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Two Wheeler Insurance Premium Calculator

Get instant bike insurance quotes using two-wheeler premium calculator.

When you insure your two wheeler, you promise to pay the annual premium to the insurance company and in return the insurance company promises to cover the risk of damage or loss. To get the right premium from the bike insurance calculator you need to enter the basic two wheeler details such as bike number, or bike make, model, registration center. Once you fill up the details in the bike insurance calculator, the policy details and premiums from different insurer will be displayed. Then, you can compare the policies, premium breakups and the amount charged for each feature.

Benefits of Bike Insurance Calculator

  • 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.

Information required while using Bike Insurance Premium Calculator

If you want to get your premium quotes, you need to provide the following information:

  1. Your motorbike’s registered number.
  2. Status of your previous policy (Active/non-active).

If you do not have your bike’s registration number, you will be required to provide the following information.

  1. Status of your previous policy (Active/non-active).
  2. Manufacturer details
  3. Registration year
  4. Model and variant details
  5. Regional Transport Office Location

How to use Two-Wheeler Insurance Premium Calculator?

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’.

  1. KYC - Name, mobile number and email ID
  2. Extra cover
  3. Model, type, class and bike manufacturer
  4. Fuel type
  5. City and date of registration.

Factors that Decide Your Two Wheeler Insurance Premium

BIKE MODEL AND MAKE

The more high-end the bike, the higher is the insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!

YEAR OF MANUFACTURE

Since rate of depreciation increases with age, older bikes have ‘Lower Insured Declared Value’, hence they have lower premiums and vice versa.

ENGINE CAPACITY

Know the cubic capacity of your bike’s engine? Well, you are one step closer to knowing what your insurance premium should be!

AGE OF OWNER

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!

GEOGRAPHIC LOCATION

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!

NO CLAIM BONUS

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!

ANTI-THEFT DISCOUNT

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!

VOLUNTARY DEDUCTIBLE

One way of lowering your premium is by voluntarily declaring a minimum amount you would be willing to bear in case of a claim.

Sneak Peek into the Two Wheeler Insurance Calculator

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:

  • Comprehensive policy: Covers Own Damage + Third-Party liability
  • Third-Party policy: Covers any loss or damages to the third-party by the insured vehicle The final premium quote you see is the summation of Final Premium = Own Damage Premium + Third-party Premium + Optional Add-on cover charges (if any) + Personal Accident cover (owner-rider) + Optional Pillion Rider cover – (No Claim Bonus + Other Discounts, if any).

How to Calculate Premium for New & Old two wheeler?

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.

This is how a two wheeler insurance calculator works to fetch quotes

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

TWO WHEELERSPREMIUM
Not exceeding 75ccRs.569
Exceeding 75cc but not exceeding 150ccRs.720
Exceeding 150cc but not exceeding 350ccRs.887
Exceeding 350ccRs.1,019

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.

Insured Declared Value (IDV) calculation based on the Ex-showroom price and vehicles age

TWO WHEELER AGEINSURED DECLARED VALUE
Between 0 to 6 months95% of Ex-showroom price
Between 6 months to 1 year85% of Ex-showroom price
Between 1 year to 2 years80% of Ex-showroom price
Between 2 years to 3 years70% of Ex-showroom price
Between 3 years to 4 years60% of Ex-showroom price
Between 4 years to 5 years50% of Ex-showroom price

How to save on two wheeler insurance premiums

  • Compare two wheeler plans using vehicle insurance premium calculator
  • Opt for a long-term policy
  • Opt for voluntary deductibles
  • Avail discounts as per the accumulated No Claim Bonus
  • Install Anti-theft device
  • Buy only necessary add-on covers

Calculating your premium online

Want to know the benefits of calculating your premium online using two wheeler insurance calculator? Here are three of the most important ones:

  • It’s simple. Buy your two wheeler insurance in a matter of a few clicks, nothing more – it’s that easy and hassle-free!
  • A range of options. Compare different types of policies and choose one that perfectly matches your requirement!
  • No Paperwork Yes, there’s no paperwork required to be done, when you calculate and buy your insurance online.

But why is it important to calculate premium using bike insurance calculator before you buy insurance policy?

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:

  • Get a fair idea of the different players in the market and the different products you can opt for.
  • Get a clear idea of the various plans you check for. Here, Coverfox gives you plans without any prejudice, based on accurate information!
  • This way, you are already prepared with all prerequisite documents and formalities required.
  • Get a good understanding of the various plans in the market in a quick glance; it’s value for money!
FAQs

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:

  • The IDV (Insured Declared Value)
  • Age of Bike
  • Zone of Registration
  • Cubic capacity (in case of a third-party insurance)

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 calculator?

A two-wheeler insurance 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 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.

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