Published On: Mon, Oct 8th, 2018

5 Bike Insurance Calculator Essentials

The premium amount payable on your bike can be determined very easily by using the online bike insurance calculator. The calculator is useful to find out the premium while buying a new insurance policy or while renewing an existing insurance policy. The essential details about your vehicle should be entered in the online form so that you will be able to calculate the premium very easily.

Insurance calculation online

The following parameters should be entered to calculate the bike insurance premium:

  • Make and model of the bike
  • The variant of the bike
  • RTO code
  • Bike registration year
  • Name
  • Phone number
  • City
  • Email ID

photo/Steve Buissinne via pixabay

Benefits of the bike insurance calculator

There are many benefits of the online bike insurance calculator. It will help you in choosing the best bike insurance policy. You can generate an insurance quote online from the comforts of your home or office.

  • As you create multiple quotes from various insurance policies, you can take a quick decision after comparing the product features and the insurance premium.
  • You will get the best two-wheeler insurance plan by changing the various parameters that affect the insurance premium. You should provide the two-wheeler number and the current status of insurance plan (active or expired).
  • The online calculator will save you time and effort and you can make the most of your money.
  • It is possible to buy vehicle insurance without consulting an insurance agent. Thus, you will not want to pay commission to the insurance intermediary. The online portal will help you make payment as per your convenient modes such as debit/credit card or net banking facility.
  • When you renew the bike insurance online, you will not want to present the vehicle for inspection.
  • When you choose an online insurance renewal option, you will not want to prepare extensive paperwork. The insurance certificate will be generated online. You will get a copy of the insurance policy to your email. You can take a hard copy of the policy and store it on your bike as evidence.
  • The online insurance calculator is available free of cost.

Importance of bike insurance

  • It is very much important to buy an optimum bike insurance policy to fulfill your needs. As a matter of fact, the possession of a bike insurance policy is mandatory as per the law.
  • The small premium that you pay for the protection of your bike will reap many benefits. If you met with an accident, the insurance company will pay the vehicle repair/damage costs as well as hospitalization expenses.
  • Hence, you should be covered by a proper vehicle insurance plan even though it is mandatory as per the law.
  • Everyone who owns a bike should buy a two-wheeler insurance policy as per the Motor Vehicles Act, 1988. The bike insurance will also cover unforeseen events such as fire, theft and flood.

Factors which influence the two-wheeler insurance premium

The following factors will influence the two-wheeler insurance premium:

  • IDV (Insured Declared Value) – IDV plays an important role in settling the insurance claims. The insurance company’s maximum liability will be to the extent of the IDV. If your vehicle is stolen or damaged beyond recognition, the insurance company can pay up to IDV value to the insured. The IDV is based on the market value of the two-wheeler.
  • Bike Model – As per the make and model of the vehicle, the insurance premium will change. If you are riding a luxurious or sports bike, the insurance premium will high. The insurance premium is high for vehicles such as Royal Enfield bullet, Harley Davidson or Ninja-type of vehicles.
  • Manufacturing year – The IDV will decrease with the increase in age of the vehicle. If you are insuring the latest model, the insurance premium will be high.
  • Age of the insured – The probability of meeting with an accident will be high in young riders. As per the perception, the insurance company will charge a higher premium for young people who are less than 20 years of age.
  • Deductibles – The deductible that you opt for will affect the insurance premium. If there is a higher deductible, the insured’s out of pocket expenses will increase. If the deductible is low, the liability of the insurance company will be more while settling the claim. Hence, you should choose the liability clause very carefully.
  • Location – The insurance premium is based on the geographical location. The premium payable for bikes which roam in metropolitan city roads such as Chennai, Mumbai, Calcutta and New Delhi will be higher than the premium that is payable for vehicles plying in rural areas.
  • Security-enhancement discount – By installing security-enhancing devices on your bike, you will get discount on the premium. It is possible to get a discount to the extent of 25% of the premium by installed approved security accessories.
  • Engine size – The size of the engine is mentioned in the cubic capacity (cc). If the cc increases, the insurance premium will also increase.
  • NCB – No Claim Bonus is a reward offered by the insurance company for good driving. The insurance company will judge driving habits as per your insurance claim history. If you do not file the claim during the previous policy year, you are eligible for NCB. The NCB percentage will increase every year and you will get discount on the premium ranging from 10% to 50% of the premium.

Insurance calculator for renewal

The bike insurance calculator can be used to renew the insurance policy. You should be aware of the insurance premium while renewing the policy. The insurance policy can be revised to match your requirements and it can be done at the time of renewal of the insurance policy.

  • Renew on or before the due date – The insurance policy should be renewed on or before the due date so that you will enjoy the perks extended by the insurance company. If you renew the policy before the deadline, a discount on the premium will be applied.
  • NCB – If you renew an active insurance policy, the NCB will be applied on the renewal premium. You can find the difference between premium with discount and premium without discount by using the online insurance calculator.
  • Comparison of insurance policies – The insurance policies offered by various two-wheeler companies can be compared while renewing the insurance policy as well. You are not compelled to renew the policy from the same insurance company. You are free to choose a new insurance company and the current benefits that are applicable to your insurance policy can be carried forward. For example, the NCB earned with the current insurance policy will be applied by the insurance company without any issues.
  • Transfer of insurance policy – If you buy a second hand or used two-wheeler, you should transfer the ownership as well as the insurance credits to your name. The insurance company will help in accomplishing the task by providing necessary documentary evidence.
  • Special discounts – The bike insurance company will offer special discounts if there is an enhancement of the security of the vehicle. The anti-theft locking systems which are in tune with the compliance authorities will help you in paying the lowest possible premium.
  • Package policy – You can look for various options to cut down the insurance premium. By buying two or more insurance policies from the same insurance company, you can get a special discount on the insurance premium. If you own two or more vehicles, you can get a special deal from the insurance company. If you buy a home insurance product from the same company, the insurance company will offer a discount on the premium. The online insurance premium calculator can be used to find out your premium after applying all kinds of discounts.

Online renewal of the insurance policy

The bike insurance policy can be renewed online after finding the bike insurance premium with the help of the premium calculator.

Renewal on the official website – The renewal of the existing insurance plan can be done on the official website of the insurance company. It is a straightforward process. The payment can be done online and the policy will be generated instantly.

Renewal on the third-party website – Insurance aggregators will help you buy the insurance product of your choice from their websites. They will have tie-ups with various insurance companies. You can go through the insurance calculator before placing an order. You will come to understand the premium and benefits available with various insurance companies. Thus, you can settle for the best bike insurance plan by renewing on the aggregate website. You will not want to pay commission to the third-party as the insurance company will pay the commission for their efforts directly.


There are various options to choose the right kind of bike insurance plan. You should assess your requirements and should buy a new insurance policy or renew your existing insurance policy as per your requirements. The insurance premium calculator will help you settle for the best insurance plan. You can include various add-ons to enhance the coverage.

Author: Umakant Sharma

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