Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
A Bike Insurance Calculator is an online tool available right here on the Coverfox website. It helps individuals estimate the premium cost of insuring their motorcycles or two-wheelers. By inputting specific details such as the bike's make, model, year of manufacture, registration details, and other relevant information, you can obtain an approximate premium amount for various insurance plans.
Our calculator considers multiple factors like the bike's age, its market value, the owner's location, and the type of coverage desired (third-party liability or comprehensive coverage). While these estimates offer a close approximation, the final premium may vary based on additional factors and specific conditions set by the insurance provider.
First, you need to visit the official website of any of the two wheeler insurance providers and select the two wheeler insurance premium calculator. You can select the calculation on the basis of new premium payment or renewal. Next, fill up the requested details mentioned below and then click ‘calculate’.
Access the Coverfox Website: Visit the Coverfox website (https://www.coverfox.com/)
Navigate to Bike Insurance Section: Highlight the Insurance Tab on the top menu. Navigate to Bike and then select Two Wheeler Premium Calculator
Enter Bike Details: Input your bike’s registration details and requested details about your previous policy.
Submit Information: After entering all necessary details, press the View Quotes button. The calculator will then generate an estimate of the premium based on the provided inputs.
Review and Compare: Take note of the estimated premiums offered. Compare different plans available through Coverfox to find the most suitable one for your bike insurance needs.
Premium Calculation: Calculates the insurance premium based on details.
Policy Customization: Allows users to adjust coverage amounts, policy terms, and add-ons to see how they affect premiums.
Comparative Analysis: Enables comparison of premiums from different insurers.
Add-Ons and Riders: Offers insights into additional coverage options and how they impact premiums
Ease of Use: User-friendly interface with step-by-step guidance for entering bike-related information and policy preferences.
Instant Quotes: Get real-time premium estimates instantly upon entering the required details.
Policy Recommendations: Get suggestions for suitable policies based on the entered information.
Using the Coverfox Bike Insurance Premium Calculator in India can offer numerous benefits to individuals looking to Buy two-wheeler insurance online. This tool can help in estimating insurance premiums with a high degree of accuracy, which can be beneficial for budget planning and ensuring affordability. Moreover, the calculator also provides customization options that allow users to input their bike details, coverage preferences, and add-ons, enabling them to select tailored policies based on their individual needs.
One of the most significant advantages of using a Bike Insurance Premium Calculator is that it facilitates the comparison of premiums from various insurers. This feature can help users identify cost-effective options without compromising on coverage. The calculator also offers transparency by displaying how different factors such as bike make, model, age, and coverage options affect premiums, empowering users with clear information.
Furthermore, using a Bike Insurance Premium Calculator can save a lot of time compared to traditional methods of obtaining quotes from multiple insurers individually. The calculator offers instant premium estimates, and as it is accessible online 24/7, it eliminates the need for physical visits or phone calls to insurers, making the process much more convenient.
A Comprehensive Bike Insurance Premium Calculator estimates the premium cost for a comprehensive two-wheeler insurance policy.
Bike Details: Make, model, age, cubic capacity (CC), and market value of the bike. Newer and higher-value bikes usually have higher premiums.
Location: The area where the bike is registered influences the premium due to factors like traffic density, theft rates, and accident frequency.
Policy Coverage: The extent of coverage desired, whether it's third-party liability, own damage, or a comprehensive policy with add-ons.
No Claim Bonus (NCB): The premium is reduced if the policyholder hasn't made any claims during the previous policy term, leading to accumulated NCB.
Rider/Add-Ons: The inclusion of additional coverage such as zero depreciation, roadside assistance, personal accident cover, etc., affects the premium.
Policy Term: The duration of the insurance policy also impacts the premium. Longer-term policies may offer discounts compared to yearly renewals.
Discounts: Some insurers offer discounts for safety features installed on the bike or for memberships with certain organizations.
The calculator uses actuarial calculations and the insurer's underwriting guidelines to estimate the premium based on these factors.
Third-Party Bike Insurance Premium Calculator estimates the premium cost for the mandatory third-party liability insurance for bikes in India. This insurance covers damages caused to a third party's property or person by the insured bike.
