Home Discover Journals How is two wheeler insurance calculated?

How is two wheeler insurance calculated?

By Finserv MARKETS - Jul 25,2019
Views Icon240 Views 0 0 Comments

How is two wheeler insurance calculated?

For any vehicle owner in India, having a vehicle insurance is mandatory under the Motor Vehicles Act of 1988. As a result, you might find a lot of insurance companies offering attractive motor and two-wheeler insurances in the market. Although, as a vehicle owner, you might be spoilt for choice but it is important that you compare the different two wheeler insurance premium offered by these insurance providers to buy an insurance with the best coverage & features.

What is Two-Wheeler Insurance Premium?

A two-wheeler insurance premium is a defined amount that needs to be paid periodically to your two-wheeler insurer to avail the benefits of your two-wheeler insurance policy, which involve making claims in case of any vehicular damage.

Two-Wheeler Insurance Premium Calculations

Finding the right insurance premium from the plethora of options available online is a huge task. More cumbersome is the process of comparing these options and calculating the premiums manually. Thankfully, today there are online calculators available that can help compare the premiums offered by various insurance providers. The basic parameters considered while making these calculations include-

  • The Insured Declared Value (IDV) of your two-wheeler
  • The cubic capacity of your two-wheeler
  • Age of the two-wheeler
  • Your registration zone

Benefits of Bike Insurance Calculator

  • It automates the process of mathematical calculations for you
  • Insurance calculators for online bike insurance are unbiased tools that negate the influences arising out of banks or insurance companies along with eliminating the chances of human errors.
  • Most of these online calculators are free. Thus, you do not have to pay any commission or fees for using them.
  • These calculators can help compare the premiums offered by different insurance providers

Steps to Operate Bike Insurance Calculators

For calculating your bike insurance, you need to submit the following details-

Step 1: Submit details about your bike’s model, manufacturer, etc.

Step 2: Submit details about your bike’s fuel type (petrol/diesel)

Step 3: Submit details about your city and date of registration

Types of Insurance Plans

The type of insurance plan you choose for your two-wheeler influences your premium amount. Essentially, there are two types of two-wheeler insurance plans available

  1. Comprehensive Insurance Plan
  2. Third-Party Two-Wheeler Insurance Plan

1. Comprehensive Two-Wheeler Insurance Policy

A comprehensive insurance policy offers coverage for the policyholder along with covering third-party liabilities. A comprehensive two-wheeler insurance also covers damages caused to your vehicle due to natural as well as man-made disasters.

2. Third-Party Two Wheeler Insurance Policy

A third-party two-wheeler insurance policy offers coverage only for damages caused to a third party because of your two-wheeler. Having a Third-Party insurance cover is mandated by law for all two-wheeler owners.

Planning to buy bike insurance online? Visit us at Finserv MARKETS and browse through the various two-wheeler insurance options available. Bike Insurance plans come with attractive benefits such as no-claim bonus, hassle-free renewal, and cash free servicing in 4000+ network garages. To know more about Bike Insurance plans, visit Finserv MARKETS today!

Read our top blogs to know more about two wheeler insurance in India:

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere”!


Connect with Us
Connect with Us

Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522