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Home / Two-wheeler Insurance / Bike Insurance Calculator
What is a Bike Insurance Calculator?
A bike insurance or two wheeler insurance premium calculator is an online tool that lets you calculate the estimated insurance premium for a motorcycle, scooter, or electric bike. The bike insurance calculator considers the vehicle’s make, model, Insured Declared Value (IDV), year of manufacture, and Regional Transport location (RTO) to provide you with the premium details. Moreover, when checking the premium, it becomes easier to pick a suitable bike insurance plan that best fits your budget.
Benefits of Two-wheeler Insurance Calculator
Some of the benefits of using a two-wheeler insurance premium calculator are as follows:
Instant Bike Insurance Premium Quotes
The bike insurance calculator instantly provides a quote for a bike, scooter, electric bike, or any other two-wheeler based on your input. Simply enter a few details of your two-wheeler and get a quote.
Helps Determine the Appropriate IDV
Choosing the Right Insured Declared Value (IDV) ensures you get the right financial compensation in case of total loss or bike theft. Using the two wheeler insurance premium calculator lets you choose the right IDV and receive proper compensation at the time of a claim.
Ability to Choose the Suitable Add-on Covers
The online bike insurance premium calculator lets you understand how the add-on covers impact the insurance premium. This way, you can pick the right add-ons (based on availability) that fit your budget and requirements.
Enables You to Compare the Premium
The bike insurance calculator for premiums lets you compare different quotes, enabling you to choose the best-priced bike insurance policy for your two-wheeler.
No Dependency on Agents
With the help of a bike insurance calculator, you don’t need to depend on an insurance agent to provide you with premium details. You can simply enter a few details on your own and get bike insurance premium details.
Convenience
It allows you to check bike insurance quotes anytime and anywhere instead of visiting the insurer's office. Whether at home or anywhere else, you can use the calculator to explore bike insurance options and make decisions at your convenience.
Factors Affecting Two-Wheeler Insurance Premium
Type of Bike Insurance Policy
Third-party Insurance offers coverage for third-party liabilities, while Comprehensive Bike Insurance offers coverage for own damage and third-party liabilities. Since the latter offers wide-ranging benefits, its premium is higher than the 3rd Party Insurance.
Engine Capacity
Your bike’s engine cubic capacity (cc) is one of the primary factors in determining the bike insurance premium. The higher the cc, the higher the two-wheeler insurance premium. You can use the two wheeler insurance premium calculator to check how the engine capacity affects the premium rates.
Make and Model
The premium of a two-wheeler is also impacted by its make and model. A premium brand and model results in a higher 2 wheeler insurance premium as it is more valuable. Likewise, the premium for a low-cost brand and model is lower.
Age of the Two-Wheeler
The bike’s value decreases due to regular wear and tear. Hence, the newer the bike, the higher the bike insurance premium. Hence, the year of manufacture of your bike affects the bike insurance premium rate.
IDV or Bike’s Market Value
The current market price of your bike affects the two-wheeler insurance premium. IDV is the maximum amount you can claim from ACKO in case of a total loss of your two-wheeler. The higher the market value, the higher the bike insurance premium.
Deductibles
Deductibles are the amount you must pay from your pocket during two-wheeler insurance claims. The rest of the amount (as per policy terms) shall be borne by the insurer (in this case, ACKO). Thus the higher the deductibles, the lower the two-wheeler insurance premium.
Claims History
If you don’t raise a claim during the policy period, you receive a discount on the bike insurance renewal premium (own damage component) known as the No Claim Bonus. You can get up to a 50% discount if you don’t raise a claim for five consecutive years.
Installation of Security Devices
Two-wheelers that have installed Automotive Research Association of India (ARAI) approved anti-theft devices can get a discount on the bike insurance premium.
Geographical Location
The bike insurance premium for your two-wheeler is affected by the bike's location. Typically, bike owners living in a metropolitan city or a highly populated area attract a higher bike insurance premium compared to a bike owner living in a town or an area with lower traffic.
