Bike Insurance Calculator
A bike insurance calculator is a free online tool that calculates the estimated premium of a two-wheeler insurance plan. It helps bike owners to know the premium that they will have to pay to buy insurance for their bikes. The calculator considers the details of a bike to determine its bike insurance premium.
Key Details Required to Calculate Your Bike Insurance Premium
A two-wheeler insurance premium calculator uses the following details of a bike to calculate the estimated bike insurance premium:
- Make, model and variant of the bike
- Ex-showroom price of the bike
- City of bike registration
- Year of bike purchase
How to Use a Bike Insurance Calculator?
Using a bike insurance calculator is extremely easy and simple. Just follow the steps given below to calculate the premium for your bike using a bike insurance premium calculator online:
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Visit a website having a bike insurance premium calculator at Policybazaar.com.
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Select the make, model, and variant of your two-wheeler
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Enter the ex-showroom price, city of registration, and year of bike purchase
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Choose if you have made a bike insurance claim in the previous year and click on 'Calculate'
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The estimated premium quotes for your bike model along with the Insured Declared Value (IDV) will be displayed.
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Click on 'View All Plans' to get instant quotes offered by several insurers
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You can choose a plan as per your choice and pay the premium online via UPI, net banking or bank cards.
Benefits of Using Bike Insurance Calculator
Here are some of the key benefits of using a two-wheeler premium calculator:
Helps to Select the Right Insurance Plan
Helps to Determine the Ideal IDV
Helps to Find the Right Mix of Add-on Covers
No Insurance Agent Required
Comprehensive Bike Insurance Premium Calculator
A comprehensive bike insurance calculator helps bike owners to know the estimated premium for a comprehensive two-wheeler insurance plan. A comprehensive bike insurance plan provides coverage for both third-party liabilities and own damages. Take a look at the crucial components of a comprehensive bike insurance calculator.
Third-Party Bike Insurance Premium Calculator
A third-party bike insurance calculator helps to calculate the estimated premium for a third-party two-wheeler plan. A third-party plan covers third-party liabilities only. Take a look at the crucial components of a third-party bike insurance calculator-
- Third-party liability cover
- The engine capacity of the bike (CC)
- Personal Accident (PA) for the owner-driver
- Pillion Rider Cover
The premium rates for third party bike insurance are announced by the Insurance Regulatory & Development Authority of India (IRDAI). Take a look at the table below to know the current premium rates for third-party bike insurance as per engine capacity (CC) of the two-wheeler:
| Engine CC of the Bike | Cashless Garages |
|---|---|
| Up to 75 CC | ₹ 538 |
| Over 75 CC and up to 150 CC | ₹ 714 |
| Over 150 CC and up to 350 CC | ₹ 1,366 |
| Over 350 CC | ₹ 2,804 |
Use of Bike Insurance Calculator for Old & New Bikes
A bike insurance calculator can come in handy for both old and new bikes. Take a look at how a bike insurance premium calculator can be used for old and new bikes:-
For Old Bikes
If the insurance policy of an old two-wheeler is due for renewal, the policyholder can use a bike insurance calculator to check the reduction in the premium amount. As the bike ages, the value of the vehicle reduces and hence, its premium also reduces.
Moreover, older bikes have lesser options for add-on covers that further reduce any chances of a rise in premium. For instance, bikes older than 5 years cannot opt for a zero depreciation add-on cover.
Thus, bike owners can check and compare the prices of different two-wheeler insurance plans using this premium calculator and choose the most suitable plan.
Details Required to Calculate Insurance Premium of Old Bikes:
A bike insurance premium calculator requires the following details to calculate the premium of an old bike:
- Bike make and model
- Bike variant
- Date and city of registration
- Claim history
- Depreciation value
- Details of the previous policy
For New Bikes
Before buying a bike insurance policy for a newly-purchased two-wheeler, the owner must check the premium charged by different insurance companies. A two-wheeler premium calculator will help bike owners to check the coverage and premium offered by different motor insurance companies in India. Thus, it will make it easier for them to choose the suitable insurance plan for their vehicle.
