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What steps are followed in calculating two-wheeler insurance premiums?


Under the Motor Vehicles Act 1988, a two-wheeler insurance policy is compulsory. As a policyholder, one must know how to calculate two-wheeler insurance; in that way, they will get the best value of their hard-earned money. 

Insurance premium amount is the first thing one checks while purchasing or renewing two-wheeler insurance. With the availability of a two-wheeler insurance premium calculator, one can easily calculate a two-wheeler insurance policy online.

Steps to calculate a two-wheeler insurance premium

There are multiple insurance products available in the market, so it is important to calculate the two-wheeler insurance premium amount beforehand to select the best-suited one’s affordability. 

Two-wheeler insurance can be evaluated both manually and by using online calculators. For manual calculation, one needs to get the IDV or Insured Declared Value of the two-



wheeler, multiply that with the premium value offered by the insurer, which is preceded with the addition of add-on covers; also, one needs to subtract the discount benefit from the final result. However, a manual calculation is susceptible to errors and is cumbersome.

In this regard, using the two-wheeler insurance calculator proves effective. Calculating a two-wheeler insurance premium is simple using online insurance premium calculators. It gives the quotes instantly and saves the turnaround time. 

Here are simple steps to understand and calculate two wheeler insurance premiums online:

Step 1: Choose the insurance premium calculator from the motor insurance section of the preferred insurer.

Step 2: Fill up the entries with details like bike registration number, contact details, whether the bike is registered as a commercial vehicle or not etc.

Step 3: Now, choose the make and model of the two-wheeler.

Step 4: Enter the registered location of the two-wheeler, purchase year of the vehicle, fuel type, and other details.

Step 5: Individuals must disclose whether they have any no-claim bonus in the preceding year.

Step 6: Select the two-wheeler insurance plan and submit the details.

Once all these details are entered, the two-wheeler calculator will provide the premium amount and various policy options. 

Benefits of using a two-wheeler insurance premium calculator

A two-wheeler insurance calculator is a digital tool that helps policyholders evaluate the motor insurance premium by entering a few details of the vehicle like model/variant, RTO location, etc. 

Here are some benefits of using a bike insurance premium calculator:

  1. Assists one to choose the right plan:  The online tool helps an individual compare several insurers, assisting them in selecting the right insurance policy.
  2. Helps to reduce the premium: It helps the policyholders check the factors like add-on covers responsible for the increase and decrease in the two-wheeler premium amount. It helps policyholders choose an affordable insurance policy as per their budget.
  3. Error-free premium calculation: Policyholders will get accurate outputs as the algorithm based on which the calculator functions provide error-free results within seconds. 

Furthermore, the calculator helps one customise insurance policy as per their requirements. By adjusting variables like NCB, add-ons, etc., one can check the impact on the insurance premium amount, hence choosing a cost-effective plan. Also, an individual does not pay anything to use the tool, and any external agent does not influence the calculation; therefore maintaining transparency. 


To sum up, evaluating the premium amount before availing of a two-wheeler policy gives a policyholder a fair share of knowledge about the policy quotes offered by several insurers. This helps one make an informed decision as per their finances and requirements. Moreover, with the help of a two-wheeler insurance premium calculator, one can check the premium amount and various insurance policies before purchasing a two-wheeler insurance policy online.

Read More:- Ways to smartly purchase zero depreciation bike insurance cover





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