TATA AIG Bike Insurance Premium Calculator
The TATA AIG bike insurance premium calculator is an online tool that provides customized results based on information provided by you and helps you in determining bike insurance premiums before the policy purchase.Read more
How to use the TATA AIG Bike Insurance Premium Calculator?
Getting access to the tool is not difficult as it is available free of cost online. You can follow these steps as given below:
1. Enter your vehicle details like registration details, make, model, etc.
2. You can add any add-ons if you wish to purchase
3. Give details of previous claims pertaining to the vehicle, and in case you haven't made any claims previously, you can also apply for NCB(No Claim Bonus)
4. Click on calculate to get access to all the details related to your premium
Benefits of TATA AIG Bike Insurance Premium Calculator
Tata AIG bike insurance premium calculator can help you calculate your policy premium along with the benefits as given below:
- Helps in decision making
The calculator provides you the details of the premium amount and IDV and hence assists you in choosing the right policy with a feasible premium amount.
- Gives the premium amount
The premium calculator collects all the required data to estimate the policy premium amount correctly. This is the money you would be paying to ensure your vehicle’s safety under this policy.
- IDV information
IDV determines your compensation if the vehicle is 75% or more damaged or if it has been stolen and lost completely.
Tata Aig Two Wheeler Insurance Plans
Third Party Two Wheeler Insurance Premium Rates
The IRDAI or the Insurance Regulator and Development Authority of India decide the rate of premium. This amount is determined by your bike and varies from time to time. Refer to the table below for the latest rates by IRDAI
Engine Capacity of Bike
Third Party Bike Insurance Premium Rates
Up to 75cc
Above 75cc but below 150cc
From 150cc to 350cc
Factors affecting Bike Insurance Premium
A policyholder’s two-wheeler premium is determined and affected by several factors. Your premium will be determined by the amount of risk your bike carries. The premium amount varies owing to several factors such as:
1. Coverage and type of the policy
It is one of the main factors that determine your bike insurance premium amount. If you decide to purchase a basic insurance cover and mandatory third party insurance cover, his premium will be relatively less than the comprehensive bike insurance. This is because of the coverage covered by both of them. The lesser the coverage, the lesser is the premium amount, and the cheaper the policy is.
2. Cubic Capacity of the Engine
The premium is mainly calculated based on the bike's cubic capacity. A high CC means a high premium amount.
A basic model bike will be less expensive as compared to a designer or sports bike. The IDV will be higher for expensive two-wheelers or bikes, resulting in higher premiums.
4. Age of the Vehicle
The insured’s compensation is paid as per the bike’s market value. Hence, for a new bike, the insurer would be required to pay more. So, it charges you more in terms of the premium amount. Hence your premium amount decreases as your bike ages and slowly loses its market value. Hence, the bike’s age is inversely related to its IDV, directly related to your premium amount. IDV (Insured Declared Value) is the approximate market value of the bike and the amount for which the bike is insured.
Modifications are changes in appearance or embellishments that you have applied to your vehicle to enhance its look or efficiency. This involves modifying parts or changing certain parts and adding new ones. Due to these modifications, the premium amount of such bikes increases. Thus, embellished bikes are more likely to be robbed and carry more risk.
6. Add on covers
Add-on covers are included for extra cost on your bike insurance policy. These are useful in certain situations, but they add to your premium amount.
7. Installation of the Safety Devices
If the bike is fitted with safety devices like burglar alarm, then the customer will have to pay lesser premium as the theft risk reduces.
8. Geographical Location
Your premium amount also depends on the place or locality where the two-wheeler plies. In low-risk areas like small towns and villages, the accidental risk factor decreases, decreasing the premium cost. But the holder will have to pay more premiums for the same bike if used in heavy traffic conditions.
9. Age of the Insured and Driver Record
Young drivers carry a high risk of accidental damages as they are new to riding and traffic rules. Hence, their premium will be higher than a comparatively older, more experienced, and seasoned rider. Also, a driver with a bad driving record will be required to pay more premiums than safe drivers.
Q. What does compulsory excess refers to in a bike insurance plan?
Compulsory excess is another term used for compulsory deductibles. It is the amount paid by the customer during claim settlement.
Q. What is the NCB mentioned by the TATA AIG Bike Insurance Premium Calculator?
NCB is the no claim bonus. In other words, it is a savings on premiums offered to policyholders by insurers for not filing a claim. It is applied on the renewal of the policy. It can start at 20% and goes up to 50%.
Q. Are hard copies of the documents to be submitted necessarily during the policy purchase?
For an online purchase, it is not necessary to submit hard copies of your documents.
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