In India, it is mandatory to buy insurance for two-wheelers as per the Motor Vehicles Act 1988. While these policies help get protection from third-party liabilities, they do not offer compensation for the costs of repair to the insured two-wheeler. With most insurance providers offering policies online, you can choose between third-party bike insurance, own-damage bike insurance, and comprehensive two-wheeler insurance by comparing policies and choosing the features you need. When you buy Insurance for your two-wheeler online, you have optimum control over the buying process. You can go through the policy wordings, choose add-on covers, and calculate the premium by using the online bike insurance calculator.
There are many providers offering two-wheeler insurance policies. To find the perfect one for your bike, you need to compare providers and plans across the features you need. Since the policy buying process has become completely online, many insurers offer a two-wheeler insurance premium calculator on their websites. These calculators help you calculate bike insurance premiums based on your bike, add-on covers chosen, deductibles, and various other factors.
Here are some reasons that make an online insurance premium calculator for bikes an essential tool:
It Helps Find The Perfect Insurance Plan
If you want to use your bike, then you need to ensure that your two-wheeler policy is in force. This means that you will have to pay the premium for all those years. This makes bike insurance a recurring cost. Hence, many bike owners consider their budget while choosing the policy. A bike insurance calculator can help you choose the most cost-efficient plan for your needs.
Selecting The Right Add-ons
With a comprehensive two-wheeler insurance policy, you can opt for add-on covers that can help you customise it as per your needs. However, these add-ons can increase the premium of the policy. Hence, it is important to assess the feasibility of each add-on cover based on the premium charged. If the premium is too high and you feel you can manage the costs they offer coverage for without paying a steep premium, then you can exclude them from the policy. The calculator helps you assess this effectively.
Helps Choose the Best Features
Most insurers offer a voluntary deductible component to allow bike owners to reduce their premium liability by agreeing to pay a certain percentage of the claim amount. This is a good way to reduce the cost of insurance for your two-wheeler. However, choosing a high voluntary deductible can result in a high liability at the time of filing a claim. You can use a bike insurance calculator to find the optimum voluntary deductible to gain discount benefits without compromising heavily on the settlement amount.
Helps Determine the Right IDV
In bike insurance, the sum assured and the premium amount is determined by assessing the two-wheeler’s Insured Declared Value or IDV. This is the market value of the bike minus depreciation. Insurance providers use IDV to calculate a bike owner’s maximum claim on the policy. A lower IDV implies a lower sum assured and a lower premium. However, this would mean a lower claim amount too. Using a bike insurance calculator, you can determine the right IDV for your bike insurance plan.
Summing Up
Insurance providers offer an online calculator for bike insurance to help you calculate the premium of the policy based on the features you need. This excellent tool empowers you to choose what you pay for. Typically, you will be required to enter the make and model of your bike, city, and registration date, choose the type of policy, deductible, and add-on covers, and offer other details to provide an estimate of the premium. Once you get a quote, you can use this calculator to tweak the features and customise the policy as per your needs and budget constraints. If you are purchasing bike insurance online, then a premium calculator can be an essential tool in your arsenal. Good Luck!