HDFC ERGO Bike Insurance Premium Calculator
HDFC ERGO bike insurance premium calculator is a free online tool that will help you calculate the estimated premium for any HDFC ERGO two-wheeler insurance policy. The bike insurance premium depends upon factors like make, model & variant of the vehicle, engine capacity, location of registration, etc. Read ahead to learn everything about the HDFC ERGO bike insurance premium calculator.
How to Use an HDFC ERGO Bike Insurance Calculator?
A bike insurance calculator gives you a fair idea of how the premium is determined for a particular bike or scooter model. Using this tool is relatively straightforward; follow the below steps to calculate your bike insurance premium-
- Visit the official website of the Policybazaar Insurance Brokers Private Limited.
- Here you can find a bike insurance premium calculator.
- Select the make, model, and variant of your two-wheeler.
- Next, enter the ex-showroom price of the two-wheeler, registration location, and bike purchase year.
- Click on the 'Calculate' button, and the estimated premium quotes will be displayed on your screen along with the Insured Declared Value (IDV).
- To get instant quotes for multiple motor insurers, click 'View All Plans.'
- Depending upon your budget and preferences, choose the bike insurance plan.
Benefits of Using HDFC ERGO Bike Insurance Calculator
Below are a few benefits of using the HDFC ERGO bike insurance calculator-
Easy to use
Using the bike insurance calculator is easy, as you do not need any professional degree. , you can enter details like make, model, variant, purchase year, registration city, etc., and get desired results.
Easy to determine the Ideal IDV
An IDV of a two-wheeler is the maximum payout amount your insurer promises to pay if there is a theft or total loss of the insured vehicle. With the help of this calculator, you can choose a right coverage along with an ideal IDV without paying a higher premium.
Find the right mix of add-ons
Another benefit of using the HDFC ERGO bike insurance calculator is that it helps you to find the right combination of add-on covers. In addition, it reflects how different add-ons affect the insurance premium amount.
No mediator or agent
The best feature of using a two-wheeler insurance calculator is no involvement of an agent or intermediary. As a bike owner, you can compare several bike insurance plans online based on their premiums and coverage without paying any agent's fee or commission.
Factors Affecting Bike Insurance Premium
There are several factors determining two-wheeler insurance premiums. To get the best knowledge, here is a list of factors affecting the cost of a bike insurance policy-
Type of Coverage
The coverage type helps in deciding the premium of a two-wheeler insurance plan. The third-party insurance premium is comparatively lesser than a comprehensive insurance premium as it offers limited coverage.
Make, Model, and Variant (MMV)
Another significant factor affecting the bike insurance premium is the vehicle's make, model & variant. A newly purchased bike has market value. Hence, the owner has to pay a higher premium. On the contrary, an old bike has a lower market value as depreciation is applicable, and therefore, it will attract a lower premium.
Engine Capacity of the Motor Vehicle
The engine capacity is derived in CC (cubic capacity) and plays a significant role in deciding the two-wheeler insurance premium. A two-wheeler with a higher CC engine must pay a higher premium than a bike with a lower engine capacity.
Insured Declared Value (IDV)
IDV is another essential factor in deciding the bike insurance premium. The higher the IDV, the higher will be the bike insurance premium. In addition, all the new vehicles have a higher IDV; therefore, their premium is also high.
The add-on covers opted under your comprehensive bike insurance policy also decide the premium price. The more add-ons, the more the bike insurance premium will be.
Ans: An IDV or insured declared value is the maximum payout amount an insurer is liable to pay the policyholder if there is a theft or total loss of the insured two-wheeler. In simpler terms, it is the market value of the insured bike.
Ans: The common factors to decide your bike insurance premium are-
- Make, model, & variant
- Age of bike
- Ex-showroom price
- Registration location
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