Add-ons
Add-ons like No Claim Bonus Protector, Key Loss Cover, Zero Depreciation Cover, etc., enhance the bike insurance coverage. Thus, the more add-ons you include, the higher the premium.
How to Use a Bike Insurance Premium Calculator
Here are the steps to use our two wheeler insurance premium calculator and get a free insurance quote for your two-wheeler.
Step 1: Go to the top of this page or download the ACKO app on your smartphone.
Step 2: Enter the two-wheeler registration number and hit the “Calculate” button.
Step 3: Provide details of the two-wheeler (year of purchase and make/model) and previous policy details (expired/active) and click on “View Plans”.
Step 4: Select the plan you want to purchase, and the bike insurance premium calculator will display the premium for the chosen policy.
Third Party Bike Insurance Rates (2024)
A third-party provides coverage for only third-party liabilities. Hence the following components are taken into consideration for calculating third-party bike insurance premiums:
Bike engine cubic capacity (cc)
Third-party liability coverage
Pillion rider cover
Personal Accident cover
The following tables provide more details about the third party two wheeler insurance rates for 2024. You can also make use of the two wheeler third party insurance premium calculator to determine the prices.
TWO-WHEELER CATEGORY | 1 YEAR BIKE INSURANCE PRICE (THIRD-PARTY) | 5 YEAR BIKE INSURANCE PRICE (THIRD-PARTY) |
|---|---|---|
Not exceeding 75cc | Rs. 538 | Rs. 2,901 |
Exceeding 75cc but not more than 150cc | Rs. 714 | Rs. 3,851 |
Exceeding 150cc but not more than 350cc | Rs. 1,366 | Rs. 7,365 |
Exceeding 350cc | Rs. 2,804 | Rs. 15,117 |
Third Party Electric Bike Insurance Rates (2024)
Here are the third party two-wheeler insurance rates for electric bikes in 2024.
ELECTRIC BIKE WITH KILOWATT CAPACITY (KW) | 1 YEAR BIKE INSURANCE PRICE (THIRD-PARTY) | 5 YEAR BIKE INSURANCE PRICE (THIRD-PARTY) |
|---|---|---|
Less than 3kW | Rs. 457 | Rs. 2,466 |
More than 3kW but less than 7kW | Rs. 607 | Rs. 3,273 |
More than 7kW but less than 16kW | Rs. 1,161 | Rs. 6,260 |
More than 16kW | Rs. 2,383 | Rs. 12,849 |
Comprehensive Two Wheeler Insurance Premium Calculator
A Comprehensive Bike Insurance Calculator is an online tool for estimating the premiums you need to pay for a comprehensive policy. As we all know, a comprehensive bike insurance plan provides coverage for both third-party liability and damages to the insured bike; here are the components considered for its premium calculation:
Third-party liability coverage
Own-damage cover
Insured Declared Value
Personal Accident Cover
Age of the bike
Make and model of bike
No Claim Bonus
Deductibles
Add-ons
Two Wheeler Insurance Premium Calculator for Used/Old Bikes
If you plan to renew your bike insurance policy, you should check its premium. Typically, when the bike gets old, its premium also decreases. Even the scope of inclusion of add-on covers like Zero Depreciation Cover is reduced in old bikes. Thus, it is better to use a bike insurance calculator to check insurance premiums for old bikes. Here is how you can do the same:
Step 1: On our website or app, enter your bike registration number and click on “Insure now” to begin using the bike insurance calculator.
Step 2: Select the bike model, year of purchase, and current bike insurance policy status and click on “View Plans”.
Step 3: The bike insurance premium calculator will display the premium for the available insurance plans.
Two Wheeler Insurance Premium Calculator for New Bikes
It is important to check the premium before buying a bike insurance policy for new bikes. This helps you compare the premiums of different two-wheeler insurance policies available and pick the one that best suits your budget.
