How is Premium Determined for Two-Wheeler Vehicle Insurance Policies?

Your bike insurance premium is calculated keeping in mind several factors. Some of these factors include make and model of the bike, its cubic capacity, the type of cover you want, the add-ons you choose, so on and so forth! It will be impossible to estimate the premium of your policy on your own – instead, you can use our bike insurance premium calculator. It will provide you with an accurate estimation of your bike insurance premium in seconds!


What is a bike insurance calculator?

Calculators are used in all walks of life! We use them in schools, our offices and even at home. They make computations quicker and more exact. Therefore, it was only a matter of time that calculators entered the sphere of insurance as well! Today, one can make use of a bike insurance calculator to make sound purchase decisions and buy two-wheeler insurance as per your exact requirements.

A bike insurance calculator is a tool that helps you calculate the premium of your two-wheeler insurance policy. Just provide the calculator with a few details about your vehicle and it will put together quotations for you in seconds. Our dynamic bike insurance also allows you to customize the quotation as per your needs. You can increase or decrease the IDV of the plan, select the add-ons you want and fine-tune the coverage of the policy as per your preferences. The bike insurance calculator will keep updating the premium quotation after every change you make in the policy coverage. This allows you to try different permutations and combinations until you arrive at the coverage that is a perfect fit for your needs.


How to use our bike insurance calculator?

Our bike insurance premium calculator is extremely easy to use. All you have to do is visit our two-wheeler insurance page and follow a few simple steps. Before you know it, the calculator will provide you with 3 different quotations to choose from!

Step 1: Enter your name and mobile number.

The first step to use our bike insurance premium calculator is to enter your name & mobile number. After you fill in these details, you will be redirected to the calculator page.

Step 2: Bike details.

In order to provide you with accurate quotations, our two wheeler insurance premium calculator requires some basic details about your bike. These details include the registration information and the make and model of the bike. 

Step 3: Get quotes

Once you enter all these details, the bike insurance premium calculator will present you with 3 different policy quotations. These include third-party insurance, comprehensive insurance and comprehensive insurance with depreciation waiver or zero-depreciation cover

Step 4: Choose and customize

Our bike insurance premium calculator also allows you to customize the coverage of your policy. You can choose the add-ons you want, change the IDV of the plan, and even include voluntary excess, among other things. This ensures that you can tailor the coverage of your plan as per your needs.

Step 5: Proceed with final details

Once you have finalized on the coverage of the plan, you need to proceed and enter a few more details. This includes some further information about yourself, your vehicle and your address. 

Step 6: Buy the plan

We offer multiple payment options, you can choose the one you prefer and make the payment. After this, the plan will be yours and your vehicle will be covered. You can take your bike for spin with complete peace of mind!


What are the benefits of using a bike insurance calculator?

Buying an insurance policy for you two-wheeler is an important decision. Therefore, before you make the purchase, you need to ensure that you are making all the right choices. This is where our vehicle insurance premium calculator can help. It is an extremely helpful tool that will help you make a better-informed decision when it comes to your two-wheeler insurance policy. Here are some of the benefits you can enjoy by using our two wheeler insurance premium calculator.

1. Choose the right IDV: This is one of the first benefits of using our bike insurance calculator. The IDV of your plan is a very important element. It is the maximum compensation you will receive in case of theft or total loss of your vehicle. The IDV of your bike insurance policy also determines the premium of your plan. With our bike insurance calculator, you can set the IDV of your plan based on your bike’s specifications and your own preferences.


2. Choose the add-ons you want: With our bike insurance premium calculator, you can tailor the coverage of your policy by including the add-ons you prefer. Just click on the ‘add-on’ option in the quotation screen and choose from the covers you would like.

3. Choose the right premium: Helping you to get the right coverage at the right price, that is the main benefit of our two wheeler insurance calculator. You can choose add-ons, set the IDV and even opt for voluntary excess to ensure the cost of your plan is as per your needs and the calculator will update the premium of your plan at every step. This will allow you to customize a plan that fits your budget.


How is my bike insurance premium calculated?

