Bike insurance calculator is a tool that helps you choose the best bike insurance policy based on your preferences and requirements.
If you’re planning to buy a bike insurance plan, you must know how much would it cost. You can get the precise premium through the two-wheeler insurance calculator. You just have to put in basic information such as a scooter or bike model, its registration centre, bike/scooter number, etc. As soon as you fill in the information on the two-wheeler insurance premium calculator, the details of the policy and the premiums from various insurance providers will be presented. You can match up the plans, premium break-ups, and the add-on riders, etc.
Benefits of Bike Insurance Calculator:
The benefits of two-wheeler premium calculator are as follows:
- Hassle-free and quick procedure
- Requires less or no paper-work
- Trustworthy tool: The quotes are not affected by the decisions of agents or brokers, as it completely depends on the details you provide.
Factors Affecting your Bike Insurance Premium Calculator:
Many factors affect your two-wheeler insurance premium calculator. Let’s discuss some of those factors here:
- Manufacturing Year of the Bike:
As the depreciation rate increases with the age, new bikes have ‘Higher Insured Declared Value (IDV)’. Therefore, they have higher premium rates as well as vice-versa.
- Bike Model and Make:
If you own more high-end bikes, namely Harley Davidson and Ninja, then you need to pay higher premiums.
- Owner’s Age:
Your insurance provider would not be able to make out whether you drive hastily or not. Here, unfortunately, age makes the difference for them. If your age is between 18 and 25 years, you have to pay higher premiums.
- The capacity of the Engine:
Do you know about the cubic capacity (cc) of the engine of your bike? If yes, then you’re a step closer to know the amount of premium you have to pay.
- No Claim Bonus:
If you don’t raise the claim, then the insurer gives you No Claim Bonus every year. No claim bonus is kind of reward that your insurance provider gives you for holding a good driving record.
- Geographical Location:
Do you stay in an urban locality with a higher traffic density and thus higher chances of accidents? If yes, then obviously you have to pay a higher premium.
- Voluntary Deductibles:
You can opt for the voluntary deductibles to lower your premium. You can declare the least amount that you could bear while raising the claim.
- Anti-Theft Discount:
Your insurance provider will offer the premiums on discounted rates if you inform them about the Automobile Research Association of India (ARAI) endorsed anti-theft device. You can protect your two-wheeler by fitting an alarm for anti-theft, GPS device, safety gear lock, etc.
How does Bike Insurance Calculator work?
We’ve discussed a lot about the two-wheeler insurance premium calculator. Now, let’s discuss how it works:
- Comprehensive Premium:
The comprehensive policy varies from insurance provider to insurance provider. As the comprehensive plan offers a fiscal cover for your own vehicle damage, several variables are taken into the account in two-wheeler insurance calculator when computing the premiums. Own damage premiums depend on the Inured Declared Value, i.e. the IDV. Factors such as the age of the bike, ex-showroom price, and location of the registration are taken into account.
- Third-Party Premium:
Insurance Regulatory and Development Authority (IRDA) of India decides the third-party liability cover. The calculated premium depends on the cubic capacity (cc) of the engine. IRDA keeps on changing the price every year.
Insured Declared Value (IDV) Calculation:
The IDV calculation mentioned below is based on the age of the vehicle and its Ex-showroom price:
Age of the two wheeler
Insured Declared Value (% of the Ex-showroom price)
|Between 4 and 5 years||50 per cent of the ex-showroom price|
|Between 3 and 4 years||60 per cent of the ex-showroom price|
|Between 2 and 3 years||70 per cent of the ex-showroom price|
|Between 1 and 2 years||80 per cent of the ex-showroom price|
|Between 6 months and 1 year||85 per cent of the ex-showroom price|
|Between 0 and 6 months||95 per cent of the ex-showroom price|
How can you save on your bike insurance premium?
You can save on your bike insurance premium by:
- Choosing a policy with long-term
- Comparing the two-wheeler insurance policies using the bike insurance calculator
- Availing discounts according to the accrued No Claim Bonus
- Installing ARAI anti-theft device
- Choosing voluntary deductibles
- Buying only necessary riders