A two wheeler insurance premium calculator helps you to figure out the insurance premium for your vehicle instantly. This online tool considers various details of your bike such as model, make, registration, IDV and helps you get an accurate premium quote in a few seconds.
Calculating insurance premium for your new as well old bike can be done with the help of an online calculator available on the website of various insurance providers as well as aggregators and brokers. A two wheeler insurance premium calculator is a dynamic tool that helps you to compare and choose the best suitable plan for your insurance requirements. Using an online insurance calculator is very simple. All you need to do is provide your vehicle details and select the factors that affect the premium calculation. This comparison will thus give you an approximate idea of what will be the premium amount you are going to pay for the chosen insurance plan.
Benefits of a Two Wheeler Insurance Premium Calculator
- It provides the premium quote for bike insurance instantly and thus helps you save time.
- A two wheeler insurance premium calculator lets you compare premium rates and coverage provided by different insurance companies. This ultimately enables you to choose the best policy, which best suits your requirements.
- It is a flexible online tool and does not rush you into making any hasty decision. Your choice remains unaffected as there is zero external influence of an agent.
Factors Determining your Two Wheeler Insurance Premium
Undoubtedly, a bike insurance policy is a must for every two wheeler owner. After the third party insurance was made mandatory by the Motor Vehicles Act, 1988, calculating your yearly bike insurance premium became even more significant.
Third-party bike insurance provides coverage against legal liabilities that may arise out of damage or loss caused to the third party. However, your insurance policy should also cover various other risks that may strike due to natural and manmade disasters. Every good thing comes at a certain cost. You will have to pay the insurance company a certain amount in order to cover these risks. In the world of insurance, this cost is called a premium, and every insurance policy has a different set of factors which affects the premium rates.
Bike insurance is no exception. Third party premium rates are determined by IRDAI and notified to all insurers via an order. However, you may consider the factors mentioned below that influence the premium rates of your comprehensive bike insurance policy while it is being calculated.
Model of your bike: The premium of your bike insurance policy is decided based on the IDV (Insured Declared Value) of your bike, which is also known as the market value of your bike. With an expensive bike such as Royal Enfield or Harley Davidson, you will end up paying a higher premium. IDV is the maximum amount you can claim in case of any damage or loss. Over a period of time, the market value of your vehicle depreciates and so the IDV comes down.
Deductibles: Deductibles are part of your insurance claim. There are two types of deductibles – Compulsory and Voluntary. Voluntary deductible is a part of the insurance claim that you decide to pay yourself. Committing to pay voluntary deductibles reduces your premium amount.
NCB: Insurance companies offer NCB (No Claim Bonus) for every claim-free year. It is nothing but a discount on your premium rate, which usually ranges from 20% in the first year to 50% in the sixth policy year. Therefore, it is advisable not to claim your insurance policy for minor damages that you can afford in order to save on premium.
Add-ons: Add-ons are the best way to enhance the coverage of your bike insurance policy. They provide more value as compared to a standard comprehensive two wheeler insurance policy. For these additional coverages, you have to pay an additional nominal premium. They increase the final premium amount of two wheeler insurance policy. Zero depreciation is a popular rider, which compensates you for the entire claim regardless of how old your bike gets. Roadside assistance, return to invoice, and the pillion rider, are some popular add-ons usually opted by policyholders.
Condition of the vehicle: Insurance premium for your two wheelers is also computed by considering the factors such as the age of your bike, type of the bike you own, engine capacity, etc. The premium amount for expensive bikes or sports bikes with higher Cubic Capacity is comparatively higher. However, there are some other factors such as manufacturing year of the vehicle, city of registration, fuel type, accessories, fuel type, modifications done to your vehicle, ex-showroom price, etc.
Anti-theft add-on discount: If you install safety features to your motorbike like anti-theft device, many insurers offer discounted premiums. You might also get a discount on premium for being a member of the Automobile Association of India.
How to Use Two Wheeler Insurance Premium Calculator?
Most of the insurance providers offer online two wheeler insurance premium calculator on their website. You can visit the websites and click on their insurance premium calculator button.
The tool will ask you to provide details regarding your vehicle, basic personal information and contact details, such as
- Registration number of your bike
- The name of your vehicle manufacturer
- The model and class of the vehicle
- Fuel type
- The type and duration of the policy
- Your name, mobile number and email address
Using an insurance calculator is groundwork which initiates your buying process. Indeed, a two wheeler insurance premium calculator is a valuable tool that helps you to get the best bike insurance policy based on the specifications you provide. It allows you to compare different bike insurance plans on a click of a button. Simply put, a two wheeler insurance premium calculator helps you to evaluate your insurance needs and buy an appropriate policy accordingly.
You can compare bike insurance quotes and save up to 50% on premium. With two wheeler insurance premium calculator, compare plans from top insurance companies for your new or used vehicle. Get instant online bike insurance as per your budget and needs anytime, anywhere!
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