ICICI Lombard Two-Wheeler Insurance Premium Calculator

A bike insurance premium calculator is a digital resource enabling users to estimate the insurance premium for their two-wheeler vehicles. By factoring in the vehicle’s make, model, variant, Insured Declared Value (IDV), year of manufacture, and Regional Transport Office (RTO) details, this online tool gives a quote. You can use the premium calculator for budgetary planning as it offers a convenient method for evaluating insurance costs.

Information Required While Using the Bike Insurance Premium Calculator

To understand your ICICI Lombard Bike Insurance policy premium better, you'll be required to provide specific information to the premium calculator. These inputs include your personal information, details regarding your vehicle, and your desired coverage. Additionally, supplementary details such as:

• Manufacturer of the Bike
• Registration Date
• Type of Policy you want
• Model of the Bike
• Registration Number
• Add On Covers you want
• Declared Value of the Vehicle

Factors Affecting Bike Insurance Premiums

Listed below are some factors that affect your bike insurance premiums. Let us take a look at them one by one.

• Bike’s Market Value: The market value of the bike influences insurance premiums, with higher-valued bikes typically incurring higher costs.
• Location of Registration: The location of registration affects premiums, with areas prone to theft or accidents often resulting in higher rates.
• Bike’s Make and Model: The make and model of the bike play a significant role in determining premiums, with more expensive or high-performance bikes generally incurring higher insurance costs.
• Claims History: Claims history affects premiums, as a history of previous claims may lead to increased rates.
• Age of the Bike: The age of the bike affects premiums, with older bikes generally costing less to insure due to their decreased market value and lower repair costs.

How to Calculate ICICI Bike Insurance Premiums?

Using the ICICI Lombard bike insurance premium calculator is an easy process. It requires you to input details such as the bike's make, model, variant details, IDV, voluntary deductible, NCB, add-ons you want to opt for, and more. Before submission, it's essential to verify all details for precise calculations. By comparing premiums from various policies, you can identify the most cost-effective option.

For example, a high-performance sports bike might be more expensive to insure compared to a standard commuter bike. This is because sports bikes are often involved in more accidents due to their higher speeds. Additionally, the cost of repairing or replacing parts for a sports bike tends to be higher.

On the other hand, a standard bike with a lower engine capacity might have lower insurance premiums because it is less risky to insure.

How To Use ICICI Lombard Bike Insurance Premium Calculator?

Let us now take a look at the steps to use InsuranceDekho’s two-wheeler insurance premium calculator and get a free insurance quote for your two-wheeler.

• Step 1: Go to the InsuranceDekho’s official website.
• Step 2: Enter the two-wheeler registration number and click on the “Calculate” icon.
• Step 3: Enter the required information of your two-wheeler (year of purchase and make/model) and previous policy details (expired/active) and click on “View Plans”.
• Step 4: Choose the plan you want to purchase, and our bike insurance premium calculator will display the premium for the selected policy.

ICICI Bike Insurance Premium Rates

Third Party Premiums

The following table shows the third-party bike insurance premium rates in India for the FY 2022-2023:

Tips to Reduce Your Bike Insurance Premium?

If you want to reduce your bike insurance premium then you can follow the below-mentioned tips to lower the premium amount:

• Timely Bike Insurance Renewal: Ensure timely renewal of your two-wheeler insurance to avoid vehicle inspections and to retain accumulated No Claim Bonus (NCB).
• Minimise Minor Claims: Avoid raising claims for minor damages to maintain your NCB and prevent an increase in bike insurance premiums upon renewal.
• Adjust Voluntary Deductibles: By adjusting or increasing your voluntary deductibles, you can lower your premium payments while accepting higher out-of-pocket expenses.
• Opt for Multi-Year Insurance: Opting for a multi-year bike insurance policy protects you from potential premium hikes during annual renewals and offers discounts on renewal premiums.