Bike Insurance Calculator

What is a Bike Insurance Calculator?

A bike insurance calculator is an online tool to help you generate the right Two Wheeler Insurance premium for your two-wheeler. To get your final bike insurance premium, all you have to do is enter your bike's make and model, registration date, the city you ride in and of course, the type of bike insurance plan you want to go for and the bike insurance calculator will help generate the right quote for you. You can further customize this by opting for additional covers and adding your accumulated No Claim Bonus.

Bike Insurance Premium Calculator for New Bikes

Ultimately, it is your dear bike, and the least you can do for it is make an informed decision to protect it from all risks. A bike insurance premium calculator is transparent in its calculations and lets you see how your new bike insurance premium is determined.

Requirements for Calculating Insurance Premium for New Bikes

A bike insurance calculator considers the following details to calculate the premium of a new bike:

• Make, model, and the variant of the bike

• Date and city of registration of the bike

• If you want to purchase any add-on covers 

• Name of the manufacturer

• Year of manufacture 

• Deductibles

Bike Insurance Premium Calculator for Old Bikes

On the other hand, if you have an old bike, your bike insurance premium will be a lot less. This is not only because your bike may be old and worn out but also because the scope of add-ons would be less. For instance, if your bike is over five years old, your bike won’t be eligible for covers like the return to invoice or zero depreciation cover for your bike.  

Requirements for Calculating Insurance Premium of Old Bikes

A bike insurance calculator considers the following details to calculate the premium of an old bike:

• Make, model and variant of the bike 

• Date and city of registration of your bike

• Claim history or No-claim Bonus (NCB) 

• Depreciation value 

• Current insurance policy details of the bike (if any) 

Your bike insurance premium depends on various factors, and the bike insurance calculator considers these factors to come up with the best premium quote. These include:

• Type of Coverage - The type of coverage or insurance policy you opt for determines the premium amount. It will be higher for a Comprehensive Insurance Policy than for a Third-Party Policy. 

• Bike’s Model/Make - The model/make of your bike also influences the bike insurance premium. A more expensive or high-end/imported bike will have a higher premium as the cost of insuring its different parts would be higher. Additionally, less cubic capacity (cc) of the bike’s engine will fetch a lower premium amount than a bike with 350 cc or more. 

• Age of the Bike - If you’re renewing insurance for your old bike, the insurance calculator will consider the bike’s age and condition to quote a base premium amount (excluding NCB, Discounts/loading etc.). The older the bike, the more the depreciation; hence, the insured sum will be low, and you will need to pay less base premium. 

• IDV - Your bike’s approximate market value, the IDV, directly impacts your bike insurance premium. So, if the IDV value of your bike reduces, your premium amount also reduces.  

• NCB - If you haven’t raised any claim in a policy year, the insurer offers you a discount in the form of a No Claim Bonus (NCB), which ultimately lowers your premium for the following policy year. 

• Add-on Covers - If you opt for add-on covers to increase the scope of bike coverage, you will have to pay more, thus, increasing your base premium amount. 

• Modification of Bike - If your bike has modifications to enhance its aesthetic or performance, you will have to pay a higher insurance premium to cover the costs of these parts. 

• RTO Location - Further, if your vehicle’s RTO location is traffic-congested or more prone to accidents, you are liable to pay a higher premium.