What is IDV in bike insurance?

IDV (Insured Declared Value) is the current market value of your bike, used by insurers to calculate own damage premium and as the maximum payout in case of total loss or theft. IDV = Ex-showroom price × (1 - depreciation%). It decreases each year as the bike ages.

What is zero depreciation add-on in bike insurance?

Zero depreciation (zero-dep) cover ensures that in the event of a claim, the insurer pays the full cost of parts without deducting depreciation. It adds roughly 15–25% to your own damage premium and is available for bikes up to 5 years old.

Is bike insurance cheaper in Zone B vs Zone A?

Yes. Zone A cities (Delhi, Mumbai, Bangalore, Chennai, Kolkata, Pune, Hyderabad, Ahmedabad) have higher own damage premiums due to higher claim rates. Zone B covers the rest of India with lower rates — typically 15–20% cheaper on the OD component.

How do I reduce my bike insurance premium?

Tips to reduce premium: 1) Opt for a higher voluntary excess/deductible, 2) Install ARAI-approved anti-theft device (5% TP discount), 3) Be claim-free to accumulate No Claim Bonus (20–50% discount), 4) Compare multiple insurers online, 5) Avoid unnecessary add-ons like consumables or engine protect for older bikes.

Zone A vs Zone B — which am I in?

Zone A cities: Delhi, Mumbai, Bangalore, Chennai, Kolkata, Pune, Hyderabad, Ahmedabad. Zone B is the rest of India. Zone A has slightly higher OD premiums due to higher accident and theft rates in dense urban areas.

Can I transfer NCB from old bike to new bike?

Yes! NCB belongs to you, not the bike. When you sell your old bike, get an NCB certificate from your insurer and use it to get the discount on your new bike's first OD premium renewal.

Is third-party only insurance enough?

TP only is the legal minimum. It covers damage to third parties but nothing for your own bike. For bikes under 3 years old or worth over ₹60,000, comprehensive is strongly recommended — repair costs after an accident can easily exceed your annual OD premium.

Yamaha MT-03 Insurance Price 2026: IDV, TP & Comprehensive Calculator

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Policy Details

Policy Type

Bike Age

Your Zone

No Claim Bonus (NCB)

NCB applies to own damage premium only, not third-party

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Add-on Covers

Zero Depreciation

Full part cost paid without depreciation deduction

Roadside Assistance

Breakdown, flat tyre, towing & fuel delivery

Engine & Gearbox Protect

Covers internal engine damage from water ingress

Return to Invoice (RTI)

Get full invoice price on total loss or theft

Consumables Cover

Covers engine oil, nuts, bolts & filters on claim

PA Cover for Pillion

Personal accident cover for pillion rider

Add-on covers are only available with comprehensive policies

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Select a Bike

Choose your bike to see insurance premium estimates based on IRDAI rates

ESTIMATED ANNUAL PREMIUM

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Select a bike to calculate

🛡️ Comprehensive

IDV & Premium Breakdown

Ex-showroom Price

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Depreciation Rate

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Insured Declared Value (IDV)

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Third-party Premium (IRDAI fixed)

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Own Damage Premium (est.)

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NCB Discount on OD

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Total Annual Premium

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Monthly Cost

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Annual premium ÷ 12

TP Premium Only

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IRDAI mandated rate

Add-ons Total

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Selected add-on covers

5-Year TP Cost

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Mandatory for new bikes

📅 Year-by-Year Premium Estimate

Year	IDV	TP Premium	OD (est.)	Total
Select a bike to see breakdown

OD is an estimate — actual premiums vary by insurer. Get quotes for exact pricing.

Understanding Bike Insurance

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Third-Party Premium (Fixed by IRDAI)

The TP premium is mandated by IRDAI and identical across all insurers. For 2024-25: up to 75cc = ₹538, 75–150cc = ₹714, 150–350cc = ₹1,366, above 350cc = ₹2,804. New bikes need a 5-year TP policy upfront.

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Own Damage & IDV

Own Damage premium depends on your IDV (Insured Declared Value) — the current market value of your bike. IDV decreases with age as standard depreciation is applied. OD rates are no longer tariff-fixed, so actual quotes may vary by insurer.

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No Claim Bonus (NCB)

Stay claim-free and earn up to 50% discount on own damage premium after 5 years. NCB is non-transferable between owners but transfers with you when you buy a new bike. It is your most valuable long-term discount.

Yamaha MT-03 Insurance Price

For the Yamaha MT-03, a new bike's Insured Declared Value (IDV) — the basis for every premium — is set from its ex-showroom price of about ₹313,000. The insurance you must buy with a new bike — a 5-year third-party policy plus 1-year own-damage and owner personal-accident cover (incl. GST) — works out to roughly ₹21,907, and is already included in the on-road price. From the second year you can renew with third-party only (the legal minimum) or comprehensive cover; comprehensive adds own-damage protection on top of third-party, and its price scales with the IDV above and add-ons like zero-depreciation (strongly recommended for the first 3–5 years). Set your zone, NCB and add-ons in the calculator above for an exact figure.

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Understanding Bike Insurance