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How to use Bike Insurance Premium Calculator

Published on July 15, 2020. EST READ TIME: 5 MIN

A bike is not merely a possession, it’s an emotion. Only bike owners know that having a pet name for a bike or caring for it more than caring for oneself is totally normal. One important aspect of caring for your bike is choosing the best bike insurance policy to safeguard it.

There are a lot of factors that affect the premium that you pay on your bike. Here is how you can ensure that you get your bike the most affordable yet, all-encompassing insurance policy.

Bike insurance premium calculator

Bike insurance premium calculator is the tool that helps you get quotes for your preferred insurance plan.

In order to calculate the quotation, the interface would require the insurance buyer to share some details regarding the bike and then after a thorough analysis of the details, a suitable quote would be offered to you. This will help you choose the best plan for your bike in the most convenient way. Here are some of the details that you might be required to enter:

  • The registration number of the two-wheeler.

  • The manufacturing year and model of the two-wheeler.

  • The current, existing insurance plan details.

  • The preferred type of policy i.e. third-party liability cover or comprehensive insurance cover.

Factors affecting bike insurance premium

Here are some of the factors that significantly impact the premium you are required to pay for your bike insurance policy.

  • Model of the Two-wheeler: Features of each bike model differ, and so does the premium amount. Cubic capacity of the bike’s engine is the main component that is taken into account while deciding the premium amount. A two-wheeler with a higher cubic capacity will attract a higher cost of insurance.

  • Value of the vehicle: Higher the value of the vehicle, higher will be the cost of maintaining it and thus higher the premium.

  • Bike modification: Modifying your bike might improve its aesthetics or performance, but in case a modified part is damaged then it takes extra effort to repair it. Thus, modified bikes fetch higher insurance premiums.

  • Anti-theft devices: When a bike is equipped with anti-theft devices, it becomes safer and secured and thus less susceptible to loss. In such a case, the premium amount can be lower.

  • Driving history: Your own skills as a driver also impact the premium amount. In case you have a history of an accident case or a legal case involving driving offence, then the premium would tend to be higher.

  • Memberships: Certain bike insurance companies offer a discount if you are a member of certain organizations such as Automobile Association of India etc.

  • Gap in Renewal: It will prove to be a financial loss if you fail to renew your bike insurance policy on time. If you renew it after a grace period of 30 days then you will have to pay extra premium.

All in all, when you buy a two-wheeler, choose the most suitable bike insurance policy for your treasured bike and keep your journeys blissfully safe.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales. This blog has been written by

S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry

A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.

S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process".

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