A bike insurance calculator is an online tool that provides you an estimation for the two-wheeler insurance premium. You can get your bike insurance premium amount by simply entering your two-wheelers make and model, date of registration, city of registration, type of bike insurance policy i.e. third-party or comprehensive, and the online bike insurance calculator will generate a quote for you. This can further be optimized by adding No-claim-bonus, add-on or optional covers that you want to opt for.
Additionally, two-wheeler insurance premium calculator can be used to check the insurance premium quotes for various two-wheeler insurance plans online. The rates can be compared based on the coverage available allowing him to choose the right two-wheeler insurance for his bike. The calculator also allows him to customize his policy requirements and accordingly check the premium rates.
In other words, a two-wheeler insurance calculator is an online tool that helps a bike owner to select an insurance plan that suits his requirements and is not hard on the pockets.
How To Use a Bike Insurance Calculator?
It is very easy to use a two wheeler insurance premium calculator. All you have to do is to enter the details of your two wheeler and choose the kind of coverage you would like. For a better understanding, take a look at how you can use a bike insurance premium calculator:
Fill-in the details of your motorcycle, such as make & model, variant and bike displacement
Enter the ex-showroom price, city of registration and purchase year of your bike
Select if you’ve made a bike insurance claim in the past and submit the details
The insured declared value (IDV) and premium quotes for your bike will be shown
You can choose the two wheeler insurance plan that you want to buy
Select if you want comprehensive coverage or liability-only coverage
Choose any add-on covers that you want to purchase
The final premium amount for your two wheeler will be displayed on the screen
Benefits of Using Bike Insurance Calculator
Here are some of the benefits of using a bike insurance calculator online:
Select the Perfect Plan Premium: The basic purpose of a bike insurance premium calculator is to get the premium quotes for various two wheeler plans. Therefore, it enables you to pick an insurance plan with a premium price that suits your pockets.
Determine the Ideal IDV: A two wheeler insurance calculator helps you to decide the ideal insured declared value or IDV for your bike. IDV is the maximum amount that you’ll be paid by your insurance in case of a claim. IDV is important since this is the amount you will receive from your insurance company in case of total loss claims.
Pick the Right Mix of Add-Ons: Add-on covers helps to enhance the coverage level of your two wheeler insurance. If you use a bike insurance calculator, you will be able to determine how different add-ons alter your insurance premiums. Thus, it helps you pick the perfect mix of add-ons that you should buy without alarmingly increasing your premium amount.
No Agent Required: If you use a two wheeler insurance calculator, you can compare the different plans on the basis of premium and coverage on your own. This eliminates the need for approaching an agent to decide which plan is best suited for your bike.
Why is it Important to Use a Bike Insurance Calculator?
Before buying a bike insurance policy, it is important to check the premium quotes for different plans. If you are wondering why, here are some of the reasons that makes it important to use a bike insurance calculator before buying insurance:
Helps to Reduce Bike Insurance Premium: With the help of a two wheeler insurance calculator, you can check the insurance premium amount before buying. Moreover, you can use it to check what increases or decreases your premium amount. There, with the help of this calculator, you can consciously reduce your premium amount to fit your budget.
Lets you Make a Sound Decision: A bike insurance calculator helps you to make an informed and sound decision while buying insurance. It allows you to compare the insurance premium for different plans against the coverage offered. Thus, you can decide the level protection you want for your two wheeler and the plan which will provide it at the best possible rate.
Cost-Effective, Saves Money: A two wheeler insurance premium calculator helps you to make a cost-effective decision and not just finds you an affordable plan. Besides, helping you to understand how various factors affect the cost of a bike insurance policy, it also allows you to figure out how you can use the right combination of factors to find a plan that fits your budget and also protects your bike in the best way possible.
Protects You from Any Frauds: Using an online calculator to check bike insurance rates will protect you from any malpractices or frauds. You will be able to check and compare the prices of various two wheeler insurance plans and thus, won’t be tricked into paying extra.
