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Two Wheeler Insurance Premium Calculator

Get instant bike insurance quotes using two wheeler premium calculator.

When you insure your two wheeler, you promise to pay the annual premium to the insurance company and in return the insurance company promises to cover the risk of damage or loss.

To get the right premium you need to enter the basic two wheeler details such as bike number, or bike make, model, registration center. Once you fill up the details, policy details and premiums from different insurer will be displayed. Then, you can compare the policies, premium breakups and the amount charged for each feature.

Factors that Decide Your Two Wheeler Insurance Premium

Bike Model and Make

The more high-end the bike, the higher is the insurance premium you need to pay. That means you, Harley Davidson and Ninja owners!

Year of Manufacture

Since rate of depreciation increases with age, older bikes have ‘lower Insured Declared Value’, hence they have lower premiums and vice versa.

Engine Capacity

Know the cubic capacity of your bike’s engine? Well, you are one step closer to knowing what your insurance premium should be!

Age of Owner

Since the insurers don’t know whether you are a reckless driver or not, age (unfortunately) becomes an important parameter – so if you are between 18-25, your premium would be higher!

Geographic Location

Do you stay in an urban location with higher density of traffic (and thus, a higher incident of accident)? Well, that means a higher premium for you!

No Claim Bonus

A discount that is offered to you for every year that you do not raise a claim – this is the Insurance Company’s way of rewarding you for being a good driver!

Anti-theft Discount

Have you fitted your bike with an ARAI approved anti-theft device? Well, there’s an additional 2.5 percent discount for you just for being so responsible!

Voluntary Deductible

One way of lowering your premium is by voluntarily declaring a minimum amount you would be willing to bear in case of a claim.

Sneak Peek to the Two Wheeler Insurance Calculator

Before buying a bike insurance policy, you can compare plans. When you compare bike insurance policies on Coverfox, we help you to get the best two wheeler insurance policies by assessing your two wheeler details.

Once you enter the basic details such as bike number, or bike make, model, registration center, etc. Coverfox.com fetch the best deals for you. Then onwards, you can compare as you get to see the premium breakups and the amount charged for each feature. Cover all types of two wheelers be it a scooter, scooty, bikes, cruiser, sports bike, etc.

There are two types of policies:

  • Comprehensive policy - Covers Own Damage + Third-Party liability
  • Third-Party policy - Covers any loss or damages to the third-party by the insured vehicle

The final premium quote you see the summation of

Final Premium = Own Damage Premium + Third-party Premium + Optional Add-on cover charges (if any) + Personal Accident cover (owner-rider) + Optional Pillion Rider cover – (No Claim Bonus + Other Discounts, if any).

This is how a two wheeler insurance calculator works to fetch quotes

Third-party premium: The premium for the third-party liability cover is decided by the Insurance Regulatory and Development Authority of India (IRDAI). The premium is based on the engine cubic capacity (cc). IRDAI changes the price every year.

The following table shows the revised premium for FY 17-18

Two wheelersPremium
Not exceeding 75ccRs.569
Exceeding 75cc but not exceeding 150ccRs.720
Exceeding 150cc but not exceeding 350ccRs.887
Exceeding 350ccRs.1,019

Comprehensive premium: The premium of a comprehensive or package policy differs from insurer to insurer. Since the comprehensive policy provides financial coverage for own bike damage, it includes various variables into account to calculate the premium. Own Damage premium is based on the Insured Declared Value (IDV). Factors taken into account are ex-showroom price, age of the vehicle, location of registration.

Comprehensive two wheeler premium = Covers Own Damage + Third Party Liability

Final Premium = Own Damage Premium + Third Party Premium + Optional Add-on cover charges (if any) + Personal Accident cover (owner-rider) + Optional Pillion Rider cover – (No Claim Bonus + Other Discounts, if any).

For the own damage premium calculation, Insured Declared Value (IDV) of the two wheeler is the main factor. IDV decides the premium for the comprehensive coverage plan. IDV is calculated based on the depreciated value of two wheeler’s Ex-showroom price. The Ex-showroom price is not same as the on-road price.

Note: The on-road price includes road tax and other taxes.

Insured Declared Value (IDV) calculation based on the Ex-showroom price and vehicle’s age:

Two Wheeler AgeInsured Declared Value
Between 0 to 6 months95% of Ex-showroom price
Between 6 months to 1 year85% of Ex-showroom price
Between 1 year to 2 years80% of Ex-showroom price
Between 2 years to 3 years70% of Ex-showroom price
Between 3 years to 4 years60% of Ex-showroom price
Between 4 years to 5 years50% of Ex-showroom price

How to save on two wheeler insurance premiums

  • Compare two wheeler plans
  • Opt for a long-term policy
  • Opt for voluntary deductibles
  • Avail discounts as per the accumulated No Claim Bonus
  • Install Anti-theft device
  • Buy only necessary add-on covers

Calculating your premium online

Want to know the benefits of calculating your premium online? Here are three of the most important ones:

  • It’s simple. Buy your two wheeler insurance in a matter of a few clicks, nothing more – it’s that easy and hassle-free!
  • A range of options. Compare different types of policies and choose one that perfectly matches your requirement!
  • No Paperwork Yes, there’s no paperwork required to be done, when you calculate and buy your insurance online.
But why is it important to calculate premium before you buy insurance policy?

Are you still unsure about calculating your insurance premium? Well, think of it this way – remember how we scan the Internet while buying anything online, from clothes to electronics? It’s the same with insurance policies.

But then again, if that still doesn’t work, here are a few more benefits of calculating your premium:

  • Get a fair idea of the different players in the market and the different products you can opt for.
  • Get a clear idea of the various plans you check for. Here, Coverfox gives you plans without any prejudice, based on accurate information!
  • This way, you are already prepared with all prerequisite documents and formalities required.
  • Get a good understanding of the various plans in the market in a quick glance; it’s value for money!

You don't have to be a Mathematician to calculate your two wheeler insurance premium. Get insurance premium quotes customized to suit your needs with Coverfox.com.

FAQs

What determines the premium in case of new bike?

Like always, there are multiple factors that determine the premium for your new bike.

  • The IDV (Insured Declared Value)
  • Age of Bike
  • Zone of Registration
  • Cubic capacity (in case of a third-party insurance)

What determines the premium in case my two wheeler insurance policy has expired?

Generally, your premium won’t be affected majorly. But, if you have a No Claim Bonus that has not yet been availed 90 days before the expiry of policy, you could still lose the benefit. Also, you would have to have your bike inspected by the survey team all over again!

Will the premium for my two wheeler increase after a claim?

Once you make a claim for your two-wheeler, you lose out on NCB (No Claim Bonus). Hadn’t you raised a claim, you could have availed NCB, thus reducing your premium in the next policy year. But if you did, sadly, the premium automatically increases the following year.

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