A bike insurance policy is essentially a contract between you and the insurance company, wherein the insurance company promises to cover accidental losses and damages in return for a premium.
The premium of your bike insurance policy can vary, depending on various factors - the coverage you want, the add-ons you choose, the make and model of your bike, etc.
To get a reliable estimate of how much your bike insurance policy will cost, you can use a Bike Insurance Calculator.
What is a Bike Insurance Calculator?
As the name suggests, a bike insurance calculator is an online tool that helps you calculate the premiums for your bike insurance policy. All you simply have to do is fill in details of your bike like -
- Make and model
- Registration number
- Date of Registration, etc.
You can also compare the premiums for various IDVs (Insured Declared Values), i.e., the maximum coverage you’ll get in case you make a claim. You can then select an IDV that is suited to the make and model of your bike, which will determine the premiums you have to pay.
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Benefits Offered By A Bike Insurance Calculator
A bike insurance calculator is a nifty tool that you should use because -
- It is easy to use, reliable, convenient, and hassle-free. You can use your own judgement and not have to blindly follow any commission-driven or advisory quotes for your insurance premiums.
- You can use it from anywhere - since it is an online tool.
- You can adjust the customisations of your insurance policy to see how the premiums vary, before making a decision. For example, if you want to add a Key Protector Cover to your policy, you can check how much the premium will increase by using the calculator. You can, thus, effectively select the right add-ons and customisation options.
- It’s a timesaver! All these calculations are done in a jiffy and you don’t have to spend hours pondering over manual calculations.
So, How Do You Use A Bike Insurance Calculator?
Using a bike insurance calculator is pretty easy and self-explanatory. All you have to do is follow these simple steps (this is an indicative list and may vary across websites) -
- Enter details like make and model, registration number, fuel type, variant, registration date, place of registration, pin code, etc.
- Click on ‘Calculate’. You will be shown different quotes from different insurance companies.
- Select your desired IDV (Insured Declared Value) and the type of policy you need (Comprehensive/ Standalone Third Party/Standalone Own-Damage).
- Select any add-ons that you require.
Voila! As soon as you enter all this information, you will be shown the final premium for your bike insurance policy. You can pick the one that you feel is right.
Did You Know - Premiums are Affected By These Factors
These are a few factors that influence premium calculation -
Your Bike’s Make And Model
The make and model of your bike determine its current market value. Different bike variants require differing levels of coverage, which in turn, determine the premium you’ll need to pay. For instance, the coverage and premiums for an expensive bike like a Harley Davidson model will be higher than a Honda Activa.
Your Bike’s Age
Your bike’s value starts depreciating as soon as it is out of the showroom. It continues decreasing over time. The lower the value of your bike, the lower the premiums.
For instance, Rohan bought a TVS Scooty Zest in 2017 and Meher bought the same bike in 2019. Rohan’s insurance policy premiums will be lower than those of Meher’s.
Your Bike’s IDV (Insured Declared Value)
The IDV is the maximum amount that you can claim from your insurance company, in case of theft/damage. You can choose the IDV based on the age of your bike. As the bike grows older, the IDV reduces. And, the premium will change in proportion to the IDV. So - a higher IDV comes with higher premiums, and a lower IDV comes with lower premiums.
How Your Bike Is Powered
Bikes, in the current scenario, are powered with either petrol or electric batteries. E-bikes are more expensive than petrol bikes, and hence, will need a larger coverage - which is equal to higher premiums.
NCB (No Claim Bonus)
The NCB is a premium discount at policy renewal you get for not making a claim in the preceding year. It can range between 20% - 50%. So, if you’re eligible for an NCB, your premium will lessen.
You might have customised your policy with add-ons to enhance its coverage, which will increase your premiums since these come at an additional cost. For instance, you may have added a Tyre Protection Cover to cover the costs of replacing your bike’s tyre in case of damage or loss. The increase in premiums will vary depending on the chosen add-on.
Your Bike’s Geographical Location
Certain locations are considered accident-prone by insurers (based on claim data). If your bike is registered and driven in such an area, the chances of you filing a claim increase. Hence, you might be charged higher premiums.
Get Your Bike Insurance Premium Now
We hope this article helped you understand how a bike insurance calculator works and why it is useful. You no longer need to choose from random premium quotes or commission-driven sales, now that you have a handy aid by your side. Ensure that you calculate the premium properly and make a careful decision.