Our two wheeler insurance premium calculator will tell you exactly how much your plan will cost in seconds. Wondering how it’s done? Well, it’s simple! The calculator is backed by complex algorithms that take into consideration multiple factors to determine the premium amount of your plan. Some of these factors include:

Two-Wheeler Model – If the two-wheeler model is recent, high-tech and expensive, the premium you pay towards insurance of the two-wheeler will be higher. For regular models the insurance premiums are much lower than stylized new models of bike.

Type of cover – This is the second most important factor in deciding the cost of your bike insurance policy. If you opt for basic third-party cover, your annual insurance outgo will be minimal. On the other hand, comprehensive plans tend to have higher premiums as they offer more coverage. Our two wheeler insurance premium calculator offers a third option known as depreciation waiver or zero-depreciation cover. This type of plan has higher premium as it offers coverage that is not affected by depreciation.

Deductibles – Firstly, you have to know what deductible is. It is a portion of money you need to pay out while claiming loss amount. This means, while making a claim, your insurance company does not pay out the entire claim amount. Check the bike insurance price list for this. A portion of money is paid by the policy proposer towards the claim. That portion of amount paid by the insured is called deductible. The higher amount of deductible you choose, lesser would be your insurance premium. If you choose to pay less deductible then your premium will increase.

NCB – NCB means no claim bonus. This is a kind of bonus you earn for every claimless years of your insurance term. The higher the NCB, the lower will be your insurance premium at the time of next online bike insurance renewal. You can earn up to 50 percent discount by the end of 6th year of the policy term. This is the why it is wise not to claim insurance for minor damage and repairing of your two-wheeler.

IDV - IDV stands for Insurer Declared Value. It is the sum insured of your plan. In case of theft or total loss of your vehicle, the insurance company will offer your plan’s IDV as compensation. The higher your IDV is, the higher the cost of your insurance policy. Our two wheeler insurance premium calculator lets you set the right IDV for your plan based on your bike’s specification and preferred premium amount.

Condition of your bike – The age of the two-wheeler, fuel type, the zone of registration, cubic capacity of the engine, etc. are also vital in determining the premium amount of the insurance policy.

All the above factors could affect the premium of insurance policy. So, while buying two-wheeler insurance online from IFFCO-Tokio, you need to take care of all the above mentioned factors. With a clear idea about these factors and our online bike insurance calculator by your side, you really do not need any insurance agent for getting new bike insurance.


How to reduce bike insurance premiums?

Wish to lower the premium of your bike insurance policy? Well, you’re in luck! There are several tips and tricks you can use to cut back on your annual insurance outgo. Here are 5 such methods you can use to enjoy a good amount of savings on your bike insurance premium.

1. Make use of your NCB:

If you purchase a bike insurance policy and do not make a claim during the coverage tenure, you are eligible for a discount when you renew the plan. This discount is known as NCB or no claim bonus. Every year you do not make a claim, this NCB discount increases until it reaches it maximum limit of 50%. This means that, if you refrain from making a claim against your two-wheeler insurance policy, you can enjoy discounts up to 50% on your premium amount!

2. Renew your plan on time

If you fail to renew your plan on time, you could lose out on any NCB discount you have amassed. This will mean that your premium will be restored to its original amount. To avoid this, you should mark your calendar, set reminders and ensure your renew your policy on time.

3. Choose add-ons wisely

Add-ons are a great way to increase the coverage of your plan.  However, every add-on you choose will increase the cost of your plan. Therefore, make sure you only include the add-ons you absolutely need. Or else, you will be paying a higher premium for coverage you don’t particularly need.

4. Discount on Anti-Theft Device

Insurance companies provide a moderate amount of discount if your two-wheeler has devices like anti-theft, GPS system, safety lock for gears and so on. You can avail a good amount of discount on your premium for two-wheeler insurance if you have installed any of these devices in your bike. You just need to intimate your insurance company about the device and ensure that the anti-theft instrument is endorsed by ARAI (Automotive Research Association of India).

5. Altering the IDV and deductibles:

You can set a lower IDV and/or increase your deductible (also known as voluntary excess). This will help reduce your bike insurance premium significantly. You can use our vehicle insurance premium calculator to check just how much the premium will decrease by altering the IDV and/or deductible as per your requirement.

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