In India, the Motor Vehicles Act has made it mandatory for all motorised vehicles to have a third-party liability insurance policy. This includes two-wheelers too. If you have a two-wheeler, then it is mandatory to have a third-party bike insurance policy to be able to ride it on the roads. If you are found riding a bike without an active insurance policy, you will have to pay a fine and face jail time. However, these policies do not cover damages to the insured bike. Hence, many bike owners opt for a comprehensive two-wheeler insurance policy.
There are many insurers offering online insurance for two-wheelers in India. This allows you to compare providers and plans with ease and customise the policy as per your needs. They also offer a free online bike insurance calculator to estimate the premium based on the features you need in the policy. This article will discuss a two-wheeler insurance premium calculator and why using it is crucial.
What Is A Bike Insurance Calculator?
It is a free online tool offered by insurance providers to help you calculate the premium of the bike insurance policy based on your needs. You are required to enter the make and model of your bike, its age, location, type of insurance policy, add-on covers, and voluntary deductible. Once you enter these details, the calculator will estimate the premium of the policy. If this is beyond your budget, you can make changes to the add-ons and deductibles and bring it within your reach. This can help you calculate bike insurance costs in no time. Here are some simple steps for using a bike insurance premium calculator:
- Enter the registration number of the bike
- Enter the make and model of the bike
- Provide the registration date and city of registration of the bike
- Choose the type of bike insurance policy (third-party or comprehensive)
- Provide details of the previous policy
- Set the IDV
- Select add-on covers
- Choose the voluntary deductible
- See the calculated premium
Why Is It Important To Use an Insurance Premium Calculator For Bikes?
Many people don’t put a lot of thought into buying bike insurance. They either look for the cheapest policy or purchase the one their family/friends referred to. However, in recent years, many people have started understanding the importance of a comprehensive two-wheeler insurance policy and have started spending time customising it as per their needs. This is how a bike insurance calculator can help you find the perfect policy:
● Helps save money
The premium of a bike insurance policy depends on many factors. Most of us are unaware of these factors and hence, don’t understand why the premium of certain policies is higher than others. With a bike insurance calculator, you can see each factor’s difference in the premium and choose a cost-efficient plan for your needs.
● Assists in making informed decisions
When you decide to buy a comprehensive bike insurance policy, there are many things that you need to decide. The most important benefit is the ability to choose add-on covers to boost the coverage. You can also choose a higher voluntary deductible to reduce the premium by increasing the co-payment borne by you. When you use a bike insurance calculator, you can see the impact of each of these aspects on the premium and can make an informed decision about opting for it or not.
Suppose you are particular about finding the perfect bike insurance policy. In that case, a bike insurance calculator is the best tool to help you find the perfect set of features in an affordable package. Hence, make sure you use it optimally to find a policy that fits your needs. Good Luck!