Two Wheeler Insurance

Bike Insurance Calculator

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If you are planning to buy a bike, you will also need to buy a good insurance policy along with it. Third-party two-wheeler insurance is legally compulsory in India. Comprehensive two-wheeler insurance provides financial cover against losses or damages to your vehicle and protects you from third-party liabilities caused by accidents. But before buying an insurance policy, you must check out the premium you are liable to pay. A handy tool to do that is the Bike Insurance Calculator. The Bike Insurance Calculator helps owners like you estimate and calculate the amount of premium and the cover your bike needs. It helps you make an informed choice about bike insurance.

How to use a Bike Insurance Premium Calculator?

A Bike Insurance Calculator is easy to use. Go online and submit the following information to calculate the premium for your two-wheeler insurance plan:

  • Details of your two-wheeler – make, model and variant.
  • The year of purchase of your two-wheeler motorcycle
  • The registered location of your two-wheeler
  • Details of past two-wheeler insurance claims, if any

After you submit the details, the Bike Insurance Calculator will show you the insured declared value (IDV) and premium quotes for your bike.

IDV is basically the current market value (after depreciation) of your motor vehicle. It acts as the sum insured offered by the bike insurance policy. This is the maximum amount you can claim from the insurance provider. Depending on the IDV and the premium amount quoted, you can choose the most cost-effective bike insurance policy.

Benefits of a Bike Insurance Calculator

A two-wheeler insurance premium calculator provides multiple benefits:

  • It saves your time:-Instead of meeting agents and visiting branches enquiring about the right insurance plans, you can use the Bike Insurance Calculator to find the right policy in a few clicks.
  • It helps determine the right IDV:-You can quickly determine the ideal IDV, or insured declared value, of your bike. IDV is important because that would determine the sum insured of your plan.
  • It allows you to select the right plan:-Easily compare different insurance policies offered by Liberty General Insurance along with their premium quotes and choose the one that suits you.
  • You get to choose the right add-ons:-The Bike Insurance Calculator shows a complete list of add-on covers offered along with their cost. You can compare and choose what works for you.

Why is it important to use a Bike Insurance Calculator?

A two-wheeler insurance premium calculator is useful in many ways:

  • It helps you get the right insurance policy at the right price after comparing many insurance plans offered by Liberty General Insurance.
  • It makes the whole process of buying two-wheeler insurance transparent as you know the exact premium amount and the benefits you are getting before purchasing the policy.
  • The calculator helps you plan your insurance budget as you can increase or decrease your premium amount by choosing additional benefits.
  • It prevents you from buying the wrong insurance plan for your bike since you have all the details you need to make an informed choice.
  • You can get complete information on discounts on two-wheeler insurance plans or add-ons and save money.

Bike Insurance Calculator for New and Old Bikes

Whether you want to buy a new or pre-owned bike, a Two-Wheeler Insurance Premium Calculator can help you make a good choice:

  • New bikes:-When you buy a new bike, you want to make sure that it is well protected with insurance. Just locate the Bike Insurance Calculator, enter certain details (like the name of the bike manufacturer, year of manufacture, model and variant of the two-wheeler, and registration state and city of the two-wheeler), and hit calculate to get the premium amount.
  • Old bikes:-For old bikes, the calculator asks for additional details like past claims record and details of the current insurance policy (if any). Note that Older bikes have fewer add-on covers. For instance, a bike older than 3 years cannot opt for ‘zero depreciation’ add-on cover.

Features of a Comprehensive Bike Insurance Premium Calculator

  • This calculator is used to check the premium amount payable for the comprehensive two-wheeler insurance plan offered by Liberty General Insurance.
  • A comprehensive bike insurance plan offers complete coverage against all kinds of unforeseen events – accidents, theft, loss, damage, third-party liabilities etc. Essentially, a comprehensive bike insurance plan is a combination of third-party and own damage cover for your bike.
  • A comprehensive bike insurance calculator considers the own damage cover, personal accident cover for the owner-driver, third-party liability cover, and add-on covers before giving you an estimate on the premium.
  • A comprehensive bike insurance premium calculator shows add-on covers that are available only with comprehensive bike insurance plans and not third-party bike insurance policies.

