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Home / Two-wheeler Insurance / Bike Insurance Calculator
What is a bike insurance calculator?
A bike insurance calculator is a simple online tool that lets you calculate the insurance premium for a motorcycle, scooter, or an electric bike. The two-wheeler insurance premium calculator considers the vehicle’s make, model, Insured Declared Value (IDV), year of manufacture, and Regional Transport Office (RTO) details to provide you with a free quote.
You can use the calculator to understand how the premium is calculated and modify it based on your requirements. For instance, you can change the IDV, include or remove add-ons (if applicable), etc., and see the real-time impact of such changes — the quote will change based on your inputs. Utilise our bike insurance calculator at the top of this page to instantly know your two-wheeler's bike insurance premium.
How is bike insurance premium calculated?
The bike insurance premium is calculated based on the following factors.
✅ Type of policy
✅ Make and model of the bike
✅ Year of manufacture
✅ RTO details
✅ No Claim Bonus (NCB)
✅ Engine capacity
Note that the Third-party Bike Insurance premium is calculated based on the engine capacity of the two-wheeler. The Insurance Regulatory and Development Authority of India (IRDAI) sets the premium of 3rd party insurance for two-wheelers. Please refer to the following table for Third-party Bike Insurance premium rates as of July 2022.
Essential components of a comprehensive two-wheeler insurance premium calculator
Following are the essential components of a comprehensive 2 wheeler insurance premium calculator.
| ✅ Own Damage (OD) Cover | ✅ Insured Declared Value (bike’s market value) |
| ✅ Year of purchase | ✅ Make |
| ✅ Model | ✅ Third-party Insurance |
| ✅ NCB | ✅ Deductibles |
| ✅ Add-on covers | ✅ Personal Accident (PA) Cover for the bike owner (needs to be purchased separately) |
Third-party Bike Insurance rates 2023
| Two-wheeler category | Third-party Bike Insurance premium (1-year) | Third-party Bike Insurance premium (5-year) |
|---|---|---|
| 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 2023
| Electric bike with Kilowatt Capacity (kW) | Premium for 1-year policy | Premium for long-term policy (5-year) |
|---|---|---|
| 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 |
Benefits of bike insurance calculator
Here are the benefits of the online bike insurance calculator.
Instant bike insurance premium quotes
The bike insurance calculator instantly provides the quote for a bike, scooter or electric bike based on your inputs. Simply enter a few details of your two-wheeler and get a quote.
No dependency on middlemen or agencies
Using the two-wheeler insurance premium calculator enables you to understand how bike insurance costs are calculated. Thus, you don’t have to depend on middlemen or agencies to know the bike insurance cost.
Helps determine the appropriate IDV
Choosing the right IDV ensures you get the right 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.
Enables you to choose the ideal premium
The bike insurance calculator lets you compare different premium quotes, enabling you to choose the best-priced bike insurance policy for your two-wheeler.
Ability to choose the suitable add-on covers
The online bike insurance 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) as per your budget and requirements.
How to use a two-wheeler insurance premium calculator
Here are the steps to use our bike insurance calculator (available at the top of this page) and get the perfect quote for your two-wheeler.
Step 1
Enter your two-wheeler’s registration number.
Step 2
Select the bike model, year of purchase, and policy status (active/expired). Then, click “View Prices”.
Step 3
You can choose between Third-party Bike Insurance or Comprehensive Bike Insurance and view the bike insurance premium.
Why is it important to use a bike insurance calculator?
Knowing the cost of a service or product is crucial before you decide to pay for it. Likewise, knowing the bike insurance premium is essential before you purchase the policy. Here is how using the bike insurance premium calculator enables you to make the right choice.
1. Saves your money
The primary reason to use a bike insurance calculator is to help you buy a low-cost bike insurance policy. The calculator helps you understand how the premium is determined and how the right combination of factors enables you to zero in on the best bike insurance coverage.
2. Reduces bike insurance premium
The bike insurance calculator lets you check what increases or decreases the premium. With the help of this tool, you can adjust your coverage, and consequently the bike insurance premium, to fit your budget and needs.
