Insurance is like a spare tyre. You may not require it, but not having one is not an option.

How to Calculate Two Wheeler Insurance Premium in India

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People may not understand the bond you have with your bike. She is your pride and joy. (Not to mention a huge investment.) She is also reliable, always available and well, beautiful! So isn’t it important to make sure it is insured?

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How to get your two-wheeler insured

Getting an insurance for your two-wheeler is just the smart and responsible thing to do because it secures your monetary investment. It’s not just about getting AN insurance for your two-wheeler, it’s about getting the RIGHT insurance for your prized possession. One must do their homework when deciding which insurance policies to go with; because there are several out there, each meeting different requirements. If you think you need some advice, talk to dealers and friends who have bikes.

Importance of two-wheeler insurance

It is quick and easy process to get yourself a two-wheeler insurance. The best reason to go for insurance is that when and if you need to take your two-wheeler to the garage, you can do cashless settlement. Many insurance programs will have tie-ups with several garages. If you have any third party property damage or third party physical injury, your insurance will cover it. You can also get instant claims assistance as well as 24-hour support. Generally, all two-wheeler insurance policies are issued for twelve months. You must make sure to renew your policy before the expiration date to avoid break in insurance. Most insurance providers allow you to renew your policy online.

In India, it is compulsory to get vehicle insurance. So, really, you have no way around it. Many dealers of two-wheelers, offer insurance along with your two-wheeler purchase. Your insurance should provide sufficient cover for any damage your two-wheeler will go through including loss or damage from natural calamities such as fire, earthquake, flood etc and loss or damage from other risks like burglary, riot, and accident by external means etc. Third party legal liability provides protection against legal liability arising out of an injury or death of a third party and property damage of the third party due to accident of your own vehicle.

Two-wheeler insurance premium calculation

Online insurance policy is a good option because you don’t need a middleman, it’s quicker, there is less paperwork and is generally the cheaper option. You can compare two-wheeler insurance premium rates online, either by visiting various insurance providers’ websites separately or checking out the rates on insurance aggregators websites.

Make sure you use an online two-wheeler insurance premium calculator when you are making your decision because it will help you evaluate your requirements and provide you with options most suitable for your specific case. There are plenty of online calculators available for free. Simply fill in some basic details about your two-wheeler, like the IDV of the vehicle, Cubic capacity of the vehicle, Zone of registration and the Age of vehicle to calculate the premium amount. IDV is the amount you are assured to receive from the insurer in case of any damage, theft etc. It is calculated by reducing the depreciation from the manufacturer’s listed selling price. IDV does not include the registration and insurance cost. Use this amount calculated online to pay using your credit card or net payment.

Factors Affecting Two-Wheeler Insurance Premium

The premium to be paid on a two-wheeler insurance depends on several factors. Some of which are explained below:

  1. Type of Insurance Policy:

    The kind of insurance policy that you select is an important determinant of the premium on your insurance. The premium for a basic third-party motor insurance is lesser than that of a comprehensive motor insurance policy. This likewise in light of the fact that an outsider protection approach offers a restricted security when contrasted with a far reaching protection strategy.

  2. Two-Wheeler Type And Performance Delivered:

    The cost of your motor insurance relies upon the kind of your vehicle to a great degree. The model of the vehicle, the city in India where the vehicle is enlisted, and the frills installed in the vehicle also determine the premium of the insurance. The Cubic Capacity (CC) of your vehicle likewise influences the sum of premium. The premium for sports bikes and superbikes that deliver higher performance are charged high compared to commuter vehicles.

  3. Additional Insurance Covers Opted:

    You may pick one or more additional insurance covers to upgrade the coverage of your insurance policy. A few examples are co-passenger accident cover, nil-devaluation cover, cover for accessories and more. These add-on covers can be availed on the payment of additional cost which eventually increase the amount of premium.

  4. No Claim Bonus (NCB):

    NCB in basic words is a reward that insurance agencies offer to the policyholders for not making claims on their insurance policy amid the former year. It is a sort of motivation for the riders for their safe riding practices. A No Claim Bonus lessens your protection premium up to half in view of the total number of claim-free years.

  5. Voluntary Excess:

    If a harm or misfortune is caused to the vehicle because of any unpredictable situation, there is a certain amount of claim that the insured must pay from their own pockets. If the policyholder chooses to contribute more from their pockets in times of a claim, the premium value on their insurance will come down. This is called voluntary excess.

  6. Discounts Offered By Insurance Providers:

    With increased competition in the insurance industry, the insurance agencies nowadays are offering several types rebates and discounts. For example, a person may choose to buy a multi-year insurance policy for a period up to three years which will help him save on their insurance premium.

