Bike Insurance Calculator

How to use a Bike Insurance Premium Calculator?

A Bike Insurance Calculator is easy to use. Go online and submit the following information to calculate the premium for your two-wheeler insurance plan:

• Details of your two-wheeler – make, model and variant.
• The year of purchase of your two-wheeler motorcycle
• The registered location of your two-wheeler
• Details of past two-wheeler insurance claims, if any

After you submit the details, the Bike Insurance Calculator will show you the insured declared value (IDV) and premium quotes for your bike.

IDV is basically the current market value (after depreciation) of your motor vehicle. It acts as the sum insured offered by the bike insurance policy. This is the maximum amount you can claim from the insurance provider. Depending on the IDV and the premium amount quoted, you can choose the most cost-effective bike insurance policy.

Benefits of a Bike Insurance Calculator

A two-wheeler insurance premium calculator provides multiple benefits:

• It saves your time:-Instead of meeting agents and visiting branches enquiring about the right insurance plans, you can use the Bike Insurance Calculator to find the right policy in a few clicks.
• It helps determine the right IDV:-You can quickly determine the ideal IDV, or insured declared value, of your bike. IDV is important because that would determine the sum insured of your plan.
• It allows you to select the right plan:-Easily compare different insurance policies offered by Liberty General Insurance along with their premium quotes and choose the one that suits you.
• You get to choose the right add-ons:-The Bike Insurance Calculator shows a complete list of add-on covers offered along with their cost. You can compare and choose what works for you.

Why is it important to use a Bike Insurance Calculator?

A two-wheeler insurance premium calculator is useful in many ways:

• It helps you get the right insurance policy at the right price after comparing many insurance plans offered by Liberty General Insurance.
• It makes the whole process of buying two-wheeler insurance transparent as you know the exact premium amount and the benefits you are getting before purchasing the policy.
• The calculator helps you plan your insurance budget as you can increase or decrease your premium amount by choosing additional benefits.
• It prevents you from buying the wrong insurance plan for your bike since you have all the details you need to make an informed choice.
• You can get complete information on discounts on two-wheeler insurance plans or add-ons and save money.

Bike Insurance Calculator for New and Old Bikes

Whether you want to buy a new or pre-owned bike, a Two-Wheeler Insurance Premium Calculator can help you make a good choice:

• New bikes:-When you buy a new bike, you want to make sure that it is well protected with insurance. Just locate the Bike Insurance Calculator, enter certain details (like the name of the bike manufacturer, year of manufacture, model and variant of the two-wheeler, and registration state and city of the two-wheeler), and hit calculate to get the premium amount.
• Old bikes:-For old bikes, the calculator asks for additional details like past claims record and details of the current insurance policy (if any). Note that Older bikes have fewer add-on covers. For instance, a bike older than 3 years cannot opt for ‘zero depreciation’ add-on cover.

Features of a Comprehensive Bike Insurance Premium Calculator

• This calculator is used to check the premium amount payable for the comprehensive two-wheeler insurance plan offered by Liberty General Insurance.
• A comprehensive bike insurance plan offers complete coverage against all kinds of unforeseen events – accidents, theft, loss, damage, third-party liabilities etc. Essentially, a comprehensive bike insurance plan is a combination of third-party and own damage cover for your bike.
• A comprehensive bike insurance calculator considers the own damage cover, personal accident cover for the owner-driver, third-party liability cover, and add-on covers before giving you an estimate on the premium.
• A comprehensive bike insurance premium calculator shows add-on covers that are available only with comprehensive bike insurance plans and not third-party bike insurance policies.

Add-ons by LGI

Let’s take a look at the add-on covers offered by Liberty General Insurance:

• Depreciation Cover:-This cover includes the depreciation amount deducted on the value of replaced bike parts that have been damaged in an accident.
• Consumables Cover:-This cover includes expenses toward replacing vehicle consumables and accessories in case the insured vehicle meets with an accident. Consumables and accessories include grease, lubricants clip, air conditioner’s gas, bearings, engine oil, oil filter, fuel filter, brake oil, nuts and bolts, screws, and washers, and the like.
• Gap Value Cover:-Under this cover, you can claim the “difference amount” between the amount received under the ‘Own Damage Section’, i.e. the IDV less deductible under the policy, and the price on your purchase invoice. Another option for you as the insured party is to select the current replacement value of your two-wheeler, if the same make and model is available, in case of total theft or loss of vehicle. It also covers road tax and first-time registration charges if you specifically declare them and pay an additional premium. Liberty General Insurance’s maximum liability is limited to the sum insured mentioned in the policy schedule.
• Roadside Assistance Cover:-LGI also offers Roadside Assistance (RSA cover) as an add-on. In case your insured vehicle breaks down, you can place a request for RSA cover. You can place a maximum of 4 claims during a policy period through our authorised vendors. The RSA cover can be utilised for
  • Breakdown support over the phone
  • Minor onsite repairs
  • Arrangement of emergency fuel (petrol only), the cost of which should be borne by the insured party upon delivery
  • Flat Type Support
  • Assistance in case of lost keys
  • Towing or transferring the two-wheeler due to breakdown (up to 25 kilometres)
  • Alternative transport assistance to the nearest safe location, the cost of which should be borne by the insured party

Besides towing, you can utilise the RSA cover for a distance of up to 50 kilometres.

• Engine Safe Cover :-This add-on extends to cover consequential damages to internal child parts of the insured vehicle engine. These damages can arise out of water ingression or leakage of lubricating oil or damage to the gearbox. The leakage should have been caused by an accident.

Third-Party Bike Insurance Premium Calculator

The third-party insurance cover is mandatory by law. The third-party insurance plan protects the insured party from the financial burden of losses and damages caused to any third party.

This policy provides personal accident coverage for the insured party. However, it is important to know that you cannot file a claim under the third-party cover if your motorcycle is lost, stolen, or damaged.

Unlike a comprehensive two-wheeler insurance plan, the bike insurance premium for a third-party insurance policy is predefined by the Insurance Regulatory Development Authority of India (IRDAI) and is dependent on the CC of your bike******.

The Third-Party Bike Insurance Premium Calculator takes this into account while suggesting quotes.

Why Liberty Insurance?

Liberty General Insurance is a leading general insurance provider in India, with 91% two-wheeler claim settlement ratio in the last financial year. The company employs over 1,200 dedicated employees, spread across more than 110 locations in 29 states and 95 cities in India. It provides comprehensive and dedicated support to meet all your insurance needs. With over 4,300 partner garages as part of an ever-growing network, Liberty General Insurance continues to increase its reach and influence in India with innovative solutions and products.

Tips to reduce your bike insurance premium

You can lower your bike insurance premium amount by using the following tips:

• Buy insurance plans online:-Using a two-wheeler insurance premium calculator allows you to compare different plans to get the most affordable policy. This way you can save on your premiums without compromising on the benefits.
• Do not make small claims:-Making unnecessary small claims during your policy term will prevent you from getting a no-claim bonus (NCB), which is a discount you get on the premium during policy renewal if you do not make claims during the policy term. The more years you go without a claim, the lower your premium at the time of renewal. At Liberty General Insurance, you can earn huge discounts on your premiums in the fifth consecutive year of claim-free renewal.
• Choose only relevant add-ons:-Not all add-on covers are relevant for everyone. Be wise and choose the add-on you really need to cut your premium rates.