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How to get bike insurance price list

Posted by : Siddharth Jalan on | Sep 19,2017

You love riding your bike. Probably, you ride your bike to work. Or simply go for long road trips with friends. Regardless of the reason, bike insurance is a must. Given the fact that bike insurance is necessary, one prefers to go for the best and yet, a budget bike insurance plan. For which, you should check out the list of insurance companies offering two wheeler insurance, and the price at which they offer a bike insurance policy.

So, how you are going to get a bike insurance price list?

There are two options:
a) A tedious and old school process – Visit each insurers website and make your insurance price list.

b) A simple, instant, and modern world process – Visit an online insurance brokerage firm like Coverfox.com or a web aggregator and compare the various bike insurance plans available.

As a smart bike owner, you would go for a second option. It is an easy way to not only get bike insurance price list, but also to compare different plans immediately. An instant process to check bike insurance plans and compare on the go is to use an online premium calculator. Many companies offer online bike insurance premium calculator. Using bike insurance premium calculator helps you to get the policy price list with the blink of an eye.

Before I go further and disclose, there’s something you must know, and that is, there are two types of bike insurance plan.

Types of two-wheeler Insurance policies:
1. Third Party Insurance policy
2. Comprehensive Insurance policy

A third party bike insurance policy
As per the Motor Vehicles Act, 1988, a third party liability cover is mandatory to ride a bike legally in India.

A third party policy covers any loss or damage incurred to the third party property, or bodily injury or accidental death of a third party.

A third party policy does not cover any loss or damages that may happen to the owner or the insured bike.

Since the own bike damage is not covered, the premium is the lowest.

A third party insurance policy is priced as per the engine cubic capacity (cc). IRDA decides the pricing, and it changes every year.

Third Party bike insurance price list: For FY 17-18 
Condition Relating to Engine Capacity / Applicable/Fixed Premium Rate

Not exceeding 75cc / Rs.569
Above 75cc but less than 150cc / Rs.720
Exceeding 150cc but not above 350cc / Rs.887
Exceeding 350cc / Rs. 1,019

A comprehensive bike insurance
A comprehensive policy covers a third party liability cover plus the own damage incurred to the insured bike. With a comprehensive policy, your bike is insured against natural and man-made calamities that may damage your bike, against bike theft, and you are financially protected in case of third party liability.

Comprehensive bike insurance price list
Annual premiums for a comprehensive bike insurance policy is based on the Insured Declared Value, No Claim Bonus, and Discounts, etc.

Insured Declared Value – It is the maximum coverage value offered by an insurance company; it is calculated based on the ex-showroom price of a bike. The ex-showroom price varies, and so does the IDV offered by an insurance company.

No Claim Bonus – A no claim bonus is a discount which a bike owner receives as a reward on riding a claim-free year. It increases with increase in the number of claim-free years. You can get up to 50% discount in the premium.

Since there are several factors other than the engine cc that are taken into consideration when calculating comprehensive bike insurance premiums, annual premium varies from insurer to insurer.

To know the bike insurance price list for your bike, you must enter your bike details such as bike number, whether or not you have lodged any claim in the previous policy period, whether your policy in force or expired, and other details. Once you enter bike details, you would be able to view comprehensive bike insurance price list offered by various insurers.

Whether you wish to buy, renew or just want to view bike insurance price list, you must compare insurance policies.  

Recommended Read:
How buying online insurance for two-wheeler saved me from paying a hefty fine

How to renew your two wheeler insurance online without any hassle

Authored By: Nidhi Mahajan
Nidhi Mahajan is a Guest Blogger and passionate about Content writing. She has been creating SEO Friendly Content for more than 10 years. She can write on all niches for writing and is great at providing tips on SEO and Blogging.