Details Required for Calculating Insurance Premiums for New Bikes:
A two-wheeler insurance premium calculator requires the following details to calculate the premium of a new bike:
- Bike make and model
- Bike variant
- Date and city of registration
- Add-on covers
- Deductibles
Factors Affecting Two-Wheeler Insurance Premium
Several factors impact the premium of a two-wheeler insurance plan. Here is a list of factors affecting the cost of a bike insurance policy-
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Type of Coverage
The type of insurance coverage majorly impacts the premium of a two-wheeler insurance plan. While third-party insurance offers coverage for third-party liabilities only, a comprehensive insurance policy covers both third-party liabilities and own damages.As the comprehensive policy offers wider coverage, its premium is higher than the premium of third-party liability insurance. -
Make and Model
The make and model of the two-wheeler also impact the price of the insurance policy. A low-end bike requires lower maintenance and thus, its insurance rate is affordable. However, a high-end bike model is expensive to maintain, and thus, it attracts a higher premium. -
Age of the Two-wheeler
The age of the two-wheeler is also considered while calculating its insurance premium. A newly-purchased two-wheeler has a higher market value and therefore, the owner has to pay a higher premium. On the other hand, an old vehicle has a lower market value and thus, it will have a lower premium. -
Engine Capacity of the Two-wheeler
One of the crucial factors to determine insurance premiums is the engine cubic capacity (CC) of the two-wheeler. A bike with a lower engine capacity will have a lower premium whereas a bike with a higher CC will attract a higher premium. -
Insured Declared Value (IDV)
IDV is another important factor that helps to decide the insurance premium of a bike. The higher is the IDV, the higher will be the premium payable to insure the bike. Usually, newer bikes have a higher IDV and thus, their premiums are higher. -
Add-on Covers
The add-on covers opted under a bike insurance policy can marginally increase the premium amount. The more the number of add-on covers, the more will be the premium amount.
7 Tips to Reduce Your Bike Insurance Premium
Here are some tips to reduce the premium of your bike insurance policy:
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Maintain Healthy Driving Records
Maintaining a good riding record can prevent you from making any unnecessary claims under your bike insurance policy. As a result, you will earn a No Claim Bonus (NCB) that will reduce the premium amount.
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Opting for Voluntary Deductibles
Voluntary deductibles have an adverse effect on insurance premiums. By voluntarily opting for a higher deductible, you can get a higher discount, thereby, reducing your premium amount.
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Opt for Necessary Add-on Covers Only
Add-on covers need to be purchased additionally and hence, they increase the premium of your bike insurance policy. Therefore, choose only those add-on covers that you genuinely need for your vehicle to keep your premium low.
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Ensure Timely Renewal
If a bike insurance policy is not renewed on time, it will get lapsed and you may lose your NCB reward. Furthermore, renewing the policy after the expiry date may attract additional charges, such as vehicle inspection charges, etc.Thus, make sure to renew your bike insurance policy before the expiry date to keep your premium low.
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Installing Anti-theft Devices
If you install anti-theft devices certified by the Automotive Research Association of India (ARAI) in your two-wheeler, the insurer will offer you a discount on your premium amount. Thus, it will help you to reduce your overall bike insurance premium.
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Avoid Modification in Your Vehicle
Any modifications to your bike may increase its market value or increase the risk factor. Therefore, motor insurance companies may charge you a higher premium. Therefore, avoid getting modifications done to your two-wheeler and keep your premium low.
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Buy Bike Insurance Online
Purchasing bike insurance online is more economical than buying it offline. Insurers save on operational costs and agent’s commission by selling the policy online. As a result, they charge a lower insurance premium. You can visit the official website of Policybazaar Insurance Brokers Private Limited to find the right deal from 20+ insurers.
Bike Insurance Calculator FAQs
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Q.1 How is bike insurance calculated?
Ans: It's usually offered for bikes up to 5 years old, but some insurers may extend this depending on the bike's condition. -
Q.2 What is the full form of IDV?
Ans: IDV stands for Insured Declared Value. It is the estimated current value of your bike used for calculating premium and doing claim calculation during the pay-outs. -
Q.3 How to calculate IDV of a bike?
Ans: The IDV of bike is calculated using this formula: IDV = Ex-showroom Price – Depreciation (based on bike’s age). It represents the current market value of your bike. -
Q.4 How much will bike insurance cost?
Ans: The bike insurance cost depends on factors like the bike’s model, age, city, and coverage. Typically, a third-party bike insurance is cheaper as it is gives minimal & basic coverage, whereas comprehensive bike insurance comes with wider coverage is costlier than third-party policy. -
Q.5 What is a 5-year bike insurance policy?
Ans: It’s a long-term bike insurance policy that offers 5 years of third-party coverage as mandated by IRDAI, often bundled with 1 year own-damage cover. -
Q.6 Which insurance is best for 2-wheelers?
Ans: Comprehensive bike insurance is considered best as it covers both third-party liabilities and own damage, along with optional add-ons like zero depreciation. -
Q.7 What is zero dep insurance?
Ans: Zero depreciation insurance covers the full cost of parts replaced during a claim, without factoring in depreciation. -
Q.8 Is zero dep useful after 5 years?
Ans: Usually no, as most insurers offer zero dep add-ons only for bikes up to 5 years old. After that, availability is limited. -
Q.9 What is 3rd party insurance?
Ans: It covers damages or injuries caused to a third party (person or property) in an accident involving your bike. It’s mandatory by law in India. -
Q.10 What is 1 year OD and 3 year TP?
Ans: It’s a bundled policy with 1 year of own damage (OD) cover and 3 years of third-party (TP) cover, as per IRDAI guidelines for new bikes. -
Q.11 How to check bike insurance?
Ans: You can check your bike insurance status online via the VAHAN portal or your insurer’s website using the vehicle registration number.
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