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Two Wheeler Insurance Premium Calculator

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Two-wheeler Insurance Premium Calculator

ACKO Bike Insurance Calculator

Guide

What is a Bike Insurance Premium Calculator?

Bike Insurance premium calculator is an online tool to calculate the premium payable while buying a bike insurance policy. With ACKO, finding a quote for an insurance policy is easy, quick, and free. Follow this simple 3-step process to find the insurance policy that best meets your requirement and pocket.

Share Details

Share a few details such as bike model, purchase date, and previous insurance policy details to find various insurance policies and their premium.

Customise Features

ACKO offers many useful add-ones to enhance your two-wheeler insurance plan and offer wider coverage. Add/delete add-ons as per your requirement.

Apply Discounts

ACKO provides a variety of discounts and offers to its customers. Apply them to save more on premiums.

Benefits of Using ACKO’s Online Bike Insurance Calculator

With ACKO's bike insurance calculator, finding the right plan at an affordable premium is never a worry! Plus, with our exciting offers and discounts, you can save more on premium. Here is a list of benefits of using an online bike insurance premium calculator.

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Make Intelligent Decision

With our online bike insurance calculator, you can compare the premium for different plans. This allows you to make intelligent and independent decisions.

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Enjoy Extra Savings

With our multi-year low-priced plans and special offers, you can view and compare the prices that allow you to save more while buying a suitable bike insurance policy.

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Transparent Pricing

You exactly know what you are paying for, inclusions and exclusions under the policy, and factors that influence the premium payable. No other hidden charges!

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Personalize Your Policy

Customize your insurance plan with ACKO’s exclusive online benefits that add an extra layer of protection to your bike at an affordable cost.

How to Use ACKO’s Online Bike Insurance Calculator?

At ACKO, you can check the premium amount and buy a two-wheeler insurance policy in under 5 minutes. It’s that time-saving and effortless!

Step 1

Visit www.acko.com or download the mobile app. Select ‘Bike’ to buy insurance for your two-wheeler.

Step 2

Select the bike model and purchase year and mention if the current policy is expired or not. This step is for bikes that are 1-year old or more than that.  After that, click on ‘View Prices’.

Step 3

Select the type of plan. You will be able to view Comprehensive and Third-party policies and multi-year pricing options to optimize savings. For a Comprehensive Plan, you have the option to select the Insured Declared Value and add-ons to enhance your coverage. You may avoid purchasing the Personal Accident Cover again if you already have one.

Step 4

Once you are comfortable with the benefits and premium amount, you can make the payment. Once you make the payment, you will receive the policy instantly in your inbox. You can also download the policy from the Policy Card.

Bike Insurance Price

The bike insurance price is the amount of money you pay to purchase the bike’s insurance policy. It is also known as the bike insurance premium in India. The cost to insure a bike varies depending upon the type of policy chosen and the insurer from whom it is purchased. The basic price difference occurs in the case of the policy type – is it a Third-party Liability policy or a Comprehensive one?

Insurance companies can charge different prices for their Comprehensive Plans. However, that is not the case when it comes to Third-party Liability policies. Third-party policies are governed by the apex body for insurance in India – Insurance Regulatory and Development Authority of India (IRDAI). They share a price table for Third-party policies based on the bike's engine cubic capacity. The prices can change on an annual basis. The current price chart is mentioned in the ‘Premium Rates for Third-Party Liability Insurance Policies’ section.

Know More About Bike Insurance Premium Calculator

Have queries related to bike insurance premium calculation? We bring together a list of common queries concerning the bike insurance premium calculator. If you have specific questions, feel free to reach out to reach out to us at [email protected]

FAQs

What are the benefits of using a bike insurance calculator?

There are many benefits of using a bike insurance calculator such as easy comparison,  informed decisions, select the right cover at an affordable premium, understand what impacts premium amount, transparent pricing structure, and many more. 

Is it difficult to use a bike insurance premium calculator?

Not at all. You simply need to fill in the correct details (bike model, purchase year, previous insurance policy details), select the plan that meets your requirement, make a payment, and you are done. You can get a two-wheeler policy under 5 minutes, as there is zero documentation involved while purchasing on ACKO.

How can I check the insurance premium for new bike insurance?

You can check the insurance premium for a new bike by visiting www.acko.com or by using ACKO's mobile app. You can also send us an email at [email protected].

