What Is a Two-Wheeler Insurance Premium Calculator?

A bike insurance premium calculator is an online tool that allows you to calculate the bike insurance premium you'll need to pay to receive the desired coverage under your Magma HDI bike insurance policy. It's a helpful tool that allows you to compare available plans to help you pick the suitable one.

How To Use a Two-Wheeler Insurance Premium Calculator?

  1. Add details such as make, model, fuel type, and registration date
  2. Make sure that you have entered all details as per the registration certificate
  3. Add registration location and click on the ‘Continue’ button.
  4. Enter the previous year’s policy details and claim details (if any)
  5. Select add-ons as per your requirement (if applicable)
  6. Bike insurance premium calculator will now display quotations from multiple insurers
  7. Calculate Now

Benefits of Two-Wheeler Insurance Premium Calculator

Correct Value of the Bike: The premium calculator helps you calculate the proper Insured Declared Value (IDV) for your bike by taking into account parameters such as the make, model, variant, age, and so on. With the correct IDV of your bike, you can determine the actual market price of your bike, which you should receive when filing a total loss claim.

Correct Premium: Using a bike insurance premium calculator will assist you in determining the correct premium. You can select the best-priced coverage for your bike if you know how much your premium payable is going to be.

Informed Decision-making: The premium calculator calculates the right value for your bike and the premium for your insurance policy. You can evaluate them based on the benefits provided by each insurance and choose the best price.

Easy and Quick: We understand if spending your weekend on difficult arithmetic isn't your idea of fun. Two-Wheeler Insurance Calculator is quick, simple, and requires no math.

Factors that Determine Two-Wheeler Insurance Premiums

Anti-Theft Equipment: Bikes with anti-theft devices are charged a lower premium since they are less likely to be stolen, lowering the insurance provider's risk of coverage.

Registration Location: In India, RTO locations are classified as Tier 1, 2, or 3 according to traffic density, which in turn affects the accident rate. As a result, insurance premiums in Tier 1 cities are higher than in Tier 2 and Tier 3 cities.

Insured Declared Value: The IDV refers to the bike's current market value, which insurance companies are legally obligated to offer policyholders as compensation in the event of theft or total loss. The more the IDV, the greater the coverage, and the greater the price.

Bike Age: The year a bike was first registered has an impact on the premium amount. The automatic depreciation reduces the value of an old bike, lowering the insurance company's settlement amount. It means that the premium cost for old bikes is cheaper than for new bikes.

Frequently Asked Questions

1. What is the primary goal of the bike insurance premium calculator?

An insurance premium calculator is a tool that will assist you in calculating the IDV value and premium amount offered by various insurers in the market to protect your two-wheeler. It will give you an idea of which bike insurance policy is ideal for you.

2. Can I calculate my second-hand bike insurance premium online?

Yes, you can calculate your second-hand bike insurance premium online with the help of a bike insurance premium calculator by just entering a few details about your bike.

3. Why is vehicle insurance required?

Third-party liability insurance is required for all vehicles in India. This will protect bike owners from any legal obligation for any death, physical injury, or property damage caused by their vehicle to any third party.

4.What influences the cost of a bike insurance policy's premium?

The Insured Declared Value (IDV), Modifications, RTO location of the bike, Age of the bike, Engine's Cubic Capacity, No Claim Bonus (NCB), Anti-Theft Devices, Add-on coverage, Age of the Owner, and other factors all influence the premium amount of a bike insurance policy.


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