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How is insurance value of a bike calculated?
How to calculate the value of my bike for insurance? The Insured Declared Value of a bike refers to the maximum Sum Assured which an insurance company is liable to pay to the policyholder in case of theft or total loss (more than 70\% damage) of the bike. Thus, IDV is the current market value of the bike.
First, you need to visit the official website of any of the two wheeler insurance providers and select the two wheeler insurance premium calculator. You can select the calculation on the basis of new premium payment or renewal. Next, fill up the requested details mentioned below and then click ‘calculate’.
How are insurance charges calculated?
The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. Thus, formula to calculate OD premium amount is: Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]
Why should you use a two wheeler insurance calculator?
No Agent Required: If you use a two wheeler insurance calculator, you can compare the different plans on the basis of premium and coverage on your own. This eliminates the need for approaching an agent to decide which plan is best suited for your bike. Why is it Important to Use a Bike Insurance Calculator?
A bike insurance premium calculator is a trusted and valuable tool as it allows you to opt for the most suitable bike insurance policy and save you time by providing instant and accurate results. A bike insurance calculator helps you to calculate and figure out the insurance premium for two-wheeler insurance.
What is insured Declared Value (IDV) in two-wheeler insurance?
The maximum amount that an insurance provider pays to the insured’s two-wheeler owner in case of theft or constructive total loss is called the Insured Declared Value. The IDV may vary from one policyholder to another as per the brand, model, manufacturer’s selling price, RTO details etc. A high IDV will result in a high premium. 5. Cubic Capacity
What is no claim bonus in two wheeler insurance?
No Claim Bonus (NCB) No Claim Bonus is the discount which a policyholder receives for not making even a single claim during the two-wheeler’s previous insurance policy. 8. ARAI Approved Anti-theft Devices