few tips to help you save on your bike insurance premium:
- Choose a higher voluntary deductible for yourself (the amount you will pay in case of a claim).
- Maintain your No Claim Bonus (NCB) earned by avoiding claims for minor damages.
- Install anti-theft devices and earn a discount.
- Do not make any avoidable alterations to your bike that will increase the premium.
Yes, even if you are switching from one two-wheeler insurance company to another, the No Claim Bonus is transferable. It is directly related to you, not to the bike or the insurance company.
If you fail to renew your bike insurance on time, you may end up with an immediate new policy with no carryover No Claim Bonus for you. And if you do not renew it before it expires, your bike insurance policy will be lapsed.
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