3. Enables you to make an informed choice
The bike insurance premium calculator offers transparency in its calculations. It also lets you understand how your two-wheeler insurance premium is calculated, thus enabling you to make an informed decision.
4. No dependency on middlemen or agencies
With the bike insurance calculator, there is no dependency on middlemen or agencies to know the cost of insuring your bike. The online tool lets you choose and customise the two-wheeler insurance policy per your needs without depending on a middleman.
Two-wheeler insurance premium calculator for new bikes
At ACKO, you can buy insurance for new bikes online with utmost convenience. To know the cost of insuring your brand new bike, use our bike insurance premium calculator — it’s easy and convenient! 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
On our website/app, click “Get a quote” and enter your bike details, registration year and mobile number.
Step 2
Click on “View Prices” to get the insurance price for your new bike.
Step 3
You can increase or decrease the IDV and then select the plan if you want to go ahead with the purchase.
Step 4
Pay the premium online and get the policy document instantly.
Two-wheeler insurance premium calculator for used (old) bikes
If you own an old or a used bike, you can still get a two-wheeler insurance quote by using our bike insurance calculator. Here are the steps to do so.
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.
Step 3
You have the option to choose the Third-party Bike Insurance or the wide-ranging Comprehensive Bike Insurance. Select a policy that suits your needs the most.
Step 4
Pay the premium online and get your bike insurance policy document instantly.
Two-wheeler third-party insurance premium calculator
A third-party bike insurance calculator is an online tool to estimate the premium payable for Third-party Insurance.
3rd Party Bike Insurance Policy is a two-wheeler insurance policy that offers a financial shield against third-party liabilities and is mandatory as per The Motor Vehicles Act, 1988. Thus, two-wheeler owners must insure their vehicle with at least Third-party Insurance.
Here are the vital components of a third-party insurance calculator.
Third-party liability cover
Engine capacity of your bike
PA Cover for the bike owner
Factors that determine the two-wheeler insurance premium
Here are the factors that play a crucial role in determining the bike insurance premium.
1. Type of bike insurance policy
Third-party Insurance offers coverage for third-party liabilities, while Comprehensive Insurance offers coverage for own damage and third-party liabilities. Since the latter offers wide-ranging benefits, its bike insurance premium is higher than the 3rd Party Insurance.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Deductibles
Deductibles is 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.
9. 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 No Claim Bonus. You can get up to a 50% discount if you don’t raise a claim for five consecutive years.
10. 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. Ensure you check with us while insuring your bike.
Why ACKO?
ACKO is a digital-first insurer with a focus on making insurance easy via online transactions. Here are compelling reasons why you should buy bike insurance from us.
Low-priced policies
Thanks to our direct-to-customer model, you pay a lower bike insurance premium. With no middlemen commissions, your expenses remain low. You also get valuable discounts during special occasions that reduce the two-wheeler insurance cost.
Instant purchase/renewal
Our digital platform (website/app) lets you instantly buy or renew your two-wheeler insurance policy. You can use our website or app to buy or renew bike insurance online. The process is quick and paperless.
Uncomplicated claims
Filing a claim against ACKO Bike Insurance Policy is quick and can be completed via a simple-to-follow process. Log into your account by scrolling to the top of the page. Select “Claim” in the policy card, and answer a few queries to register your claim.
Instant claim settlement
Has your bike’s rear-view mirror broken? Not to worry. We shall settle such minor claims within 2 hours. And even for severe damages, we shall try to settle the claim within a few hours or days based on the severity of the damages.
Optimise savings
You not only save your money through low premiums and discounts but also get to maximise savings through long-term plans. You can opt for multi-year bike insurance and optimise your savings.
Single platform
We provide ease of transactions through a single online platform. You can conveniently buy/renew the policy and register claims through our website/app. You can also access or download your policy document at any time
How to reduce the two-wheeler insurance premium
Here are some tips to reduce the bike insurance premium of your Comprehensive Policy.
1. 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.
2. 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.
3. 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.
4. 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.
5. 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).
6. Opt/Increase your Voluntary Deductibles
Deductibles in bike insurance is 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.
Frequently asked questions
Here are answers to some common questions about the bike insurance calculator.
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.
