Bike Insurance Calculator

What is a Bike Insurance Calculator?

A bike insurance calculator is a digital instrument that is designed to help policyholders to calculate a personalised amount of premium for your two-wheeler insurance policy. To get the right premium amount, you just have to enter a few details on the premium calculator such as your bike’s make, bike’s model, bike’s variant, bike’s RTO location, bike’s purchase year, etc. Based on the entered specifications, a bike insurance premium calculator gets you the premium cost that you will have to pay to get a bike insurance policy from different insurers.

The best part of this insurance calculator for bike is that it helps you compare different bike insurance policy quotes which let you make the right purchase decision. A bike insurance premium calculator is a trusted and valuable tool as it allows you to opt for the most suitable bike insurance policy and save you time by providing instant and accurate results. Bike owners can estimate their vehicle's insurance rate with the use of an online calculator offered by insurance companies or independent insurance websites.

Features of Two Wheeler Insurance Calculator

Here is an explanation of the functions and features of a bike insurance calculator:

1. Purpose:

- The main purpose of this calculator is to provide potential policyholders with an estimate of how much they will need to pay for insuring their bikes.

2. Ease of Comparison:

- By using a calculator, individuals can easily compare different insurance plans based on the premiums and choose one that fits their budget.

3. Inputs Required:

- Users need to enter specific details about their bike. This includes the make, model, age, engine capacity, and geographical location.

- Personal details of the owner like age, and driving experience may also be required.

4. Calculations:

- The calculator processes these inputs to estimate the insurance premium based on the Insured Declared Value (IDV) of the bike, No Claim Bonus (NCB), add-ons selected, and other factors.

5. Output:

- The estimated premium amount is then displayed, which includes the break-up of the premium, helping users understand what they are paying for.

6. Customization:

- Some calculators allow users to customize the IDV and select different add-ons, enabling them to see how these factors affect the premium.

7. Educational:

- The calculator can also educate users on how different factors affect their insurance premium, helping them make more informed decisions.

8. Time-Saving:

- Instead of contacting insurance agents or visiting insurance offices, individuals can quickly get an estimate online, saving time and effort.

9. Cost-Effective Decision Making:

- By understanding the premium cost and comparing different plans, individuals can make cost-effective decisions while choosing an insurance policy.

10. Access to Various Insurers:

- Insurance calculators on third-party portals often provide premium estimates from various insurers, allowing users to compare across a wider spectrum.

An insurance premium calculator for two wheeler is a beneficial tool for anyone looking to insure their bike as it provides a clear, quick, and easy way to understand the premium cost and compare different insurance options.

Benefits of Bike Insurance Calculator

An insurance calculator for bike 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 bike 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.

Third Party Bike Insurance Rates 2023

The IRDA bases its calculation of the third-party bike insurance premium or cost only on the condition of the vehicle; it does not consider the engine capacity of the insured vehicle. However, it still varies by 10% to 20% annually.

IRDAI recently declared that this year's bike insurance premiums would not increase. The rates for third-party bike insurance are listed below.

How is Bike Insurance Premium Calculated?

With the InsuranceDekho bike insurance premium calculator, learn how to calculate bike insurance 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 two-wheeler insurance companies and vary depending upon the specifications of the policyholder’s bike.

Example:

Scenario 1: Bike with an engine capacity not exceeding 75cc

If you own a bike with an engine capacity that does not exceed 75cc, then the premium for your third-party bike insurance would be Rs. 482 annually.

Scenario 2: Bike with an engine capacity exceeding 75cc but not exceeding 150cc

Let’s say you own a bike with an engine capacity of 100cc. Since it’s more than 75cc but doesn’t exceed 150cc, the third-party bike insurance premium would be Rs. 752 per annum.

Scenario 3: Bike with an engine capacity exceeding 150cc but not exceeding 350cc

For instance, if your bike's engine capacity is 200cc, then your bike falls under this category. The annual premium for the third-party bike insurance in this case would be Rs. 1,193.

Scenario 4: Bike with an engine capacity exceeding 350cc

If you own a high-end bike with an engine capacity exceeding 350cc, the annual premium significantly jumps to Rs. 2,323 for third-party bike insurance.