How is the premium determined for mandatory two-wheeler insurance policies?

The premium for Third-party Liability policies is governed and published by IRDAI periodically. IRDAI determines the premium for Third-party bike insurance policies basis the bike engine's cubic capacity. 

What are the top components of a Comprehensive bike insurance policy concerning its premium?

The top components of a Comprehensive bike insurance policy concerning its premium are add-ons, IDV, deductibles, and discounts.

How are bike insurance premiums calculated?

Bike insurance premiums are calculated basis the type of policy (Third-party or Comprehensive) and the factors that affect it. 

Will the payable premium for my Comprehensive bike insurance policy increase if I raise a claim?

If you raise a claim, you will lose out on the No Claim Bonus (NCB) discount. This means you will have to pay a higher premium. However, this also depends on the Insured Declared Value (IDV) of your bike and purchase of the NCB add-on cover. 

What is a Deductible?

A Deductible is an amount paid by you in case of a claim. There are two types: Compulsory and Voluntary. You cannot modify the Compulsory Deductible, but it is possible to opt for a Voluntary Deductible while buying or renewing a Comprehensive bike insurance policy. Mostly, such a process will not be a part of the online purchase flow. Therefore, you will have to reach out to the insurance company via call or email to opt for a Voluntary Deductible. The higher the Voluntary Deductible, the lower the premium amount. However, this also means that you may have to pay more at the time of settling claims. 

In how much time will I get my bike insurance policy if I buy it online?

You can receive your bike insurance policy almost instantly in your inbox after successfully completing the payment. If everything goes well, the entire process can be completed in less than 5 minutes. 

What is Bike Insurance Premium?

The bike insurance premium is the amount of money you pay to purchase an insurance policy. This amount can vary depending upon the type and extent of the cover. The value of the bike reduces due to regular wear and tear with time – which also reduces the premium amount. There are several ways to reduce the premium. Read more about the ‘Tips to Reduce Bike Insurance Premium’ section below to know more.

You pay the policy premium to the insurer for the policy document, which promises to compensate you in case of unfavorable circumstances, subject to terms and conditions. The bike insurance premium is less for a minimalistic Third-party Liability policy as compared to a Comprehensive bike insurance plan.

Factors That Determine the Bike Insurance Premium

There are many factors that increase and decrease the cost of an insurance policy. ACKO leverages proprietary algorithms to help you find the best insurance policy at an affordable cost.

Your Two-wheeler

Each two-wheeler comes with a different cost, basis their make and model. This depends a lot on your bike engine’s cubic capacity (cc), which forms the base of the premium calculation. The higher the engine cc, the higher the premium and vice-a-versa.

Type of Coverage

There are two types of policies - Third-party and Comprehensive policy.  Insurance Regulatory and Development Authority of India (IRDAI) governs the premium amount for Third-party policies. In the case of a Comprehensive plan, prices vary from one insurer to another.

Insured Declared Value (IDV)

IDV is the current market value of the vehicle. It is the amount that the insurance company will pay in the case of total damage or theft. The bike’s value will decrease due to wear and tear with time. The higher the value, the higher the premium charged.

Personal Accident Cover

Owning a 'Personal Accident Cover' is mandatory by law. It offers coverage up to Rs. 15 lakhs against permanent disabilities/death while riding a bike. Adding a Personal Accident Cover to your plan increases the premium amount.

Deductibles

There are two types of deductibles: Compulsory and Voluntary deductibles. Opting for a higher Voluntary Deductible will lead to a reduction in the payable premium amount, but a higher payable amount at the time of settlement.

Discounts

ACKO believes in rewarding riders for riding safely and timely renewal of policy by way of discounts. You can use these discounts at the time of buying/renewing a bike insurance policy and save more on the premium.

No Claim Bonus (NCB)

NCB is a discount for not filing a claim in the previous year. It increases for every consecutive claim-free year and goes up to 50% for five consecutive claim-free years. NCB discount retains even while you switch insurers, so you can use this discount to decrease the premium.

Add-on Covers

Enjoy a wide range of handpicked add-on covers such as Zero Depreciation, Personal Belongings - Damage/Theft, Engine Protection, etc. that enhance your Comprehensive plan. Due to their benefits, these add-ons come with an extra premium.

