Vehicle owners in India must purchase motor insurance to drive their vehicles legally on Indian roads. However, buying insurance is not just about getting your papers clear, it is also a very crucial financial tool that can protect you against a financial hit in case of accident or damage to your vehicle. There are different types of insurance policies for both two-wheelers and four-wheelers and picking the right one might need some deeper research. You can use a bike insurance calculator to estimate your insurance premium by adding different ad-ons to your policy.
A two wheeler insurance premium calculator is a digital instrument that is designed to help policyholders calculate a customized insurance premium for their bike. To use an insurance premium calculator, all you have to do is enter your details online. Based on your details, you will get quotes from different insurance companies about the premium costs.
Among the details that you have to provide for insurance premium calculation are RTO location, purchase year of bike, bike variant, and bike model. As per the given specifications, a bike insurance calculator calculates the premium cost of your two wheeler insurance policy from various insurers.
Thanks to a two wheeler insurance premium calculator, you can compare insurance policy quotes from different insurers and make an informed choice. In a nutshell, consider a bike insurance calculator to be a valuable tool allowing you to choose a suitable two wheeler insurance plan within a matter of few minutes.
Bike Insurance Premium Calculator: How to Use?
For using a bike insurance calculator, you have to first visit the official web portal of a reputed insurance companies. Then, search for the two wheeler insurance premium calculator link and click on the same.
Next, you have to select one among the 2 options: new bike insurance or bike insurance renewal. After that, you have to fill in the vehicle details such as fuel type, extra coverage or add-ons, and city and date of vehicle registration, and KYC details (like name, email address, and certified mobile number). When done, you will receive insurance premium quotes from different insurance companies. Your final step entails choosing an appropriate bike insurance policy and completing the transaction online.
Calculation of Bike Insurance Premium
Let us study how a bike insurance calculator calculates third party insurance and comprehensive insurance calculated.
Third Party Premium
The Insurance Regulatory and Development Authority of India (IRDAI) has the sole authority to affix the premium for third party liability cover. As per the cubic capacity of the engine, the bike insurance calculator determines the insurance premium amount. The IRDAI keeps changing the price every year.
Different insurers offer varying comprehensive bike insurance plans. Remember, comprehensive bike insurance policies provide insurance coverage for own bike damage, in which case the two wheeler insurance premium calculator takes into account a range of factors for premium calculation. Going by the Insured Declared Value (IDV), the own damage insurance premium is computed. The age of the vehicle, ex-showroom price, and city of registration are factored in to calculate the IDV.
Bike Insurance Premium Calculator: Various Benefits
Some benefits of a bike insurance calculator are discussed below:
- Saves time and requires less effort
- Charges no commission
- Available free of cost
- Provides the option of comparing plans offered by different insurers and provides the best recommendations
- Mandates minimal paperwork
- Reduces chances of errors
- Offers a fair idea about the different insurance players and the various insurance products you can avail
- Lists your various insurance plan options based on your inputs
- Gives a better understanding of the different bike insurance plans for you to take your pick from
It’s easy to use a two wheeler insurance premium calculator. You only have to enter some mandatory details to get different insurance premium quotes from various insurers. Essentially, always go with a bike insurance plan that is best matched to your needs for getting maximum value for your money.
Making sure you have the right bike insurance is important for your safety and financial security. You can save a significant amount of money by shopping around for the best deals on bike insurance, setting up regular coverage, and auto-insuring your bike. By being proactive in your policy planning, you can increase your chances of avoiding costly accidents and getting much-needed peace of mind.