After buying a bike of your choice, selecting a bike insurance policy with adequate coverage is also essential. Since different insurance companies offer a wide range of bike insurance policies, choosing the right policy is a tough task. However, a two-wheeler insurance calculator can help you a lot in making this significant choice.
Do your research to know about the final insurance premium that you will have to pay beforehand. Based on your specific needs, you can then choose the most suitable bike insurance policy.
About Two Wheeler Insurance Calculator
Using a two wheeler insurance premium calculator, you can choose a policy after comparing several different parameters that determine the final premium. It lets you find and buy the most suitable bike insurance policy. You can compare bike insurance quotes for different bikes almost instantly.
The use of motorcycle insurance calculator is a crucial step followed in the process of buying bike insurance online. With the right choice of an insurance policy comes dual advantages – money savings and adequate insurance coverage.
3 Steps to Use a 2 Wheeler Insurance Calculator
- Fill in your bike-related details or select the brand, model, and variant.
- Compare multiple plans.
- Select the best one and buy it instantly.
Benefits of Bike Insurance Calculator
A bike insurance calculator comes with several benefits for a bike owner or anyone who is about to purchase a bike.
- No Need to Interact with a Middleman
Unlike the age-old way of buying bike insurance through local agents, you can compare insurance premium online by yourself. It also eliminates the risk of falling into the trap of fraud agents and pay more than you should.
- Easy to Compare Bike Insurance Quotes
Asking for bike insurance quotes from multiple insurers is a time-consuming task. However, you can do it quite easily with a two wheeler premium calculator.
- No Risk of Insurance Frauds
Lack of awareness about various insurers and insurance policies often lead to insurance frauds wherein some agents sell policies that do not even exist. However, you can stay assured you get a suitable policy from a reputable insurer by calculating its premium online.
How to Use a Two Wheeler Insurance Premium Calculator?
A 2 Wheeler insurance premium calculator makes it easier for you to calculate the premium you need to pay to get your bike insured adequately. It is quite easy to use calculator to get the best insurance options. Follow these steps:
- Select your bike’s brand and model.
- Enter its ex-showroom price after researching for it online.
- Enter your city or region.
- Enter the year of purchase.
Also, you should know the IDV or Insured Declared Value of your bike. It is the value for which your bike gets insured. In case of any damage or theft, you will get a claim amount up to the IDV maximally. The higher the premium you pay for your bike insurance policy, the higher will be your insurance coverage.
Factors That Decide Your Two Wheeler Insurance Premium
As per law, buying a third-party insurance policy is a must for every bike owner. However, you need to buy comprehensive bike insurance, which covers third party damage along with natural and man-made damages.
Your bike insurance premium depends on several significant parameters, such as:
Your Bike’s Brand and Model
The market value of your bike, as specified by its brand has an impact on its insurance premium. Different variants of the same model of a bike can have different IDVs. Similarly, insurance premium for expensive sports bikes is generally higher than that of regular high-mileage bikes.
Deductible You Choose
While buying a bike insurance policy, you choose to pay for a certain fraction of insurance claim by yourself, which is known as deductible. The insurer pays the remaining claim amount.
So, if you decide to pay higher deductible during the claim settlement, you will get a discount on the premium.
NCB or No Claim Bonus is the reward you get from your insurer for not filing a claim during the policy tenure. You can utilize this reward while renewing your policy. If accumulated over a few years, your NCB can significantly reduce your policy’s premium.
Add-ons You Select
Other than the basic bike insurance coverage, you can select covers like depreciation allowance, personal accident cover to owner - driver, and roadside assistance to get additional benefits at a slightly higher premium.
Your Bike’s Cubic Capacity
As per IRDA guidelines, the third-party insurance cover of your bike depends on its cubic capacity. For instance, the premium for the third-party insurance of a regular-use bike is comparatively lesser than a sports bike because of the difference in their engine’s cubic capacity.
How to Calculate Premium for New & Old Two Wheeler Vehicles?
You can calculate the premium of both new and old bikes using an online two wheeler vehicle insurance premium calculator.
For New Bikes:
You need to fill in details of your new bike, its brand and model, year of manufacture, and your personal details too.
For Old Bikes:
You need details like your bike’s brand, its RC, existing policy, claim history, and ownership transfer, if any.
For new bikes - 5 years TP only policy is compulsory
For old bikes – Annual policy can be provided and Long term policy is not provided.