Use of Bike Insurance Calculator for Old & New Bikes
Bike insurance calculator can come handy for both old and new bikes. Whether you are buying bike insurance for the first time for a new bike or getting the insurance for your old bike renewed, you can use a bike insurance premium calculator. Take a look at how bike insurance premium calculator can be used for old and new bikes:
Bike Insurance Calculator for Old Bikes:
If you are getting your bike insurance policy for your old two wheeler renewed, you can use a bike insurance calculator to check the reduction in the premium amount. As the bike ages, the premium for bike insurance reduces. Moreover, older bikes have lesser options of add-on covers, further reducing any chances of a higher premium. For instance, bike older than 5 years cannot opt for ‘zero depreciation’ add-on cover. Thus, bike owners can check and compare the prices of two wheeler insurance using a bike insurance premium calculator.
Bike Insurance Calculator for New Bikes:
Before you choose a bike insurance policy for your newly-purchased bike, you must check the premium charged by different insurance companies using a bike insurance premium calculator. A lot of research, time and money goes behind buying a new bike. Thus, protecting it from all kinds of risks without paying a fortune is extremely important. This is where bike insurance calculator can come handy as it will allow you to compare the coverage and premium charged by different motor insurance companies in India.
Comprehensive Bike Insurance Premium Calculator
A comprehensive bike insurance premium calculator is used to estimate the premium amount for a comprehensive bike insurance plan. Comprehensive bike insurance is a type of two wheeler insurance that provides coverage for own damage as well as for third party accidental liabilities. Thus, a comprehensive bike insurance calculator helps a bike owner to check the premium amount charged by motor insurance companies for comprehensive bike insurance policies.
Take a look at the crucial components of a comprehensive bike insurance calculator:
Own damage cover
Age of the bike
Insured Declared Value (IDV)
Personal Accident (PA) cover for the owner-driver
Make and model of the bike
Third party liability cover
No Claim Bonus (NCB)
Third-Party Bike Insurance Premium Calculator
A third party bike insurance premium calculator is used to evaluate the premium payable for a third party bike insurance plan. Third party bike insurance refers to the kind of two wheeler insurance that provides coverage for third party accidental liabilities only. Therefore, a third party bike insurance calculator allows a bike owner to check the premium charged by different insurance companies for third party bike insurance.
Here are the components crucial for a third party bike insurance premium calculator:
Third party liability cover:
A third-party liability cover offers coverage for losses and damages related to third-party only. In this way, the third-party bike insurance premium depends on the liabilities of third-party and its limit is predefined by the Insurance Regulatory and Development Authority of India (IRDAI).
CC of your bike:
Your bike’s CC plays a major role in deciding its insurance premium. This is because the bikes with higher CC can run faster and resultantly, they have a higher risk. In third-party insurance of bikes, the premium is decided by IRDAI as per the ranges of the CC of bikes.
Personal Accident (PA) cover for the owner-driver:
Same as the necessity of helmet while riding a bike, it is also necessary to include personal accident cover in your bike insurance plan. Therefore, this is again a deciding factor of the premium of your bike’s third-party insurance.
Third Party Bike Insurance Premium Rates:
The following table showcases the premium rates for third party bike insurance as per the CC or cubic capacity of the motorcycle’s engine:
Engine CC of the Bike
Third Party Bike Insurance Premium Prices (in ₹)
Up to 75 CC
Over 75 CC and up to 150 CC
Over 150 CC and up to 350 CC
Over 350 CC
Disclaimer: The third party insurance rate mentioned in the above table may vary as per the age, make & model and city of registration of the two wheeler.
