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Calculate Two Wheeler Insurance Premium Instantly Online
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.
How to use Bike Insurance Premium Calculator?
Policyholders can use the bike insurance calculator to check the premium quote of their new and old bike insurance plans. Here’s a step by step explanation on how to use our premium calculator and get the right bike insurance for your bike!
Step 1
Enter your Bike’s Make, Model, Variant, Registration Date & the City you ride your bike in.
Step 2
Press ‘Get Quote’ and choose the plan of your choice.
Step 3
You can choose between a Third-Party Bike Policy or a Standard/Comprehensive Bike Policy.
Step 4
Tell us about your last Bike Insurance Policy- Date of Expiry, Claim History, NCB, etc.
Step 5
You will now see your policy premium on the bottom right of the page.
Step 6
If you’ve chosen a Standard Plan, you can set your IDV and customize your plan further by selecting add-ons like Zero Depreciation, Return to Invoice, Engine & Gear Protection, etc.
Step 7
You will now see your final premium calculated on the right side of the page.
Benefits of Bike Insurance Calculator
Helps Determine the Right IDV - Having the Right IDV makes sure that in case of total loss or theft of your bike, you get rightly compensated for the market value of your bike. Using the bike insurance calculator lets you set the right IDV based on your bike’s specifications.
Opt for the Right Addons - Choosing the right addons for your bike insurance policy gives it additional protection and coverage from all possible situations. A bike insurance calculator helps in determining how different add-ons affect your premium, which will accordingly help you select the right mix od add-ons for your bike.
Choose the Right Premium - Using a bike insurance calculator, you can compare different bike insurance premium quotes, which will help you land on the best priced plan, something that will be tailor made to suit your needs.
Why is it Important to Use a Bike Insurance Calculator?
When it comes to buying bike insurance, most of us want to get it done as quickly as possible. So, should you quickly pick the cheapest bike insurance out there or take some time and pick something suitable for your bike? The latter would be a better bet, and here’s why and how using a bike insurance premium calculator will help you do so:
The job of a two-wheeler insurance premium calculator is not to help you make the cheapest but, help you make the most cost-effective decision. This is because it not only helps you understand how different factors can affect your bike insurance premium but, how the right combination of factors can help you choose a plan that will protect your bike optimally.
While using a two wheeler insurance premium calculator, you’ll notice how certain change in factors can increase or decrease your bike insurance premium. You can accordingly try different options and see what works best for you and your bike!
At the end of it all, 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 clearly lets you see for yourself how your bike insurance premium is determined.
Use Bike Insurance Calculator for New & Old Bikes
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)
Types of Bike Insurance Plans in India
Comprehensive Bike Insurance Premium Calculator
Read more about the Important Components of a Comprehensive Bike Insurance Premium.
This is included in all Comprehensive and Own Damage Bike Insurance Policies. This benefit covers for losses caused due to damages to your own bike. For example; if you get into an accident or your bike gets damaged due to the floods. This coverage of your comprehensive bike insurance premium is determined by the kind of bike you ride (make, model, age, cc) and the city you ride it in.
The IDV of your bike is the market value of your bike. This essentially also determines the amount you could be compensated for in case your bike is stolen or damaged beyond repair. In Digit’s comprehensive bike insurance premium calculator, you can customize your IDV yourself depending on your bike’s specifications.
Customizations are awesome. And that’s what makes a comprehensive bike policy special. Based on the kind of protection you’re looking for your bike, you can customize your comprehensive bike policy with add-on covers such as a zero-depreciation cover, return to invoice cover, breakdown assistance, etc.
Deductibles is the amount you put from your pocket, during claims. In a comprehensive bike insurance policy, the amount of your share is optional. The higher percentage you opt for, the lower will be your comprehensive bike insurance premium and vice versa.
For every claim-free year, your bike insurer will reward you with a discount, starting from 20% off for your first claim-free year. The higher NCB you have, the lower will be your comprehensive bike insurance premium.
The liability to protect a third-party from damages and losses is mandatory by law. Hence, this aspect of your comprehensive bike insurance is standard, and is predetermined by the IRDAI.
The liability to protect a third-party from damages and losses is mandatory by law. Hence, this aspect of your comprehensive bike insurance is standard, and is predetermined by the IRDAI.
The liability to protect a third party from damages and losses is legally mandatory. Hence, this aspect of your comprehensive bike insurance is standard and is predetermined by IRDAI.
The newer your bike is, the higher risks it has to face. Therefore, the age of your bike too helps in calculating your comprehensive bike insurance premium.
Third-Party Bike Insurance Premium Calculator
The Third-Party Bike Insurance is the minimum kind of bike insurance you’ll need as per the Motor Vehicles Act. It covers for only damages and losses against third parties, such as if your bike hits a person, damages a property or another vehicle.
A Third-Party Bike Insurance only covers for third-party related damages and losses. Therefore, your third-party insurance premium will only be dependent on third-party liabilities, the limit of which is predetermined by the IRDAI.
Just like it’s mandatory to protect yourself with a helmet while riding, it is also mandatory to include a Personal Accident Cover in your bike insurance.