Goods & Services Tax (GST)

Once you have selected the insurance policy that you want to buy, you will be charged 18% GST on the final premium amount basis plan and add-ons. All general insurance companies in India charge GST on bike insurance plans.

The steps to calculate the payable premium for online policy renewal is similar to calculating bike insurance premium for the first time. The renewal process will be quicker as most of the details will be present with the insurance company. If you are switching insurers, make sure to take the accumulated No Claim Bonus into consideration. If you are sticking with the same company but opting for a different plan, read the terms and conditions carefully before proceeding towards online payment.

Why Trust Acko’s Bike Insurance Policy?

Stay relaxed with quick claim settlement process, low premium and zero paperwork with ACKO’s online two-wheeler insurance policy. Here are a few reasons to buy bike insurance online on ACKO.

1. Trusted by more than 4.5 crore Indians and rated 5-star by 95% of customers.

2. 100% digital and no middlemen involved.

3. Optimize savings with discounts and multi-year bike insurance plans.

4. Zero-hassle, quick, and superior claims experience.

5. Buy, renew and raise claims online by logging in to your account.

6. Once you make the payment, get your policy in your inbox in 2-minutes.

How to Calculate Premium for New & Old Two-wheeler Vehicles?

You can use the bike insurance calculator for new as well as old bikes. It is beneficial for first-time policies as well as during renewals.

Bike Insurance Calculator for New Bikes

Buying an insurance policy for the first time can be complicated and tricky. However, with the aid of a bike insurance premium calculator, the process gets easy and super-fast. ACKO’s online bike insurance premium calculator allows you to view premium for different types of plans, tweak components (such as IDV, add-ons) and check their immediate impact on the policy's cost. This way, you will get insights into factors driving the premium amount. Here, it is important to note that you can adjust IDV or can purchase add-ons only in the case of a Comprehensive policy.

Bike Insurance Calculator for Old Bikes

Renewing the insurance policy of an old bike can be less stressful. Considering that you are not buying for the first time, some add-ons may not be available for old bikes, which will further simplify the decision-making process. If you are shifting from the traditional policy renewal method to the online mode, you can use ACKO's insurance premium calculator to make the right choice.

Tips to Reduce Bike Insurance Premium

We all want to get the maximum benefits while saving more. Here are 5 tips to reduce your bike insurance premium amount.

Be Wise with Your Claims

For every consecutive claim-free year, NCB keeps increasing and can go up to 50%. Hence, it is recommended not to raise claims for trivial damages. Here’s a small tip - Raise a claim where the financial impact is huge. Making small claims will reset your NCB back to zero.

Timely Renewals

ACKO rewards riders for insuring their policy on time. Avoid policy lapse by renewing your bike insurance policy at least 90 days before the policy expires. A huge gap between policy expiry and policy renewal can increase the payable premium.

Add Add-ons That You Need

Add-ons enhances your Comprehensive plan but also increases the cost of the bike insurance policy. Hence, select only those add-ons that you think would be beneficial to you and your bike. This will keep the payable premium under control.

Select the Right IDV

Higher the IDV, the higher the premium. Lower IDV may mean lesser coverage, and you may have to pay more at the time of settlement. Hence, select your IDV amount wisely after considering your bike’s worth in the second-hand market.

Set Deductibles Smartly

The higher the Voluntary Deductible, the lower the premium amount. However, this also means that you may have to pay more at the time of settling claims. Hence, consider the probability of raising claims before deciding the Voluntary Deductible.

Third-Party Bike Insurance Premium

The usage of a Third-party insurance premium calculator for a bike is straightforward as there are fewer factors to modify. The Insurance Regulatory and Development Authority of India (IRDAI) governs premium rates for Third-party insurance plans. The premium is based upon the bike engine’s cubic capacity.

The rates can change on an annual basis and are published by IRDAI periodically. Most of the time, the premium rates increase year-on-year. All insurers must follow the guidelines stated by the IRDAI regarding the premium for Third-party bike insurance policies. The below table highlights the two-wheeler third-party insurance premium for FY19-20.

Engine (CC) Third-party Premium Amount
Up to 75cc Rs. 482
More than 75cc up to 150cc Rs. 752
More than 150cc up to 350cc Rs. 1,193
More than 350cc Rs. 2,323

CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

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