Add-ons by LGI

Let’s take a look at the add-on covers offered by Liberty General Insurance:

  • Depreciation Cover:-This cover includes the depreciation amount deducted on the value of replaced bike parts that have been damaged in an accident.
  • Consumables Cover:-This cover includes expenses toward replacing vehicle consumables and accessories in case the insured vehicle meets with an accident. Consumables and accessories include grease, lubricants clip, air conditioner’s gas, bearings, engine oil, oil filter, fuel filter, brake oil, nuts and bolts, screws, and washers, and the like.
  • Gap Value Cover:-Under this cover, you can claim the “difference amount” between the amount received under the ‘Own Damage Section’, i.e. the IDV less deductible under the policy, and the price on your purchase invoice. Another option for you as the insured party is to select the current replacement value of your two-wheeler, if the same make and model is available, in case of total theft or loss of vehicle. It also covers road tax and first-time registration charges if you specifically declare them and pay an additional premium. Liberty General Insurance’s maximum liability is limited to the sum insured mentioned in the policy schedule.
  • Roadside Assistance Cover:-LGI also offers Roadside Assistance (RSA cover) as an add-on. In case your insured vehicle breaks down, you can place a request for RSA cover. You can place a maximum of 4 claims during a policy period through our authorised vendors. The RSA cover can be utilised for
    • Breakdown support over the phone
    • Minor onsite repairs
    • Arrangement of emergency fuel (petrol only), the cost of which should be borne by the insured party upon delivery
    • Flat Type Support
    • Assistance in case of lost keys
    • Towing or transferring the two-wheeler due to breakdown (up to 25 kilometres)
    • Alternative transport assistance to the nearest safe location, the cost of which should be borne by the insured party
  • Besides towing, you can utilise the RSA cover for a distance of up to 50 kilometres.

  • Engine Safe Cover :-This add-on extends to cover consequential damages to internal child parts of the insured vehicle engine. These damages can arise out of water ingression or leakage of lubricating oil or damage to the gearbox. The leakage should have been caused by an accident.

Third-Party Bike Insurance Premium Calculator

The third-party insurance cover is mandatory by law. The third-party insurance plan protects the insured party from the financial burden of losses and damages caused to any third party.

This policy provides personal accident coverage for the insured party. However, it is important to know that you cannot file a claim under the third-party cover if your motorcycle is lost, stolen, or damaged.

Unlike a comprehensive two-wheeler insurance plan, the bike insurance premium for a third-party insurance policy is predefined by the Insurance Regulatory Development Authority of India (IRDAI) and is dependent on the CC of your bike******.

The Third-Party Bike Insurance Premium Calculator takes this into account while suggesting quotes.

Engine capacity Premium rate
< 75cc ₹482
76cc to 150cc ₹752
151cc to 350cc ₹1,193
> 350cc ₹2,323

Why Liberty Insurance?

Liberty General Insurance is a leading general insurance provider in India, with 91% two-wheeler claim settlement ratio in the last financial year. The company employs over 1,200 dedicated employees, spread across more than 110 locations in 29 states and 95 cities in India. It provides comprehensive and dedicated support to meet all your insurance needs. With over 4,300 partner garages as part of an ever-growing network, Liberty General Insurance continues to increase its reach and influence in India with innovative solutions and products.

