- About Coverfox
"Two Wheeler Insurance Calculator is an online easy to use free tool that helps you to know the cost of protecting your two wheeler with an insurance cover.
You just have provide details of your two wheeler like bike's make and model, registration number, your location and other few personal details like name, phone number and the tool which generate the premium amount payable.
You can also compare premium quotes from top insurers, customize your protection by adding add-ons, using the accumulated NCB to know the discount that you would be eligible for."
Disclaimer: Above mentioned prices are for a 2 years old Hero Honda Karizma R | 223 CC registered in Navi Mumbai & previous policy has expired.
The best part about using an insurance premium calculator is that it automates the entire process of mathematical calculation, thus saving time and effort.
It is a completely bias-free tool which is accurate and based out of an algorithm. This enables the tool to negate all influences arising out of banks, agents and human error. It is completely dependent on the information provided by you.
Since the amount has been already calculated by the tool, you are not required to pay any commission or extra service fee to the intermediary.
This tool is integrated online and does not require any paperwork.
This tool is completely free of cost.
It can also help you compare different two wheeler insurance rates of varying insurance companies and present you with an optimum option.
It helps you understand the factors which affect your two wheeler insurance premium.
If you want to get your premium quotes, you need to provide the following information:
If you do not have your bike’s registration number, you will be required to provide the following information.
First, you need to visit the official website of any of the two wheeler insurance providers and select the two wheeler insurance premium calculator. You can select the calculation on the basis of new premium payment or renewal. Next, fill up the requested details mentioned below and then click ‘calculate’.
The more high-end the bike, the higher is the insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!
Since rate of depreciation increases with age, older bikes have ‘Lower Insured Declared Value’, hence they have lower premiums and vice versa.
Know the cubic capacity of your bike’s engine? Well, you are one step closer to knowing what your insurance premium should be!
Since the insurers don’t know whether you are a reckless driver or not, age (unfortunately) becomes an important parameter – so if you are between 18-25, your premium would be higher!
Do you stay in an urban location with higher density of traffic (and thus, a higher incident of accident)? Well, that means a higher premium for you!
A discount that is offered to you for every year that you do not raise a claim – this is the Insurance Company’s way of rewarding you for being a good driver!
Have you fitted your bike with an ARAI approved anti-theft device? Well, there's an additional 2.5 percent discount for you just for being so responsible!
One way of lowering your premium is by voluntarily declaring a minimum amount you would be willing to bear in case of a claim.
Before buying a bike insurance policy, you can compare plans. When you compare bike insurance policies on Coverfox, we help you to get the best two-wheeler insurance policy by assessing your two-wheeler details in our bike insurance premium calculator. Once you enter the basic details such as bike number, or bike make, model, registration center, etc. Coverfox.com will fetch the best deals for you using two wheeler vehicle insurance premium calculator. Then onwards, you can compare as you get to see the premium breakups and the amount charged for each feature. Cover all types of two wheelers be it a scooter, scooty, bikes, cruiser, sports bike, etc.
There are two types of policies:
Calculation of premium for your old as well as new two wheeler can be done online with a help of a premium calculator. The difference lies in the type of insurance. In case of third party insurance, the rates have already been pre-defined by IRDAI and it revised on an annual basis for every two wheeler.
If it is a comprehensive insurance plan, you need to take various factors into account such as Own Damage premium, Insured Declared Value (IDV), ex-showroom price, age of the vehicle, location of registration etc. Every premium calculator will require you to submit basic details about your two wheeler, on the basis of the input information, the premium is calculated.
Third-party premium: The premium for the third-party liability cover is decided by the Insurance Regulatory and Development Authority of India (IRDAI). The premium calculated by two wheeler insurance calculator is based on the engine cubic capacity (cc). IRDAI changes the price every year.
The following table shows the revised premium for FY 17-18
|Not exceeding 75cc||Rs.569|
|Exceeding 75cc but not exceeding 150cc||Rs.720|
|Exceeding 150cc but not exceeding 350cc||Rs.887|
Comprehensive premium: The premium of a comprehensive or package policy differs from insurer to insurer. Since the comprehensive policy provides financial coverage for own bike damage, it takes various variables into account in the bike insurance calculator while calculating the premium. Own Damage premium is based on the Insured Declared Value (IDV). Factors taken into account are ex-showroom price, age of the vehicle, location of registration.
Comprehensive two wheeler premium = Covers Own Damage + Third Party Liability
For the own damage premium calculation, Insured Declared Value (IDV) of the two-wheeler is the main factor. IDV decides the premium for the comprehensive coverage plan. IDV is calculated based on the depreciated value of two wheelers Ex-showroom price. The Ex-showroom price is not same as the on-road price. Note: The on-road price includes road tax and other taxes.
|TWO WHEELER AGE||INSURED DECLARED VALUE|
|Between 0 to 6 months||95% of Ex-showroom price|
|Between 6 months to 1 year||85% of Ex-showroom price|
|Between 1 year to 2 years||80% of Ex-showroom price|
|Between 2 years to 3 years||70% of Ex-showroom price|
|Between 3 years to 4 years||60% of Ex-showroom price|
|Between 4 years to 5 years||50% of Ex-showroom price|
Want to know the benefits of calculating your premium online using two wheeler insurance calculator? Here are three of the most important ones:
Are you still unsure about calculating your insurance premium? Well, think of it this way – remember how we scan the internet while buying anything online, from clothes to electronics? It’s the same with insurance policies. Bike insurance calculator helps to access your bike details and scan various insurer quotes to display the right plans available for you.
Here are a few more benefits of calculating your premium through bike insurance premium calculator:
What determines the premium in the case of a new bike using a motorcycle insurance calculator?
Like always, there are multiple factors that determine the premium for your new bike while using a motorcycle insurance calculator. Some of the main factors are:
What determines the premium in case my two wheeler insurance policy has expired?
Generally, your premium won’t be affected majorly. But, if you have a No Claim Bonus that has not yet been availed 90 days before the expiry of policy, you could still lose the benefit. Also, you would have to have your bike inspected by the survey team all over again! Why get into all this hassle, when you can use the motor cycle insurance calculator on our website to get instant quotes and renew your policy before it expires.
Will the premium for my two wheeler increase after a claim?
Once you make a claim for your two-wheeler, you lose out on NCB (No Claim Bonus). Hadn’t you raised a claim, you could have availed NCB, thus reducing your premium in the next policy year. But if you did, sadly, the premium automatically increases the following year.
How to compare policies using two wheeler insurance premium calculator?
A two wheeler insurance premium calculator is a tool that allows users to compare and buy policies for bikes and scooters at the click of a button. An individual will need to enter basic details of the two-wheeler like bike number, make & model, registration details, etc., and the two wheeler insurance premium calculator will show the most-suitable policies. Users can compare insurance plans on the basis of their features, benefits and premiums, and accordingly decide which policy to purchase.