These standard rates for premiums are mostly determined by the bike's engine capacity and are subject to change in accordance with the rules set forth by the Insurance Regulatory and Development Authority of India (IRDAI). Keep in mind that additional variables like location, bike model, age, and any extra coverage you decide to add to your insurance could have a minor impact on the prices.

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.

How to Calculate Premium with InsuranceDekho’s Bike Insurance Calculator?

Calculating the premium for your bike insurance using InsuranceDekho’s Bike Insurance Calculator is a straightforward process. Here's how you can do it:

1. Visit InsuranceDekho:

- Navigate to the InsuranceDekho website.

2. Select Bike Insurance Calculator:

- Locate and click on the Bike Insurance Calculator tool on the website.

3. Enter Vehicle Details:

- You'll need to provide details about your bike including its make, model, variant, and year of registration.

4. Provide Personal Details:

- Some calculators may also ask for personal details like your age and location.

5. Select Coverage Type:

- Choose the type of coverage you want - third-party insurance, standalone own-damage cover, or comprehensive cover.

6. Choose Add-ons:

- If you opt for comprehensive or standalone own-damage cover, you can also choose from various add-on covers available.

7. Adjust IDV:

- You may have the option to adjust the Insured Declared Value (IDV) of your bike. IDV is the maximum amount you can claim in case of total loss or theft.

8. Submit:

- Once you've provided all necessary information, submit the details.

9. Review Estimated Premium:

- The calculator will provide an estimated premium amount based on the details you've entered. This amount will be displayed along with the breakdown of the premium, helping you understand the coverage costs.

10. Compare Policies:

- You can compare different policies and their premiums to find a plan that suits your needs and budget.

11. Contact Customer Support:

- If you have any queries or need assistance, you can contact InsuranceDekho’s customer support.

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.

How to Calculate 5-Year Bike Insurance Price?

Calculating the premium for a five-year bike insurance policy involves considering several factors. Here is a step-by-step guide on how you can calculate the 5-year bike insurance price:

1. Choose the Type of Coverage:

- Third-Party Liability Coverage: This is mandatory as per law. It covers damages caused to third parties but not to your own vehicle.

- Comprehensive Coverage: This covers damages to your bike as well as third-party liabilities. It’s more extensive and recommended for better protection.

2. Determine the Insured Declared Value (IDV):

- The IDV is the maximum amount that you can claim in the event of total loss or theft of your bike. It is based on the manufacturer's listed selling price and depreciation.

3. Consider the Cubic Capacity of Your Bike:

- The engine capacity of your bike affects the premium cost. Higher cubic capacity attracts a higher premium.

4. Consider the Age of Your Bike:

- Older bikes generally attract lower IDV and hence a lower premium, whereas newer bikes have a higher IDV and premium.

5. Select Additional Covers if Needed:

- Consider adding extra covers like zero depreciation, personal accident cover, or accessories cover. These will increase the premium but provide better coverage.

6. Apply No Claim Bonus (NCB):

- If you haven’t made any claims in previous policy periods, you can avail of the NCB, which will reduce your premium.

7. Consider the Geographical Location:

- Premiums may be higher in areas prone to accidents, thefts, or natural calamities.

8. Use Online Premium Calculators:

- Many insurance providers offer online calculators. You can use these tools by entering details like bike make, model, age, location, etc., to get an estimated premium amount.

9. Compare Quotes:

- Get quotes from different insurers and compare the coverage and premiums. Look for a balance of adequate coverage and reasonable cost.

10. Check for Discounts and Offers:

- Look for discounts or offers that insurers may be providing, such as for installing security devices or for being a member of a recognised automotive association.

11. Review and Finalise:

- Review all the factors, coverage, and costs before finalising your premium.

Example:

- Type of coverage: Comprehensive

- IDV: Based on the bike’s age and manufacturer's selling price

- Cubic Capacity: 150cc

- Age of the bike: 2 years

- Additional covers: Zero depreciation

- NCB: 20%

- Location: Urban

- Using an online calculator and entering all these details would give you an estimated premium for a five-year policy.

Remember, choosing a five-year policy is advantageous as it frees you from the annual renewal hassle, often comes at a discounted rate, and allows for uninterrupted coverage. Ensure that you review and understand all the factors and coverages involved in the premium calculation to make a well-informed decision.