How to CalculateTwo Wheeler Insurance In India Reviews

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  • HDFC Ergo Two Wheeler Insurance
    "Cost effective policy"
    0.5 5.0/5 "Blown Away!"
    Recently i have been renewing the policy for quite number of year. The premium amount was Rs. 1800 per year. Due to low premium amount, i have selected this HDFC Ergo. I have not faced with this policy and currently no claim experience with this policy
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 14, 2018
  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with United India insurance from last 1 year, a premium of Rs 1600 has to be paid for this insurance policy. There was no claim experience so far from this insurance policy. I am happy with the plan benefits and policy coverage of this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 14, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Smart Protection for bike"
    0.5 5.0/5 "Blown Away!"
    I have Access 125 bike for that I took policy in ICICI lombard, the premium amount is around Rs. 1800 its 2 years model. They gave me good insured value with third party cover, in Hyderabad the insurer got tie up with many service centers even they are providing no claim bonus.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Smart Protection for bike"
    0.5 5.0/5 "Blown Away!"
    For my Yamha zs bike, I have taken the bike insurance policy from ICICI Lombard. By paying the premium around Rs.1600 and they gave me the insured value around 32,000. It has the third party cover even it include for the loss , damage and other things.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 14, 2018
  • L and T Two Wheeler Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    L&T GENERAL INSURANCE gives me more benefits on the bike policy, the premium which I paid around Rs. 3500 for bike policy they gave me the IDV value around Rs.1.16 lakh. I have Yahama bike, there is no claim experience. I have been using this policy from the day one.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 14, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using Two wheeler insurance with BAJAJ ALLIANZ GENERAL INSURANCE for long time, the agent had explain me about there policy coverage,there benefits clearly, till now i have not use claim experience, there premium amount they have charged me was nominal, i am happy with there overall service.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 13, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken two wheeler insurance from BAJAJ INSURANCE insurance for this. I made the payment for 1 year through the on-line banking . Customer service and response is average as they have explained the benefits of the policy . It has good policy coverage with good policy benefits.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • National Insurance Two Wheeler Insurance
    "Good Two wheeler insurance policy"
    0.5 4.0/5 "Great!"
    My two wheeler insurance policy was taken with National. When i purchase the bike, the dealer has provided the policy with National and I've been continuing the policy continuously for 9 years. I used to pay the premium amount of Rs. 1800 and they used to charge according to the bike model and year. I have not checked the coverage value.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 13, 2018
  • New India Two Wheeler Insurance
    " Satisfactory policy for my bike"
    0.5 4.0/5 "Great!"
    I have friend working with New India Assurance, they generated the policy, they done things easier way, the premium is less than others, I have three years of policy the IDV value remains same. I have taken third party liability plan for my bike.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2018
  • New India Two Wheeler Insurance
    "Its Affordable"
    0.5 5.0/5 "Blown Away!"
    I believe New India assurance two wheeler policy premium is nominal for one year policy, but I don't have any claim. I have no much paper work hence I have taken the bike policy through dealer. They gave third party cover liability its good for me.
    Was this review helpful? 1
    , ludhiana
    Reviewed on Dec 13, 2018
  • HDFC Ergo Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have my two wheeler insured with HDFC ERGO from last 1 year, a premium of Rs 1000 has to be paid every year for this insurance policy. I have no claim experience so far with this insurance policy. I am happy with the plan benefits and policy coverage of this insurance.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 13, 2018
  • Reliance General Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a two wheeler insurance with Reliance general from last 1 year, i am not aware of the premium amount for this insurance policy. I did not claim anything so far with this insurance policy and the coverage value is good in this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 13, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My dealer has provided me a two wheeler insurance policy with ICICI Lombard when i purchase my bike. I have paid the premium amount of Rs. 2500. They have given me a 100% coverage and it covers for all the parts of the vehicle. Since the premium was high i was not continued with the same company and i had no claim experience with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 12, 2018
  • HDFC Ergo Two Wheeler Insurance
    "Fine and Good"
    0.5 5.0/5 "Blown Away!"
    I have purchased a two wheeler insurance with HDFC ergo. I have renewed the policy last month. Since the premium amount is very low, i have selected this HDFC Ergo. I have paid the premium amount of Rs. 2200. They have offered me a coverage value of Rs. 2 lakhs. The vehicle has covered upto 80%.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 12, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have not connected with the ICICI customer care service. I bought the policy in 2017. The dealer has provided me this policy when i purchase my bike. I have paid the premium amount of Rs. 5000. This policy has a coverage value of Rs. 50000. I have not claimed anything from this policy.
    Was this review helpful? 0
    , jodhpur
    Reviewed on Dec 12, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good policy for vehicle"
    0.5 4.0/5 "Great!"
    Within a second they have renewed the policy from Bajaj Allianz. There is no particular reason for choosing a bajaj Allianz and the branch is nearby my location. The premium amount of Rs. 2070 per year. I have not claimed anything in this policy. I never interacted with their customer care also.
    Was this review helpful? 2
    , bangalore
    Reviewed on Dec 11, 2018
  • Bajaj Allianz Two Wheeler Insurance
    "Good Insurance for two wheeler protection"
    0.5 5.0/5 "Blown Away!"
    The two wheeler services with the Bajaj Allianz is good, the premium amount is nominal, I have paid the cost around Rs. 1900 for one year, I have first party insurance and personal accidental cover. But there is no claim bonus available with this insurer.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Dec 11, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have my two wheeler insured with ICICI LOMBARD from last 1 year, a premium of Rs 3000 has to be paid for this insurance policy every year. There was no claim experience so far with this insurance policy. I am happy with the policy benefits and plan coverage of this policy.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Dec 11, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with ICICI Lombard from last 1year and it is a good policy to use. I am happy with the policy benefits and plan coverage of this insurance. Rs 4000 has to be paid as an an insurance premium and i have no claim experience.
    Was this review helpful? 0
    , lucknow
    Reviewed on Dec 10, 2018
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler insurance is with ICICI LOMBARD from last 3 years, a premium of Rs 1900 has to be paid as an insurance policy. There was no claim experience so far with this insurance and the coverage value is good in this car insurance.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Dec 10, 2018
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