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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.
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:
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).
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
|Not exceeding 75cc||Rs.569|
|Exceeding 75cc but not exceeding 150cc||Rs.720|
|Exceeding 150cc but not exceeding 350cc||Rs.887|
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.
|Two Wheeler Age||Insured Declared Value|
|Between 0 to 6 months||95% of Ex-showroom price|
|Between 6 months to 1 year||85% of Ex-showroom price|
|Between 1 year to 2 years||80% of Ex-showroom price|
|Between 2 years to 3 years||70% of Ex-showroom price|
|Between 3 years to 4 years||60% of Ex-showroom price|
|Between 4 years to 5 years||50% of Ex-showroom price|
Want to know the benefits of calculating your premium online? Here are three of the most important ones:
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:
What determines the premium in case of new bike?
Like always, there are multiple factors that determine the premium for your new bike.
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.