Here is a step-by-step process to use the 2 wheeler insurance premium calculator for new bikes. This way, you will know the bike insurance price and make an informed decision.
Step 1: Go to the top of this page or download the ACKO app and click on “Check Prices”.
Step 2: Enter the new bike details like make/model, and click on “View Plans”.
Step 3: The premium calculator will display the insurance price for your new bike.
8 Tips to Reduce Two Wheeler Insurance Premium
Here are some tips to reduce the bike insurance premium of your Comprehensive Policy.
Buy Bike Insurance Online
For affordable and quick insurance for your bike, opt for online insurers such as ACKO. Since we work on a direct-to-customer model, there is no middlemen commission, enabling us to offer low-cost two-wheeler insurance plans.
Renew Your Bike Insurance Policy on Time
Ensure you renew your two-wheeler insurance policy by the expiry date. By renewing it by the due date, you remove the vehicle inspection procedure and secure any accumulated NCB to get a discount on the bike insurance renewal premium.
Don’t Raise Minor Claims
Raising claims nullifies any accumulated NCB you have earned. This will result in a higher bike insurance premium while renewing your bike insurance policy. You can keep your NCB intact by avoiding raising claims for minor damages such as a broken mirror or a minor dent.
Opt/Increase Your Voluntary Deductibles
Deductibles in bike insurance are the portion of the claim amount you pay from your pocket during settlement, while ACKO pays the rest (as per policy terms). If you opt for or increase your Voluntary Deductible, the premium reduces, while your out-of-pocket expenses increase during claim settlements.For better details on how deductibles affect the premium amount, you can make use of two wheeler insurance premium calculator.
Choose a Multi-Year Two-Wheeler Insurance Policy
By choosing a multi-year bike insurance policy, you avoid a potential increase in the premium during annual renewals. Additionally, long-term two wheeler insurance policies enable you to get a discount on the bike insurance renewal premium.
Install an Anti-Theft Device on Your Bike
Installation of an anti-theft device on your bike enables you to get a discount on the two-wheeler insurance premium. Make sure that the security device is approved by the Automotive Research Association of India (ARAI).
Include Necessary Add-ons
Add-ons are optional coverage you can add to your bike insurance policy at an additional premium. So, to save on premiums, only include the required add-ons to save on bike insurance premiums.
Avoid Unnecessary Bike Modifications
Any unnecessary modifications may increase the insurer’s liability to provide coverage for the same. So, to keep the premium lower, you should avoid any modifications to your bike that are not required.
Frequently Asked Questions about Bike Insurance Calculator
Here are answers to some common questions about the bike insurance calculator.
How much insurance does it cost for a bike?
The bike insurance premium cost depends on a number of factors such as engine capacity, age of the two-wheeler, IDV, and a few other factors. Based on these factors, you will be able to estimate the insurance cost for your bike.
How to check bike insurance value online?
You can go to ACKO’s website to get the bike insurance details.
Which insurance is compulsory for a 2 wheeler?
Third-party bike insurance is compulsory for 2 wheeler.
How to calculate bike value for insurance?
You can use our two wheeler insurance premium calculator tool to determine the ideal value (IDV) of your two-wheeler while buying or renewing the insurance policy.
How to calculate motor insurance premium formula?
You need not use any formula to calculate motor insurance premiums. You can use our two wheeler insurance premium calculator to determine the insurance premium.
Does the bike insurance premium increase if I raise a claim during the policy period?
Raising a claim means you lose out on any accumulated NCB. Hence, you may lose out on a potential discount thereby increasing the premium during policy renewal. Note that such claim-related calculations won’t be possible in the bike insurance calculator.
What are the main components of the Comprehensive Bike Insurance premium?
The main components of the Comprehensive Bike Insurance premium are the market value of the bike (IDV), make/model, year of manufacture, current policy status, geographical location, engine capacity and accumulated NCB (if any).
