Reliance Two-Wheeler Insurance Premium Calculator

What is a Bike Insurance Premium Calculator?

A bike insurance premium calculator is an online tool that helps you know the right premium cost for your Reliance bike insurance plan. You can easily get an amount of premiums for different plans by entering a few details like make, model, and variant of your bike, RTO location and registration year of your bike, and so on. Sharing these particulars of your bike will get you the right premium amounts of different insurers for your bike from which you can choose the most suited one for you.

How to Use a Two-Wheeler Insurance Premium Calculator?

Step 1: Select your bike’s Make, Model, Variant and Fuel Type.

Step 2: Select your bike’s Registered Location and Purchase Year.

Step 3: Tell us, if you have made any claim for your bike insurance in the last policy term.

Step 4: Hit the ‘Calculate’ button to get the right IDV and premium for your bike insurance.

Benefits of Two-Wheeler Insurance Premium Calculator

1. Right Premium Amount – With the premium calculator you can easily calculate the amount of premium that you should be paying to avail the services of bike insurance. With different premiums you can select the one as per your budget and needs.
2. Right Insured Declared Value (IDV) – The IDV is an amount which you will be entitled to get after the theft or total loss of your bike. You can get the Insured Declared Value (IDV) of your bike with the help of our bike insurance premium calculator, which will help you request the accurate claim for your bike.
3. Helps in Making Prudent Decisions – Making insurance-related decisions becomes easier with the right information of premium amount and IDV of different insurance companies. So, our premium calculator will assist you in making informed decisions related to bike insurance by offering right premium quotes and IDV.
4. Helps You Choose Affordable Policy – The premium calculator shows you the correct information of the IDV and premiums of bike insurance plans offered by different insurance companies. It helps you compare and choose the most economical insurance policy quote from the available options.

Third Party Two-Wheeler Insurance Premium Rates

(Source: Insurance Regulatory and Development Authority of India (IRDAI))

Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans

The bike insurance policy premium for standalone own-damage and comprehensive gets affected by various factors. Some factors affecting the bike premium incude make, model, and the variant of the bike, fuel type of the bike, RTO location of the bike, cubic capacity of engine, and so on, can influence it. Here are the significant factors which affects the premium of your bike insurance plan reckoned through premium calculator:

Factors Which Determine Two-Wheeler Insurance Premium

1. Insured Declared Value (IDV) - The IDV refers to the market value of your bike after considering depreciation and other related components. For a bike with a high IDV, the insurance company will have to pay off a high amount for the claim against any theft or total loss suffered by the bike. Hence, higher premiums will be there for bikes with higher IDV.
2. Engine’s Cubic Capacity - The cubic capacity of a bike denotes its power with which it can run or perform. It will make the consumables of the bike get consumed faster and also enhance the risk of a mishap, which increases the risk on insurers too. Therefore, bikes with higher cubic capacity are charged with higher premium.
3. No Claim Bonus (NCB) - It is a reward offered by the insurance providers to its policyholders for not making any claim in the last policy year. It is given as a discount on the own-damage premium, which starts from 20% and goes up to 50% with every claim-free year. It means, the more the NCB will be, the lesser the premium will be.
4. Anti-Theft Devices - The anti-theft devices lower the chances of bike theft and offer it more protection. The installation of such devices reduces the risk for insurance companies to offer compensation to policyholders. Therefore, owners of the anti-theft device installed bikes are charged with a lower premium for their insurance plan.
5. Age of the Owner - The experienced riders are less likely to meet an accident as compared to the less experienced one. But the experience and responsibility enhances with age. Hence, insurance companies offer bike insurance plans to old age persons at a lower rate compared to young people.