Shriram Bike Insurance Premium Calculator

How to use the Shriram Bike Insurance Premium Calculator?

It is simple to use the online premium calculator, and the process is given below:

• To use the bikeinsurance premium calculator, you can visit the official website of the Insurer or Policybazaar Insurance Brokers Private Limited
• You would need to fill in basic information on this page, as- name, mobile, email, city, and area. Besides this, vehicle information needs to be filled in, as the city of registration (RTO); Bike make, Fuel type, Registration/Invoice date, and Bike Modal need to be filled in.
• After filling in all these details, click on the 'Calculate Premium' button, and the result will come up with policy type, quote-id, and date, cover description, along with the Premium and the sum insured.

Benefits of Shriram Bike Insurance Premium Calculator

The benefits of the Shriram bike insurance premium calculator are given below:

1. Determines the Right IDV

The two-wheeler insurance premium calculator gives you the right Insured Declared Value. It takes into account other factors such as the bike's make, model, and fuel type. With the right IDV, you can be assured that you will get the required compensation according to market value in case of total loss or theft.

2. Compare Different Premium Plans

The most important benefit of using the premium calculator is that individuals get to know the right premium. Also, it helps to compare different insurance plans and choose the best-priced one that fits with the individual’s needs.

3. Select right Add-ons

The bike insurance calculator helps the bike owner decide which add-on he should opt for and how different add-ons affect the premiums. The right add-ons provide extra protection and coverage for all situations.

4. Choose the right Premium

With the bike insurance premium calculator, you get to know in advance the right amount of premium that needs to be paid. It helps you make an informed choice and plan your finances better.

Third Party Two Wheeler Insurance Premium Rates

 (Source: IRDAI)

Factors affecting Shriram Two-wheeler Insurance Premiums

Different factors determine the bike insurance premium, so it is advisable to understand the factors that determine your policy premium. Some of the factors are given below:

Insured Declared Value

It is the market value of your bike that is determined by the manufacturer. It is based on the bike's model, variant, registration date, and the age of the bike.  Every year the value of the bike reduces due to the depreciation of the bike’s parts. The insurance company pays the compensation based on the bike's market value at the time of claim settlement.

No Claim Bonus (NCB)

For every claim-free year, you earn NCB that helps in reducing your policy premium for the subsequent renewals.

Add-on Covers

While buying a Shriram two-wheeler insurance plan, you can avail of various add-on benefits such as Electrical & Electronic Accessories, Geographical Extension cover, Pillion cover, etc. These add-ons are available at a higher premium.

Anti-Theft Devices

An anti-theft device, having been installed in the bike, reduces the insurance company's liability, so you have to pay a lesser premium.

 FAQs