IFFCO Tokio Bike Insurance Premium Calculator
IFFCO Tokio Bike Insurance Premium Calculator is a free online tool provided by IFFCO-Tokio General Insurance Company Limited to calculate the premium of a bike insurance plan. It helps a bike owner to choose the best bike insurance policy without crossing the budget. The IFFCO Tokio bike insurance premium calculator gives customized results based on the two-wheeler’s details and its owner’s no claim bonus status.Read more
How to Use an IFFCO Tokio Bike Insurance Premium Calculator?
Since the premium calculator is available online, a person can easily find it on the insurer's website as well as on Policybazaar.com. Follow the following steps to use an IFFCO Tokio bike insurance premium calculator:
- Visit the website of Policybazaar Insurance Broker Private Limited
- Go to IFFCO Tokio bike insurance premium calculator
- Select the vehicle type, model, variant and other details as asked
- Select the city where the bike was registered and also the year of purchase
- Mention any previous claims related to the vehicle
- Click on ‘calculate’ to know the premium amount of an IFFCO Tokio bike insurance plan
Benefits of IFFCO Tokio Bike Insurance Premium Calculator
Here are the benefits of the IFFCO Tokio bike insurance premium calculator:
- Helps toSelect the Right Plan: This tool helps to gather all the information needed to make an informed purchase. The calculator provides the right IDV and premium amount for a bike insurance plan, which helps the bike owner to choose the right premium quote as per his/her budget and requirements from the available options.
- Helps to Know the Premium Amount: The premium calculator collects all the data related to the bike to calculate its insurance premium before making the actual purchase. This ensures that the bike owners get customized results and also helps them in finding an affordable bike insurance plan.
- Helps to Knowthe Right IDV: IDV stands for the Insured Declared Value of a vehicle. It is the maximum amount that the policyholder can get as compensation in case of theft and total loss of the bike or when the vehicle is 75% damaged. The insurance calculator helps the bike owner to find the right IDV without compromising on the coverage or paying a higher premium amount.
IFFCO Tokio Bike Insurance Premium Rates
Check out the premium rates for the third party and comprehensive two wheeler insurance plans:
Third-party Two-wheeler Insurance Premium Rates:
The premium rates for third-party insurance are announced by the Insurance Regulatory and Development Authority of India (IRDAI) based on the bike’s specifications, especially its engine CC. This amount can vary from one insurer to another based on services offered to the policyholder. Refer to the below-mentioned table for the latest third party bike insurance premium rates announced by IRDAI:
Engine Capacity of Bike
Third-Party Insurance Premium Rates (Rs)
Up to 75cc
Above 75cc but less than 150cc
Between 150cc and 350cc
Comprehensive and Standalone Own Damage Bike Insurance Premium Rates:
The bike insurance premiums for comprehensive and standalone own damage plans usually vary according to the bike, its model, engine CC, etc. Therefore, the bike owner can choose to use the premium calculator that will gather the details of the bike and predict the insurance premium rate as per the various factors.
Factors Affecting IFFCO Tokio Bike Insurance Premium
Different people are charged different bike insurance premiums. This is because the premium amount is calculated based on several factors that include:
1. Type of Cover: The type of bike insurance plan opted by the owner affects the premium amount. If the bike owner opts for a comprehensive plan with wider coverage, he/she will be required to pay higher premiums.
2. Cubic Capacity of the bike: The insurance plan's premium depends a lot on the cubic capacity of the bike. The higher is the engine CC of the bike, the higher will be the premium amount.
3. Cost of the Bike: If the bike is expensive, then the owner will need a higher coverage or IDV to protect it. The higher is the coverage amount, the higher will be the cost to insure it.
4. Age of the Bike: The premium of a bike insurance plan also varies as per its age. The insurance company pays the claim amount as per the market value of the bike. So when the bike is new, the insurance company is liable to pay more for any damages and charges a higher premium. As the bike gets older, its market value also decreases. Hence, the premium amount also decreases.
5. Bike Modifications: Modifications mean the changes made to the two-wheeler to improve its efficiency or look. Such alterations often involve the addition of parts or modification of the current parts. These modifications can affect the premium amount to increase.
Q1. Does the IFFCO Tokio bike insurance calculator consider depreciation for the calculation of premiums?
The IFFCO Tokio bike insurance calculator estimates the IDV or the Insured Declared Value of the bike by subtracting the depreciation cost from its invoice value. Therefore, the calculator does take the depreciation of a bike into account.
Bikes with a higher cubic capacity are expensive to repair or replace and therefore, they have a higher IFFCO Tokio insurance premium as well.
Yes, it is entirely safe to use the IFFCO Tokio bike insurance premium calculator.
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