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ICICI Lombard Bike Insurance Premium Calculator
The ICICI Lombard bike insurance premium calculator is a free online tool designed to get an estimated bike insurance premium. The premium amount is determined by factors such as the make, model, variant, fuel type, engine capacity, and more. Read ahead to understand how to use the calculator efficiently.
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- ICICI Lombard Bike Insurance Premium Calculator
How to Use the ICICI Lombard Bike Insurance Premium Calculator?
With the help of the following steps, you can use the bike insurance calculator online available at Policybazaar.com:
- Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited.
- Step 2: Choose 'Bike Insurance Calculator' from the 'Insurance Products' drop-down menu at the top of the page.
- Step 3: Select your bike's make, model, and variant from the available options.
- Step 4: Enter the ex-showroom price of the bike, along with the city of registration and the year of purchase.
- Step 5: Indicate whether you have made any claims in the previous year.
- Step 6: Click the 'Calculate' button to find your bike model's estimated bike insurance premium.
Benefits of ICICI Lombard Bike Insurance Calculator
Finding the premium amount for your bike insurance is quite convenient and offers several advantages:
- Effortless to Use: The bike insurance calculator is user-friendly. To find your bike, it only requires basic information about it, such as its make, model, variant, year of registration, and city of registration. Therefore, you do not need advanced financial knowledge to get the desired result.
- Tailor Your Requirements: You can customize your own-damage or comprehensive bike insurance by selecting add-ons that suit your specific requirements. Therefore, a calculator helps you know the premium amount for the chosen add-ons.
- Informed Decision-Making: The calculator helps you find the upfront premium cost, which will help you make informed decisions about purchasing a bike insurance policy.
4 Factors Affecting the Bike Insurance Premium
IRDA determines the premium of the third-party bike insurance. The comprehensive bike insurance premium depends upon several factors discussed below:
- Engine Capacity: The cubic capacity (CC) of your bike's engine is a significant factor in determining the premium. Higher CC engines typically attract higher premiums.
- Make and Model: Your bike's brand, model, and variant also affect the premium cost. High-end models usually have higher bike insurance premiums.
- Age of the Bike: Older bikes generally have lower premiums as the depreciation is applied.
- Add-on Covers: A bike insurance policy offers additional coverage options, known as add-ons, to enhance your policy by providing extra protection for a small premium. ICICI Lombard bike insurance policy offers various add-ons, such as zero-depreciation cover, roadside assistance cover, NCB protection cover, etc.
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FAQs About ICICI Lombard Bike Insurance Premium Calculator
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Q. What is IDV in ICICI Lombard bike insurance?
Ans: The Insured Declared Value (IDV) is the maximum sum assured or payout amount that the insurer agrees to pay in case of total loss or theft of the insured bike. It represents the bike's current market value.
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Q. How do I receive my bike insurance policy documents after online payment?
Ans: Once you make the payment, ICICI Lombard will send the policy documents to your registered email address.
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Q. What is the formula to calculate bike insurance premiums?
Ans: The formula to calculate bike insurance premiums is as follows:
Bike insurance premium = Own-damage premium – (No Claim Bonus + any discounts offered by the insurance company) – Third-party liability premium.
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis
