Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
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’.
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 23
| TWO WHEELERS | PREMIUM |
|---|---|
| Not exceeding 75cc | Rs.538 |
| Exceeding 75cc but not exceeding 150cc | Rs.714 |
| Exceeding 150cc but not exceeding 350cc | Rs.1366 |
| Exceeding 350cc | Rs.2,804 |
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.
Necessary two-wheeler details to calculate the premium of an insurance plan for a new two-wheeler are as follows:
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 appropriate insurance plan.
Necessary two-wheeler details to calculate the premium of an insurance plan for an old/used two-wheeler area as follows:
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 appropriate option for yourself.
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:
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.
It is economical to buy 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, the online purchase allows you to compare different plans to get the most affordable policy.
Making claims will make you lose No Claim Bonus (NCB), they try not to request insurance claims 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.
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.
Year Insurance Policy-If you choose to opt for a multi-year bike insurance plan for a period of up to 3 years rather than going for an annual bike insurance plan, then the insurance company may offer you a specific percentage of the discount. Moreover, with a long-term insurance plan, you can get rid of the hassles of going for yearly insurance plan renewal. Therefore, by doing so you can reduce the cost of your insurance premium.
One of the primary factors affecting the premium cost is the type of bike selected by you. The cost of the premium for sports bikes and superbikes is generally higher as compared to the everyday commuter motorbike. With higher power and engine displacement, the cost of the premium for the bike insurance plan would also be higher. This is due to the fact that costly motorbikes would require greater maintenance in comparison to a general commuter bike. Therefore, it is recommended that you should select your bike carefully depending upon your requirements.
Add-on covers chosen by you add further to the premium cost. Hence, it is important to select only the add-on covers that are really needed and the rest should be avoided.
The premium of a bike/two-wheeler insurance policy depends on a number of factors like the type of bike insurance 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 our Coverfox.com platform
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.
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 Coverfox
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.
Bike Insurance premium is based on various factors like make, model, age, location of the bike, choice of coverage, driving & claim history. The cheapest policy available in India is Third party liability cover. Policyholders should assess their insurance needs and they should opt for the best policy as per their needs.
IDV is calculated as the manufacturer's listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them.
It is extremely important to note that NCB exclusively applies to the Own Damage component of your premium, which is the premium calculated based on IDV or insured declared value of the bike minus the cost of bike's wear and tear.
| Claim free years | No Claim Bonus |
|---|---|
| After 3 years | 35% |
| After 4 years | 45% |
| After 5 years | 50% |
When the insurance company takes note of you riding your bike safely and not raising any claims during the policy period, it awards you with a discount called No Claim Bonus also known as NCB in two-wheeler insurance. You can get up to 50% discount on the bike insurance premium amount for not raising any claims.