In India, third-party insurance for vehicles, including bikes, is mandatory under the Motor Vehicles Act of 1988. It's compulsory to ensure financial protection for third parties affected by accidents involving vehicles. The reasons for its mandate include:
In India, third-party insurance rates for vehicles, including electric bikes, are regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
Engine Capacity Third-party Bike Insurance Premium rates
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 calculated by two wheeler insurance calculator is based on the engine cubic capacity (cc). IRDAI changes the price every year.
The following table shows the revised premium for FY 23
| TWO WHEELERS | PREMIUM |
|---|---|
| Not exceeding 75cc | Rs.538 |
| Exceeding 75cc but not exceeding 150cc | Rs.714 |
| Exceeding 150cc but not exceeding 350cc | Rs.1366 |
| Exceeding 350cc | Rs.2,804 |
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 takes various variables into account in the bike insurance calculator while calculating 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.
Necessary two-wheeler details to calculate the premium of an insurance plan for a new two-wheeler are as follows:
Bike Details: Make, model, variant, engine capacity (CC), year of manufacture, and the bike's market value influence the premium. Newer or higher-value bikes usually have higher premiums.
Location: The area where the bike will be registered affects the premium due to factors like traffic density, theft rates, and accident frequency.
Policy Type: Whether it's third-party liability insurance or comprehensive coverage (including own damage), affects the premium. Comprehensive coverage generally costs more due to the wider coverage it offers.
No Claim Bonus (NCB): For new bikes, there might not be any NCB initially. However, if the policyholder hasn't made any claims during the policy term, they can earn NCB in subsequent years, leading to premium discounts.
Policy Term: The duration of the insurance policy also influences the premium. Longer-term policies may offer discounts compared to annual renewals.
Rider/Add-Ons: Including additional coverage such as zero depreciation, roadside assistance, personal accident cover, etc., affects the premium.
Necessary two-wheeler details to calculate the premium of an insurance plan for an old/used two-wheeler area as follows:
Bike Value: New bikes have higher market values, leading to higher premiums. Old bikes' market values depreciate over time, resulting in lower premiums.
Depreciation: Insurers consider the depreciated value of an old bike while assessing the sum insured, which affects the premium. New bikes have a higher sum insured, leading to higher premiums.
No Claim Bonus (NCB): Old bikes might have accumulated NCB if the policyholder hasn't made any claims, resulting in premium discounts. New bikes generally don't have NCB initially.
Condition and Maintenance: The condition and maintenance of an old bike may impact premiums. Well-maintained bikes might have lower premiums due to reduced risk factors.
Age of the Vehicle: Older bikes might face higher wear and tear, increasing the risk of breakdowns or accidents, and potentially impacting premiums.
Insurer's Policies: Some insurers might have specific policies or premium calculation methods for older bikes due to their depreciation and varying risk profiles.
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. Bike insurance calculator helps to access your bike details and scan various insurer quotes to display the right plans available for you.
Here are a few more benefits of calculating your premium through bike insurance premium calculator:
Make, model, variant, engine capacity (CC), year of manufacture, and market value of the bike affect the premium. Higher-value or powerful bikes usually have higher premiums.
New bikes have higher market values and may attract higher premiums, while older bikes might have lower premiums due to depreciation.
Know the cubic capacity of your bike’s engine? Well, you are one step closer to knowing what your insurance premium should be!
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!
The area where the bike is registered impacts premiums due to traffic density, theft rates, accident frequency, and repair costs.
Accumulated discounts for claim-free years can significantly reduce premiums.
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!
One way of lowering your premium is by voluntarily declaring a minimum amount you would be willing to bear in case of a claim.
It is economical to buy bike insurance online rather than purchasing it through an offline method. Different insurance providers give insurance covers at competitive rates online to allure customers. Also, the online purchase allows you to compare different plans to get the most affordable policy.
Making claims will make you lose No Claim Bonus (NCB), they try not to request insurance claims for small bike damages and pay for their repair bills on your own. It will make you earn a discount on your next year’s premium.
Approved Anti-Theft Devices-Several insurance companies offer discounts to policyholders who have anti-theft devices installed in their bikes which are certified by the Automotive Research Association of India (ARAI). Hence, installation of anti-theft devices can help you get insurance at a discounted price.
Year Insurance Policy-If you choose to opt for a multi-year bike insurance plan for a period of up to 3 years rather than going for an annual bike insurance plan, then the insurance company may offer you a specific percentage of the discount. Moreover, with a long-term insurance plan, you can get rid of the hassles of going for yearly insurance plan renewal. Therefore, by doing so you can reduce the cost of your insurance premium.