Tips to reduce your bike insurance premium

You can lower your bike insurance premium amount by using the following tips:

  • Buy insurance plans online:-Using a two-wheeler insurance premium calculator allows you to compare different plans to get the most affordable policy. This way you can save on your premiums without compromising on the benefits.
  • Do not make small claims:-Making unnecessary small claims during your policy term will prevent you from getting a no-claim bonus (NCB), which is a discount you get on the premium during policy renewal if you do not make claims during the policy term. The more years you go without a claim, the lower your premium at the time of renewal. At Liberty General Insurance, you can earn huge discounts on your premiums in the fifth consecutive year of claim-free renewal.
  • Choose only relevant add-ons:-Not all add-on covers are relevant for everyone. Be wise and choose the add-on you really need to cut your premium rates.

Frequently Asked Questions

Q1. Is bike insurance mandatory in India?

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A. Yes, third-party insurance is legally compulsory in India under the Motor Vehicles Act 1988. However, we strongly recommend opting for a comprehensive policy as it provides complete coverage.

Q2. How do I buy two-wheeler insurance online?

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A. You can purchase two-wheeler insurance online from the Liberty General Insurance website in just a few clicks. Buying two-wheeler insurance online comes with many benefits: you can compare and buy the policy that works for you, you can buy it sitting in the comfort of your home and you can get access to the policy instantly.

Q3. What modes of payment are accepted when I buy a two-wheeler insurance policy online?

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A. When you buy a two-wheeler insurance policy online, you can use various payment options such as your credit or debit card, net banking, digital payment wallets, and even UPI.

Q4. Can bike insurance policy renewals be done online?

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A. Yes, bike insurance policy renewals can be done online with ease on the Liberty General Insurance website.

Q5. What is multi-year coverage? Is it applicable to every two-wheeler policy?

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A. A multi-year two-wheeler insurance policy can last for up to 3 years and must be renewed only when the policy term is about to end. Customers can choose between periods of 2 or 3 years at the time of issuance of the two-wheeler insurance policy.

Q6. How do I contact Liberty General Insurance about motorcycle insurance claims?

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A. You can call on 1800 266 5844 or register your claim via the website.

Q7. How many Liberty General Insurance branches are there in India, and how do I find one?

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A. There are currently 110 branches of Liberty General Insurance spread across 95 cities and 25 states around India. You can find the one closest to you easily by using the branch locator on the Liberty General Insurance website.

Q8. What happens to my two-wheeler insurance policy if I sell the vehicle to another party?

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There are multiple options available to you in the case of a sale of your vehicle to another party. You can choose to transfer the policy to the new owner as a part of the sale by furnishing documents such as the sale deed, form 29, seller’s NOC, and NCB recovery. The good news is that you don’t have to lose your accumulated no-claim bonus. If you buy a new vehicle of a similar class, you can transfer the NCB towards the new vehicle’s insurance policy. You can also cancel the policy at the time of sale, allowing the new vehicle owner to buy insurance of his or her choice.

Q9. What happens to my No-Claim Bonus if I switch my insurance company?

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A. NCB is the bonus you get for your spotless safety record. Even if you change your two-wheeler insurance company, the NCB stays with you and you can use it against your new policy. But you need to renew the policy with the existing or new insurer within 90 days to avail the NCB benefit or it may lapse.

Q10. Is personal accident cover provided when you buy a two-wheeler insurance policy online?

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A. Personal accident cover is not provided in the case of third-party liability policies. However, when you buy a comprehensive two-wheeler insurance policy online from Liberty General Insurance, personal accident cover is provided to the owner or rider. Pillion riders can also be covered under personal accident coverage by paying an extra premium.

Why Two Wheeler Insurance

Listen to Our Customers

Thanks Manish

Dear Mr. Dharma – I would like to thank your company personnel at the customer services division for their excellent support. Your customer care executive, Manish Bhatia took care of all my queries in a very courteous and professional manner.

Would also like to thank Mr. R Rajkiran from ‘Invee Intelligence Private Limited’ and Mr. Umesh for taking this issue to closure.

Keep up the good work.

Majid Hashmat

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Mr. N. Rama Mohan Rao

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Two wheeler Insurance Blogs

Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656

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