Two Wheeler Insurance Calculator
Benefits of Two-Wheeler Insurance Calculator
A two-wheeler insurance calculator helps you to calculate and figure out the insurance premium for 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.
- A two-wheeler insurance calculator provides the premium quote for a two-wheeler insurance plan instantly and thus helps you save time.
- The bike insurance calculator tool helps you compare the premium cost 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 is Bike Insurance Premium Calculated?
With the InsuranceDekho bike insurance premium calculator, you can easily compute the premium for your bike insurance policy. A two-wheeler insurance premium amount is based on a number of factors like the insurance coverage, bike’s brand, model, variant, registration year and so on. The premium of the third party bike insurance is set as per the norms of IRDAI, whereas the premium of standalone own-damage and comprehensive bike insurance is given by the insurance companies and vary depending upon the specifications of the policyholder’s bike.
Here is an example to comprehend the bike insurance premium calculation in a better way.
Let’s assume, Mr. X wants to buy a bike insurance cover for his TVS Sportbike which has the following details:
- Engine Capacity: 99.7 cc
- Variant: 100
- Registration City and Year: Noida and 2018
- Policy Tenure: 1 Year
- NCB: 20%
Bike Insurance Premium Calculator at InsuranceDekho, Mr. X can find the following policy quotes for the above-mentioned data:
Two-Wheeler Insurance Plan
Standalone Own-Damage Plan
(Premium Rates As On Jan 1, 2021)
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 the 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.
However, there are a few basic differences that affect the calculation of premium through the premium calculator for a new bike and used bike. The first element which brings the difference is the No Claim Bonus (NCB) earned by the policyholder. With the NCB amount, there is a scope of discount on the premium for a used bike insurance policy which is not available in the calculation of a premium for new bike insurance. The second factor that brings the difference is the age of the bike, where the new bike will have the higher Insured Declared Value (IDV) as compared to the used bike as the former would not have suffered as much depreciation as sustained by the latter.
Follow the steps given below to calculate the premium for your two-wheeler insurance plan:
Step 1: Select your bike’s model and make.
Step 2: Select the registered location of your two-wheeler.
Step 3: Select the year of purchase of your two-wheeler.
Step 4: Tell us if you claimed No-claim Bonus (NCB) in the preceding year.
Step 5: Once the details are entered, the two-wheeler calculator will provide you with the premium amount for your two-wheeler insurance plan.
Two Wheeler Insurance Premium 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
- A 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.
Two Wheeler Insurance Premium Calculator for Used Bikes
Essential two-wheeler details to calculate the premium of an insurance plan for an 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.
What is your bike's brand?
Factors Which Determine Two-Wheeler Insurance Premium
1. 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.
2. Fuel Type
Two-wheelers with CNG (Compressed Natural Gas) are required to pay a relatively higher premium for a bike insurance plan than the two-wheelers which run on petrol or diesel.
3. 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.
4. 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.
5. Cubic Capacity
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.
6. Other Factors
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.
7. 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.
8. ARAI Approved Anti-theft Devices
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.
How To Reduce Two Wheeler Insurance Premium?
The following are the tips to lower the bike insurance premium:
1. Buy Insurance Online
It is economical to buy a bike insurance online rather than purchasing it through an offline method. Different insurance providers give insurance covers at competitive rates online to allure customers. Also, online purchase allows you to compare different plans to get the most affordable policy.
2. Do Not Make Small Claims
Making claims will make you lose No Claim Bonus (NCB), there try not to request insurance claim for small bike damages and pay for their repair bills on your own. It will make you earn a discount on your next year’s premium.
3. Installation of AAI-Approved Anti-Theft Devices
Several insurance companies offer discounts to policyholders who have anti-theft devices installed in their bikes which are certified by the Automotive Research Association of India (ARAI). Hence, installation of anti-theft devices can help you get insurance at a discounted price.
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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.
How do I receive the insurance policy document after making the premium payment online?
Once you make the payment for the opted two-wheeler insurance plan, the policy document will be sent via email.
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