New India Assurance Bike Insurance Premium Calculator

What is the New India Assurance Bike Insurance Premium Calculator?

A bike insurance premium calculator of New India Assurance  Company is simply an online tool on which the policyholder can calculate the estimated premium amount of the desired insurance plan.  The premium calculator is digital, and the policyholder has to input details such as bike's model, bike's variant, date of purchase, brand, etc. This information will allow the bike owner to get the premium amount that is needed to be paid to the insurers for a bike insurance policy. The premium calculator makes it easier for bike owners to decide on the right insurance by comparing different policies.

How to Use the New India Assurance Two-Wheeler Premium Calculator?

The two-wheeler insurance premium calculator of New India Assurance Company has two categories. One is for the old bikes and the other for the new bikes.

A new bike will be able to receive a higher premium amount because it doesn't involve depreciation. An old bike, on the contrary, has to face the deduction due to the depreciated value of its parts. However, if an old bike owner has earned a no-claim bonus, then the premium amount can involve a discount.

Using the New India Assurance premium calculator, one can calculate the premium amount by:  

• Selecting the bike’s make and model.
• Choosing the location where the bike is registered.
• Mentioning the year of purchase.
• Mentioning if the bike has earned a no-claim bonus (NCB).
• After submitting these details, the New India Assurance premium calculator will provide the premium amount for the bike insurance plan.

Benefits of Two-Wheeler Insurance Premium Calculator

The significant benefits of using a two-wheeler insurance premium calculator are:

• A two-wheeler insurance premium calculator calculates premium amounts in a matter of seconds. This saves a lot of time in terms of manual labor being involved for calculating premium amounts.
• The premium calculator calculates the amount digitally through an online medium. One doesn’t have to go around or seek the help of any agent to understand the premium amount of their two-wheeler insurance.
• The best part of the premium calculator is that it helps to compare the premium amounts of various insurers before choosing a plan.
• One can easily sort out the right insurance plan for them effortlessly with the help of the calculator.

Third-party Two-Wheeler Insurance Premium Rates

A third-party two-wheeler insurance plan is nothing complicated. It simply is the primary insurance plan that is mandatory for every bike owner in India. It's a part of the comprehensive bike insurance one applies for and is also available as an individual policy.

The premium rates of third-party two-wheeler insurance are not high because they provide limited coverage. Moreover, as add-ons cannot be added to the third-party base policy, the chances of costly premiums are significantly reduced.

Premium Rate for Comprehensive Bike Insurance Plan

Unlike third-party insurance, comprehensive insurance provides wide coverage to two-wheelers. It covers the third-party liabilities and also provides financial protection in case the policyholder suffers any loss related to the insured two-wheeler. Overall, a comprehensive plan provides coverage for all types of two-wheeler damages. In addition, you can buy add-ons to increase the coverage provided by comprehensive plans. Therefore, given its wide coverage, it is only understandable that the benefits will be provided in return for a high premium. Hence, the premium costs of comprehensive plans are high as compared to third-party plans.

Factors Affecting Two-Wheeler Insurance Premiums

A few factors that affect the two-wheeler insurance premiums are:

• Riders with age groups between 18 and 25 are prone to more accidents than the ages above 25. Therefore, owners below the age of 25 have to pay a higher premium.
• The CC or the cubic capacity of a bike also decides the premium amount. The bikes with larger CC have to pay more premium.
• The conditions of the geography through which a rider generally rides determine the premium amount too. If the rider belongs to an accident-prone area, the premium amount becomes relatively higher.
• The details, including the brand, model, and variant, also decide the premium amount. More expensive brands would attract higher premiums because of their high-maintenance nature.

Other factors like No-claim bonus (NCB), IDV (Insured declared value), and fuel type also affect the premium amount.