Two-wheeler Insurance Premium Calculator by Royal Sundaram
Two Wheeler Insurance Premium Calculator
A two-wheeler or bike insurance calculator helps you to calculate the insurance amount and the premium so that you can compare multiple service providers and choose the one best for you. To arrive at the right figures for bike insurance, you need the following data –
- Registration number of the two-wheeler
- Manufacturing Year
- Registration City
- Make and Model of the vehicle
- Status of your previous policy (Active/non-active)
- Mobile number
- No claim bonus
You can use the two-wheeler insurance calculator even if you do not have the registration number of the two-wheeler, by inputting the rest of the data.
HOW TO USE TWO-WHEELER INSURANCE CALCULATOR?
For calculating the two-wheeler insurance premium, and other insurance deliverables, visit the official website of the insurance provider and on the home page select “Insurance” and then, “Two wheeler insurance.”
Then select the appropriate window from “Other company renewal,” “same company renewal” or “new two-wheeler renewal.” Input all the relevant information as prompted by the screen. Some companies give you the option of a “Personal Accident cover” for the owner-driver.
The premium for your two-wheeler depends upon the type of policy you select. For two-wheeler third-party insurance policies, rates are defined by the https://www.irdai.gov.in/ and are revised every year. These rates are based on the cubic capacity of the two-wheeler.
However, if you select a comprehensive two-wheeler insurance then multiple factors like the Insured Declared Value, Own Damage premium, date of registration, age of the vehicle, registration city, etc. Once you input all the data, the calculator displays the insurance premium applicable for your car.
FORMULA FOR TWO-WHEELER INSURANCE CALCULATION
The formula for calculating the final premium is,
FINAL PREMIUM = (Own Damage Premium – No claim bonus) + Liability Premium
- Own Damage Premium – provides Reimbursement of expenses if the insured two-wheeler gets damaged by any natural events.
- No Claim Bonus – It is a form of a discount provided by the insurance company to congratulate you on being a good driver and not having any claims.
- Liability Premium includes third party liability, personal accident cover, pillion rider cover, etc.
- Third party liability – provides Financial Reimbursement of damage caused to a third party by your vehicle.
- Personal Accident cover – provides Financial Reimbursement, in case of accident of owner-driver, which causes severe injury or even death.
- Pillion Rider Cover – Additional cover provided to pillion rider in case of accidental injuries and/or death.
HOW TO CALCULATE THIRD-PARTY INSURANCE PREMIUM?
The third-party two-wheeler insurance is the policy that protects owner-drivers against any damages caused to a third-party when the insured person's vehicle is at fault. IRDAI fixes the third-party premium or the tariff as per the cubic capacity (CC) of the engine of the vehicle. The premium rates are fixed for a one-year policy for two-wheelers, and they are the same for both new and old vehicles. Although the rates determined by the IRDAI are yearly, it is mandatory to own a 5-year policy for all two-wheelers brought after 01/09/2018.
HOW TO CALCULATE RENEWAL PREMIUM?
For renewal of existing policies, just before the expiration of the policy term, you can renew the cover on the web portal of the insurer under the relevant section. Just enter your current policy number, add or remove any extra features provided by the company and the system will seamlessly calculate the premium for you. The renewal should be done before the expiration date to avoid inspection charges.