Two Wheeler Insurance Premium Calculator
Most Indian consumers, when they plan to buy something, one of the first things that are noticed is the ‘price-tag’. And it is no different when it comes to buying insurance. An online insurance calculator comes in very handy when you want to know how much the premium is going to cost you.
If you are going to buy a bike and are looking for the perfect bike insurance plan, an insurance premium calculator can be a very beneficial tool. Read on, how an online two wheeler insurance premium calculator helps you.
What is a Two Wheeler Insurance Premium Calculator?
A bike insurance premium calculator is an online tool that is easily available, that too free of charge. It helps you in getting instant quotes on your bike insurance plan. All you need to do is enter the basic details of your two-wheeler and the calculator displays an estimate of the premium that you would have to pay. That’s not all the calculator also caters to - third party insurance, comprehensive insurance, no claim bonus and also the add-on benefits.
Features & Benefits of Two Wheeler Insurance Premium Calculator
Let us take a look at some of the main features and benefits of a bike insurance premium calculator:
1. Helps you Make an Estimate
The bike insurance premium calculator would give you an equitable idea of the premium that you would have to pay for buying a particular policy.
2. No Paperwork
Another benefit of the calculator is that you do not need to do any paperwork yourself. The tool works online.
3. It’s for Free
No matter how many times you use the calculator, you do not have to pay a single penny out of your pocket to use this tool. There is no commission fee that you have to pay too.
4. Stay within your Budget
With a premium calculator, it becomes very easy to plan within the budget. It also gives you the flexibility to customise your plan yourself.
5. Comparison becomes easy
When you know how much each insurance plan is going to cost you, it becomes easy to draw an appropriate comparison. You can also compare a number of plans by different companies, and then select the best plan for yourself.
6. Right Add-on Covers
Selecting the right add-ons makes your policy all the more effective. The calculator lets you analyse how adding or dropping an add-on affects the premium amount.
7. Do it yourself
A simple tool, the calculator eliminates the requirement of an insurance agent. You can easily compare different plans on your own.
8. Can be Used for Old and New Bikes
Whether you are buying insurance for a new or an old two-wheeler you can use the bike insurance premium calculator for all.
9. Helps in Making an Informed Decision
With transparent and non-biased calculations, the calculator is very helpful in helping you make an informed decision.
How to Use a Bike Insurance Premium Calculator?
Many two wheeler insurance companies have a premium calculator on their websites, you can visit them or you can go to an insurance aggregator website.
- Step 1: When you land on the bike insurance premium calculator page, you will be asked to fill in your details - name, gender, email address and mobile number.
- Step 2: Enter the registration details of your bike- date of registration, year of production, make, model and variant.
- Step 3: The IDV, Insured Declared Value, of your bike, will be displayed.
- Step 4: If you are eligible for a No Claim Bonus, enter the details for the same.
- Step 5: Choose if you want Third-Party Liability Bike Insurance or Comprehensive Bike Insurance.
- Step 6: You can opt for add-ons if you select a Comprehensive Bike Insurance Plan.
- Step 7: Based on all the details, now the calculator will calculate the premium and display the same.
Factors Affecting Your Two Wheeler Insurance Premium
The bike insurance premium calculator can help you in calculating the premium that you would have to pay towards the premium
A comprehensive policy costs more than a third-party insurance plan as it offers more coverage.
Age of Your Bike
With age, the value of the bike also decreases, therefore insurance for an old vehicle would be cheaper as compared to a new vehicle.
MMV of the Bike
The make, model and variant of your bike determine the value of your bike and thus affect the premium cost too.
Add-ons may add a little to the premium amount, but they would surely be worth it.
Tenure of the Policy
As per recent guidelines of the IRDA, bike insurance can be bought for a period of more than 1 year too. With a longer tenure, you might be able to avail certain discounts.
Vehicle's Registration Location
As compared to a small town, insurance in a metropolitan city may cost a little more. This is because in cities the roads are more congested and there are more chances of an accident.
When you choose to pay a higher deductible, you can lower the premium. The bike insurance premium calculator helps you adjust the deductible value to bring the premium within your budget.
Best Ways to Save On Your Two Wheeler Insurance Premium
Picking an insurance plan only because it is the cheapest may not be a wise step, as in the long run, it may happen in order to save a little today, you may end up spending too much tomorrow.
In case you want to save on the premium, follow the steps given below:
1. Compare before you Invest
Do your homework and scan through different insurance companies and the plans that they offer. Try to look for a plan that offers maximum coverage at the lowest price.
2. Claim Smartly
Avoid making minor claims for small repairs as when you don’t make a claim during a policy year, you receive a No Claim Bonus. Maintaining a long claim-free record can get discounts of up to 50%.
3. Being Safe can lead to Savings
If you are a cautious rider it can help you in avoiding any untoward events. When you ride safe, there would be lesser accidents and lesser claims.
4. Increase the Voluntary Deductible
When you opt for a higher deductible, you can straight away avail a lower premium.