One of the primary factors affecting the premium cost is the type of bike selected by you. The cost of the premium for sports bikes and superbikes is generally higher as compared to the everyday commuter motorbike. With higher power and engine displacement, the cost of the premium for the bike insurance plan would also be higher. This is due to the fact that costly motorbikes would require greater maintenance in comparison to a general commuter bike. Therefore, it is recommended that you should select your bike carefully depending upon your requirements.
Add-on covers chosen by you add further to the premium cost. Hence, it is important to select only the add-on covers that are really needed and the rest should be avoided.
Maintain a claim-free record to earn NCB discounts on premiums for each claim-free year.
Opt for higher deductibles voluntarily, reducing the insurer's liability and lowering premiums. However, ensure affordability in case of a claim.
Evaluate add-ons carefully. While they enhance coverage, some might increase premiums. Choose only the necessary ones.
Opt for a longer-term policy. Insurers often offer discounts for multi-year policies compared to annual renewals.
Park your bike in a secure location or install anti-theft devices. Insurers might offer discounts for security measures.
Some insurers offer discounts for memberships in automobile associations or clubs.
Compare premiums and coverage offered by different insurers. Sometimes, switching providers can lead to cost savings.
Insurers often provide discounts for buying policies online due to reduced administrative costs.
Maintain a safe riding history. Avoid traffic violations and accidents to demonstrate responsible riding behaviour.
Remember, while reducing premiums is beneficial, ensure you don't compromise essential coverage for significant savings. Evaluate your needs and choose options that strike a balance between cost and coverage.
Our Two-Wheeler Insurance Premium Calculator is a powerful tool that simplifies the insurance journey for you. It offers quick and accurate estimates based on various parameters, empowering you to make informed decisions that fit your needs and budget. Understanding the factors that affect premiums is crucial, and our calculator ensures transparency by providing insights into coverage costs.
With this user-friendly tool, navigating the complexities of insurance premiums becomes effortless. Whether you're purchasing a new policy or renewing an existing one, our calculator streamlines the process, saving you time and effort. Take charge of your insurance planning, explore coverage options, and find the ideal balance between protection and affordability. Use our calculator today to pave the way for a secure and worry-free ride ahead.
The premium of a bike/two-wheeler insurance policy depends on a number of factors like the type of bike insurance plan, the make, model and variant of the bike, RTO location, bike registration city, etc. You can calculate the insurance premium for your bike instantly at our Coverfox.com platform
The Insured Declared Value of a bike refers to the maximum Sum Assured which an insurance company is liable to pay to the policyholder in case of theft or total loss (more than 70% damage) of the bike. Thus, IDV is the current market value of the bike.
Like a new bike, the insurance premium of a second-hand bike also depends on a number of factors like the make, model and variant of the bike, the type of plan chosen, bike registration city, etc. However, in case of a second-hand bike, the insurance premium is relatively higher as the premium amount also depends on the age of the bike.You can calculate the insurance premium for your bike instantly at Coverfox
The Insured Declared Value of a bike refers to the maximum Sum Assured which an insurance company is liable to pay to the policyholder in case of theft or total loss (more than 70% damage) of the bike. Thus, IDV is the current market value of the bike.
Bike Insurance premium is based on various factors like make, model, age, location of the bike, choice of coverage, driving & claim history. The cheapest policy available in India is Third party liability cover. Policyholders should assess their insurance needs and they should opt for the best policy as per their needs.
IDV is calculated as the manufacturer's listed selling price minus depreciation. The registration and insurance cost are excluded from IDV. The IDV of the accessories which are not factory fitted, are calculated separately at extra cost if insurance is required for them.
It is extremely important to note that NCB exclusively applies to the Own Damage component of your premium, which is the premium calculated based on IDV or insured declared value of the bike minus the cost of bike's wear and tear.
| Claim free years | No Claim Bonus |
|---|---|
| After 3 years | 35% |
| After 4 years | 45% |
| After 5 years | 50% |
When the insurance company takes note of you riding your bike safely and not raising any claims during the policy period, it awards you with a discount called No Claim Bonus also known as NCB in two-wheeler insurance. You can get up to 50% discount on the bike insurance premium amount for not raising any claims.