Tips to Reduce your Bike Insurance Premium:
A two wheeler insurance calculator helps you to check the premium rates for your bike before purchasing a policy. Here are some of the tips that will help you reduce your bike insurance premium for your two wheeler:
Maintain a Positive Riding Record : It is important to maintain a good riding record and not make any unnecessary claims under your bike insurance policy. Having a claim-free policy tenure will enable you to earn No Claim Bonus (NCB) that can be accumulated and used to get discounts on premium during renewals.
Raise your Voluntary Deductibles: Deductibles refers to the share of the claim amount that the policyholder has to pay at the time of claim settlement. If you voluntarily opt for a higher deductible, it will help you get discounts on your premium amount.
Opt for Relevant Add-Ons Only: While choosing add-on covers for your two wheeler insurance, it is important to realise which add-ons are essential for your bike. Opting for add-ons that may not be required will only increase your premium amount. But if you only opt for add-ons that are relevant and remove non-essential ones, it will help to reduce your premium rate.
Clear Out Any Doubts With Your Insurer: If there is any clause or expenses that are increasing your insurance cost without your understanding, it is best to approach the insurance company and get clarity. This will enable you to understand what are you paying for and eliminate any charges that were unnecessarily added to your premium amount.
Ensure Timely Renewal: Make sure to renew your bike insurance policy before it gets expired. Timely renewals help you get various discounts which you may otherwise end up losing. Moreover, renewing your policy after expiry may attract additional charges, such as vehicle inspection charges, etc.
Installing Anti-Theft Devices: If you install anti-theft devices for your two wheeler, you will be able to earn discounts on your premium amount. Thus, it can help you reduce the overall bike insurance premium.
Bike Insurance Calculator FAQs
Q: What is voluntary excess or deductible in bike insurance? What are the benefits?
Ans: Voluntary deductible or excess refers to the part of the claim amount that a bike owner consciously agrees to pay at the time of settling the claim. This amount is over and above the compulsory deductible that you are required to pay as part of the two wheeler insurance policy. Bike owners opt for a voluntary excess or deductible in order to bring their bike insurance premium down. Policy buyers get a discount on the premium amount if they opt for voluntary deductibles. However, it is advisable to not opt for a high voluntary deductible to reduce the premium cost as you will have to pay that amount in case you make a claim.
Q: What do you mean by compulsory excess under bike insurance?
Ans: Compulsory excess is a synonym for compulsory deductible. It refers to the share of the claim amount that a policyholder has to pay at the time of claim settlement under two wheeler insurance.
Q: What should I check before switching my motor insurance provider online?
Ans: Before you change your motor insurance company online, it is important to consider the following aspects:
Know about the cashless garage network of the insurance company.
Find out how approachable are the customer service of the insurance provider. You need to check if the customer assistance is available 24x7 or only for a fixed time period.
Check the claim settlement speed of the insurer to know if the claims are settled quickly or does it take a lot of time.
Take a look at the branches or service network of the insurance company.
Go through the claim settlement history of the insurance provider.
Q: Do I need to submit hard copies of the documents while buying a bike insurance policy online?
Ans: If you are buying two wheeler insurance online, you are not required to submit hard copies of any documents. In case the insurance company requires any documents, you will need to submit them as soft copies.
Q: In how much time will I get my bike insurance policy if purchased online?
Ans: Most motor insurance companies send the soft copy of the policy document on the registered email id as soon as the premium is paid online for two wheeler insurance. However, some companies may take a few hours to send the policy document to the policyholder.
Q: What happens to my No Claim Bonus if I change my two wheeler insurance company?
Ans: If you switch your motor insurance company, your No Claim Bonus or NCB will be shifted to your new insurance policy. This is because NCB is granted as a reward to the policyholder for using his bike responsibly and not making any claims. So even if you change the insurance company, it will stay with you as it will be transferred to your new insurance policy.
Q: Does buying two wheeler insurance online come any disadvantages?
Ans: No, buying bike insurance online does not come with any disadvantages. On the contrary, it is extremely beneficial as it helps to save time, save money, more convenient and is more safer.
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