How do I receive the bike insurance policy document after making the premium payment online?
When you buy two-wheeler insurance from ACKO, the policy document is instantly sent to your registered email address. You also have the option to download the policy upon making the premium payment online.
How to calculate the bike insurance premium for a second-hand (used) bike?
The process for calculating the two-wheeler insurance premium for new and second-hand bikes remains the same. Scroll to the top of this page to use our bike insurance calculator. Provide a few details of your bike to get an instant second-hand bike insurance premium quote.
Will I lose my No Claim Bonus if I switch to a new insurance provider?
No, you don’t lose out on the NCB if you move to a different insurer if you renew the bike insurance policy by the expiry date.
How to calculate the value of my bike for insurance?
Use our bike insurance calculator at the top of this page. Provide a few details of your bike, and you get to know the value of your bike for insurance.
Are there any disadvantages of buying bike insurance online?
No, there are no disadvantages as such to buying bike insurance online. In fact, it is beneficial as it saves your money, is transparent, and is more convenient than the offline method. For example, you can use the bike insurance premium calculator to know quotes instantly, which would be time-consuming in case of the offline process.
What are Voluntary Deductibles in two-wheeler insurance? What are its benefits?
Voluntary Deductibles in bike insurance refer to the portion of the claim amount you have agreed to pay from your pocket. This is apart from Compulsory Deductibles that you must account for during claim settlement. By opting for the Voluntary Deductibles, the bike insurance premium reduces. However, note that you must pay more from your pocket during claims if you opt for Voluntary Deductibles. Note that you might not be able to include such deductibles in the bike insurance premium calculator. Please contact your insurer for details.
What are Compulsory Deductibles in bike insurance?
Compulsory Deductibles in two-wheeler insurance refer to the portion of the claim amount you must compulsorily pay at the time of claim settlement under your bike insurance.
Do I need to submit hard copies of bike documents for using the bike insurance calculator?
No, you don’t have to submit hard copies of bike documents while using the two-wheeler insurance calculator. Simply enter your vehicle’s information at the top of the page to know the bike insurance premium.
What are the factors that should I consider before switching my insurance provider online?
You must consider the following factors before switching to a new insurer.
Speed of claim settlement
Availability of Cashless Claim settlement
Check the insurer’s claim settlement history
24/7 customer service
What is full insurance for bikes?
Comprehensive Bike Insurance is popularly referred to as “full insurance”. It offers broad coverage against third-party liabilities and own damages. You can use our two-wheeler insurance premium calculator to determine the Comprehensive Insurance cost for your two-wheeler.
What is the advantage of a long-term bike insurance policy?
A long-term or multi-year two-wheeler insurance policy saves you from the effort of renewing the policy on a yearly basis. This way, you have the advantage of not missing the policy’s renewal date. A long-term policy ensures continuous coverage so that you don’t have to worry about non-compliance penalties. Also, since you pay the multi-year premium upfront, you are immune to any likely annual premium increase. Using our bike insurance premium calculator, you can know the price for an annual and multi-year policy.
Why is it essential to select the correct IDV while using the bike insurance premium calculator?
The IDV in bike insurance is the market value of the two-wheeler. If your insured bike (covered under Comprehensive Policy) is stolen or damaged beyond repair, the insurer (in this case, ACKO) shall pay the IDV minus the deductibles and depreciation in claim settlement. Therefore, while using the 2-wheeler insurance premium calculator, you must choose the correct IDV to get to know the bike insurance premium.
What happens if I choose an incorrect IDV while using the 2 wheeler insurance premium calculator?
If you choose an incorrect IDV while using the bike insurance calculator, you are indirectly selecting a lower value for your two-wheeler. Hence, if you raise a claim against your policy, you shall receive inadequate compensation against your claim. Thus, you must choose the correct value of your two-wheeler while using the bike insurance premium calculator.
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