What Is A Two-Wheeler Insurance Premium Calculator?
A two-wheeler insurance calculator helps you to calculate and figure out the insurance premium for a two-wheeler insurance. This tool considers various details of your two-wheeler such as the make, model, RTO details, Insured Declared Value and provides you with the premium quote in an instant.
Benefits of Two-Wheeler Insurance Calculator
- A two-wheeler insurance calculator provides the premium quote for a two-wheeler insurance plan instantly and thus helps you save time.
- This tool helps you compare the premium rates and the coverage offered by different insurers and thus help you choose the plan which best suits your requirement.
- It is a flexible tool and does not rush you into making any decision. Your choice remains unaffected as there is no external influence of an agent.
How to Use a Two-Wheeler Insurance Premium Calculator?
The technique of calculating the premium for two-wheeler insurance may vary from one insurer to another.
Nonetheless, the type of premium calculators can be divided into two categories - one for new two-wheelers and other for used two-wheelers. To calculate the premium quote for your two-wheeler insurance plan, all you need to do is to enter a bunch of important details of your two-wheeler and you are done!
Bike Insurance Calculator for New Bikes
Essential two-wheeler details to calculate the premium of an insurance plan for a new two-wheeler:
- Name of manufacturer
- Year of manufacture
- Model of the two-wheeler
- Variant of the two-wheeler
- Registration state and city of the two-wheeler
The two-wheeler premium calculator will calculate the premium amount that you will have to pay for your two-wheeler insurance and will help you in choosing the right insurance.
Bike Insurance Calculator for Used Bikes
Essential two-wheeler details to calculate the premium of an insurance plan for a old/used two-wheeler:
- Make, model and variant of two-wheeler
- Fuel type
- Current two-wheeler insurance policy details (if any)
- Two-wheeler’s registration state and city
- No-claim Bonus (NCB) or past claim file reports and details (if any)
After entering the details, the two-wheeler premium calculator will provide the estimated amount of premium for your two-wheeler insurance plan. Then you can choose the most suitable option for yourself.
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Factors Which Determine Two-Wheeler Insurance Premium
- Two-wheeler owner’s age: As per the track records, it is assumed that two-wheeler riders below the age of 25 are more prone to get involved in an accident or other mishap than the riders above the age of 25. Therefore, riders aged between 18 to 25 years have to pay a relatively higher premium for their two-wheeler insurance than others.
- The fuel type required to run the two-wheeler: Two-wheelers with CNG (Compressed Natural Gas) are required to pay a relatively higher premium for a motor insurance plan than the two-wheelers which run on petrol or diesel.
- Geographical location: The insurers consider the location where the insured’s two-wheeler will be driven mostly, as a determining factor of the premium. For instance, riders in locations with higher traffic tendency and high risk such as metro cities are charged a relatively higher premium than those riding their two-wheelers in areas with lower traffic and low risk.
- Insured Declared Value (IDV): The maximum amount that an insurance provider pays to the insured’s two-wheeler owner in case of theft or constructive total loss is called the Insured Declared Value. The IDV may vary from one policyholder to another as per the brand, model, manufacturer’s selling price, RTO details etc. A high IDV will result in a high premium.
- Another factor that affects the own-damage premium of a two-wheeler insurance plan is the vehicle’s cubic capacity. A relatively higher premium is charged for a two-wheeler with a greater cubic capacity than a lower one.
- The premium of a two-wheeler insurance plan is also affected by the make, model and variant of the two-wheeler.
- Two-wheeler’s manufacturing year: The IDV values of a new two-wheeler is higher than the IDV of an old two-wheeler. Therefore, the premium for a new two-wheeler is higher than an old two-wheeler.
- No Claim Bonus (NCB): No Claim Bonus is the discount which a policyholder receives for not making even a single claim during the two-wheeler’s previous insurance policy.
- ARAI Anti-theft discount: Vehicles that have ARAI (Automotive Research Association of India) approved anti-theft devices fitted are entitled to get 2.5% off on the premium of their insurance plan.
Disclaimer: This article is issued in general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
Bike Insurance for Popular Bike Models
Add-on Covers For Your Bike Insurance Policy
Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.
In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.
No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.
The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.
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Two-Wheeler Insurance Calculator FAQs
How to calculate the bike insurance premium in India?
The premium of a bike (two-wheeler) insurance policy depends on a number of factors like the type of bike plan, the make, model and variant of the bike, RTO location, Bike registration city, etc. You can calculate the insurance premium for your bike instantly at InsuranceDekho.
How to calculate the value of my bike for insurance?
The Insured Declared Value of a bike refers to the maximum Sum Assured which an insurance company is liable to pay to the policyholder in case of theft or total loss (more than 70% damage) of the bike. Thus, IDV is the current market value of the bike.
How to calculate insurance premium on second-hand motorbike?
Like a new bike, the insurance premium of a second-hand bike also depends on a number of factors like the make, model and variant of the bike, the type of plan chosen, bike registration city, etc. However, in case of a second-hand bike, the insurance premium is relatively higher as the premium amount also depends on the age of the bike.You can calculate the insurance premium for your bike instantly at InsuranceDekho.
What is a bike insurance calculator and how does it work?
A Bike insurance premium calculator is an online tool that helps you to calculate and figure out the insurance premium of your bike insurance policy. This tool considers various details of your bike such as the make, model, RTO details, etc. A premium calculator instantly provides you with the premium amount and the IDV of your bike on the basis of details provided by you. You can check out InsuranceDekho’s premium calculator here.
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