What is two-wheeler insurance premium calculator?
A two-wheeler insurance premium calculator is a handy online tool that helps individuals estimate the insurance premium for their bikes or scooters based on various factors. These factors may include the vehicle's make and model, engine capacity, location, age of the vehicle, and the type of coverage desired (comprehensive or third-party). By entering these details into the insurance calculator for bike, users can get an instant quote and make informed decisions about their insurance coverage.
One of the critical factors to consider when purchasing bike insurance is the premium cost. Fortunately, in the digital age, there are tools available to make this process more transparent and hassle-free. Bike insurance premium calculators, also known as two-wheeler insurance premium calculators, are indispensable tools that can help you determine the cost of your insurance policy.
In this article, we will explain how a two-wheeler insurance premium calculator works and explain how to use it effectively. Also, know the benefits these calculators offer and the differences between comprehensive and third-party bike insurance premium calculators.
Bike insurance company |
Network garages |
Third-party cover |
Personal accident cover |
Claim settlement ratio |
Starting premium |
- |
Yes |
15 lakh |
95.45% |
Rs. 702* |
|
6,500+ |
Yes |
15 lakh |
98% |
Rs. 824* |
|
6,600+ |
Yes |
15 lakh |
92% |
Rs. 753* |
|
- |
Yes |
15 lakh |
93.4% |
Rs. 538* |
|
6,100 |
Yes |
15 lakh |
- |
Rs. 588* |
How to use a bike insurance calculator?
Using a bike insurance calculator is simple and easy. Here's a step-by-step guide to using it:
Step 1: Visit any insurance provider's website and look for the bike insurance calculator.
Step 2: Enter your bike's model, year of manufacture, fuel-type, and variant.
Step 3: Fill in your registration number or select the city in which your bike is registered.
Step 4: Calculate the IDV (Insured Declared Value) of your bike. The IDV represents the maximum sum that your insurance company will pay in case of theft, destruction, or total loss of your bike due to an accident.
Step 5: Select the type of policy that you want to buy - third-party, own damage, or comprehensive insurance.
Step 6: Input your personal details like name, age, gender, etc.
Step 7: Check the premium amount and its benefits.
Read more: How to Check Two Wheeler Insurance Policy Status Online?
Benefits of using a bike insurance calculator
Now that you know how to use a bike insurance calculator, let us explore the advantages of using this tool:
• Accuracy in premium calculation
The primary benefit of using a bike insurance premium calculator is the accuracy that it offers. By inputting all the necessary information, you can get a precise premium quote. This is particularly crucial because overpaying or underinsuring your two-wheeler can be costly in the long run.
• Time and effort savings
Traditional methods of calculating bike insurance premiums involve lengthy paperwork and waiting for insurance agents to provide you with quotes. With a premium calculator, you can obtain quotes instantly, saving your time and effort.
• Comparison made easy
Bike insurance premium calculators often provide the option to compare multiple insurance policies and their premium costs. This allows you to make an informed decision, selecting the policy that best suits your requirements and budget.
• Customisation
Many premium calculators allow you to customise your policy by adjusting various parameters, such as the deductible amount and additional coverage options. This way, you can tailor your policy to meet your specific needs.
• Transparency
The use of a bike insurance premium calculator ensures transparency in the insurance-buying process. You can see precisely how each factor affects your premium, making it easier to understand the cost breakdown.
Comprehensive bike insurance premium calculator
Comprehensive bike insurance, often referred to as "comprehensive coverage" or "own-damage coverage," offers a wide range of protection for your two-wheeler. This type of policy covers not only third-party liabilities but also the damages to your own vehicle, theft, and various other contingencies.
When using a comprehensive bike insurance premium calculator, the following factors are typically taken into account:
• IDV (Insured Declared Value):
The IDV represents the maximum sum insured by your comprehensive bike insurance policy. It is determined based on your bike's model, and age. The higher the IDV, the more expensive your premium will be.
• Age of the bike:
Older bikes may have a lower premium compared to new ones, but the IDV for older bikes is also lower, leading to a reduced coverage amount.
• Cubic capacity (CC) of the bike:
Bikes with higher CC usually have higher premiums due to their potential for greater speed and power, leading to more significant risks.
• Location of registration:
The city and state where your bike is registered play a significant role in determining the premium. Areas with a high rate of accidents or thefts tend to have higher premiums.
• No Claim Bonus (NCB):
If you have a no-claim bonus from your previous insurance policy, it can significantly reduce your comprehensive bike insurance premium.
• Additional coverage:
Comprehensive policies allow you to add various additional coverage options, such as zero depreciation, personal accident cover, and more. Each added coverage option will affect the premium.
Using a comprehensive bike insurance premium calculator can help you determine the cost of your ideal insurance policy, taking all these factors into account. It allows you to explore different combinations and find the best coverage at a price that suits your budget.
Third-party bike insurance premium calculator
Third-party bike insurance is the minimum legal requirement in many countries, including India. This type of insurance covers damages and liabilities incurred by the insured towards third parties, such as pedestrians or other vehicles, in case of an accident. The third-party bike insurance premium is primarily influenced by:
• Cubic capacity (CC) of the bike:
Similar to comprehensive insurance, the cubic capacity of the bike is a significant factor in determining the third-party insurance premium.
• Location of registration:
The area in which your bike is registered plays a crucial role in calculating the third-party premium. High-risk areas have higher premiums.
Use of bike insurance calculator for old and new bikes
When considering insurance for both old and new bikes, utilising a 2-wheeler insurance premium calculator proves invaluable. Here's how:
- New bikes: For brand-new bikes, the calculator estimates premiums based on the bike's market value, model, and other relevant factors. This helps new bike owners budget for insurance costs effectively.
- Older bikes: With older bikes, the calculator factors in depreciation to provide a tailored premium quote. This ensures fair and accurate pricing for insurance coverage on older vehicles.
By leveraging the insurance calculator for bikes, riders can compare insurance plans and select the most suitable coverage at competitive rates.
Factors affecting two-wheeler insurance premium
Several key factors influence the premium calculated by a two-wheeler insurance premium calculator:
- Make and model
The type and brand of the bike may significantly impact the insurance premium. - Engine capacity
Bikes with higher engine capacities typically attract higher premiums due to increased risk. - Age of the vehicle
Older bikes may have lower premiums due to depreciation, while new bikes may have higher premiums. - Location
Urban areas may have higher premiums due to increased traffic and theft risk compared to rural areas. - Type of coverage
Comprehensive coverage costs more than third-party coverage due to broader protection. - Previous claim history
Riders with a history of claims may face higher premiums. - Additional add-ons
Optional riders and add-ons like zero depreciation or roadside assistance can increase premiums.
Tips to reduce your bike insurance premium
To lower your bike insurance premium calculated using an insurance calculator for bikes, consider the following tips:
- Opt for a higher voluntary deductible to reduce the premium amount.
- Install anti-theft devices and safety features on your bike to qualify for discounts.
- Maintain a good riding record without making frequent claims.
- Compare quotes from multiple insurers using the bike insurance premium calculator to find the most competitive rates.
- Avail of No Claim Bonus (NCB) benefits by renewing your policy without claims.
In conclusion, the choice between comprehensive and third-party insurance largely depends on your needs and budget. The former offers extensive coverage but comes with a higher premium, while the latter provides minimal coverage at a lower cost.
Whichever option you choose, a bike insurance premium calculator will be your reliable companion in making the right decision, ensuring that your two-wheeler is protected, and you ride with peace of mind. So, go ahead, use the power of technology to calculate your bike insurance premium, and embark on your journey with confidence.