The cc of your bike plays a huge factor in predicting your bike insurance premium. This is because the higher cc your bike has, the faster it can go and ultimately, the higher is its risk. In a Third-Party Bike Insurance, the premium is predetermined by the IRDAI based on different cc ranges.
Third Party Bike Insurance Premium Rates
| Two Wheelers with engine capacity | Premium rate |
|---|---|
| Not exceeding 75cc | ₹538 |
| Exceeding 75cc but not exceeding 150cc | ₹714 |
| Exceeding 150cc but not exceeding 350cc | ₹1,366 |
| Exceeding 350cc | ₹2,804 |
Factors Determining Two-Wheeler Insurance Premium
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.
Tips to Reduce your Bike Insurance Premium
Here are some tips and tricks to help reduce your bike insurance premium.
If you’re a safe rider and have largely had a clean claims state, you could consider increasing your voluntary deductible that will help in decreasing your bike insurance premium.
This one’s pretty obvious. Ride safely and stay away from trouble so you can avoid making claims and hence be rewarded with a No Claim Bonus on every bike insurance renewal.
Talking it out always helps. No matter what your concerns are, talk them out with your insurance company and you never know, they might give you the most suitable solution and perhaps a cost effective premium too!
We all procrastinate, but don’t do it in this case. Renew your bike insurance policy before its expiry date. This won’t only eliminate the bike inspecting process but will also ensure you can include your No Claim Bonus and get a discount.
Add-Ons and Covers are an awesome way to add an extra layer of protection to your bike, but it also increases your bike insurance premium. Therefore, we recommend that you only opt relevant add-ons.
Why Choose Bike Insurance by Digit?
Key Features of Two Wheeler Insurance by Digit
| Key Features | Digit Benefit |
|---|---|
| Premium | Starting from ₹714 |
| No Claim Bonus | Up to 50% Discount |
| Customizable Add-Ons | 7 Add-ons available |
| Cashless Repairs | Available at 4400+ Garages |
| Claim Process | Smartphone-enabled Claim process. Can be done online within 7 minutes! |
| Own Damage Cover | Available |
| Damages to Third-Party | Unlimited Liability for Personal Damages, Up to 7.5 Lakhs for Property/Vehicle Damages |
With us, get access to VIP claims
After you buy or renew our two wheeler insurance plan, you live tension free as we have a 3-step, completely digital claims process!
Step 1
Just call on 1800-258-5956. No forms to be filled.
Step 2
Get a link for Self-Inspection on your registered mobile number. Shoot your vehicle’s damages from your smartphone through a guided step by step process.
Step 3
Choose the mode of repair you wish to opt for i.e. Reimbursement or Cashless through our network of garages.
Digit in News
Misfueling cover in India: Damaged car or bike engine after using wrong fuel? Will motor insurance help?
- 12 May 2022
- The Financial Express
Third-party vs comprehensive bike insurance: Which is better and why?
- 09 Dec 2022
- CNBC TV18
FAQs related to Bike Insurance Calculator
What is voluntary deductible in two wheeler insurance and how is it beneficial?
Firstly, when you make a bike insurance claim, and it is cleared, there are two parts to the total claim payment made. One part is paid by us and other by you, your part is called an excess or a deductible. It can be a combination of compulsory (which is compulsory of course) and voluntary. Voluntary one is the additional amount you choose to pay during a bike insurance claim, over and above the amount that we have set for you to pay (the compulsory one). Why do people choose voluntary deductible? People use it to bring down their two wheeler insurance premium.
Tip: Don’t get greedy and use this feature just to lower your two wheeler insurance premium. The best case to use it is only when you are at a good 50% No Claim Bonus level (i.e. not claimed since 5 years). This means you have a lesser probability to make a claim and you can reduce your two wheeler insurance premium.
What is compulsory excess in two wheeler insurance?
Compulsory excess is another word for deductible – the amount you pay as your part of the claim.
What do I need to consider before switching my insurance company online?
Important aspects to be considered before purchasing any policy are:
- Speed of claim settlement- You don’t want to wait for your money, right?
- Approachability- Again, hours of waiting to talk to the customer care is not done!
- Cashless option for your two wheeler repairs
- Network connectivity- Not your phone one but the service center network.
- Claim settlement history of the company.
Do I need to submit any hardcopies during the purchase of a two wheeler insurance policy online?
We are as document averse as you are. For a new policy, you don’t have to do any documentation.
How soon will the two wheeler insurance policy reach me if I buy it online?
Once the payment is done, the soft-copy of the policy will reach your mail box. Zip, zap, zoom! We believe in going green so we don’t send a hard-copy but if you want it you can just let us know, we’ll send it to you.
What happens to my No Claim Bonus if I switch my insurance company?
Your NCB (No Claim Bonus) is for your good driving record. So, even if you change your two wheeler insurance company, it stays with you.
Does buying online have any disadvantages?
No, it does not have any disadvantages. Rather it is a smarter way to compare and buy the right two wheeler insurance for yourself.
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