Surely, bikes are a popular mode of transportation in India because of their ease of use and ability to maneuver through narrow lanes and traffic. If you’ve been thinking about taking buying a two-wheeler you must be aware that you will have to buy a bike insurance as well, at least a third-party two-wheeler is a must. Subsequently, you should also be aware of the aspects that affect your bike insurance coverage and premium. You can use a bike insurance calculator online to determine your monthly premium. It is an easy online calculator to estimate the premium of bike insurance for any bike, scooter, or battery vehicle. Given that you can buy a bike insurance online, in a few clicks, it should not be much of a difficulty to understand its whats and how’s. In this blog, you will find all the necessary details that you should be aware of before buying your bike insurance.
How a Bike Insurance Calculator Works
Bike insurance calculator is an online tool that allows you to know your bike insurance premium amount by feeding in basic details like the make and model of your bike, coverage amount and likewise. You can easily calculate your premium amount for your bike insurance using a bike insurance calculator. You can modify the IDV, add or remove add-ons, and much more, all while evaluating the results of your modifications in real-time; the quotation will adjust it according to your inputs.
You must first navigate to the bike insurance premium calculator on the official website of the bike insurance companies. You can decide whether to base the calculation on a new premium or a renewal. Fill in the necessary information as listed below, then click “calculate.”
In order to give you a free quote, the bike insurance premium online calculator needs to consider:
1. KYC – Name, mobile number, and email ID
2. Vehicle’s brand
3. Model,
4. Insured declared value (IDV)
5. Year of manufacturing,
6. Details from the RTO.
Factors influencing bike insurance in India
Two-wheeler insurance is quite popular because of its low rates and straightforward repayment plans. The price of bike insurance is determined by a wide range of factors. The value of a bike insurance plan is determined by a number of variables that the insurance company analyses to estimate risk. You must be mindful of the factors that could affect the price of your insurance premium.
The following are the factors that influence the calculation of bike insurance online in India.
- Age of Bike: When figuring out how much insurance would cost, the age of the bike is also considered. This is the reason every insurance company requests that you provide the model of the year of your bike when applying for a bike insurance policy in order to provide policy pricing. Since a new vehicle has a greater market worth than that of an old one, the premium for the former should be higher and the premium for the latter must be lower.
- Year and Model: The bike’s model and manufacturer are the primary factors that affect the premium of bike insurance online because insurance is purchased to safeguard the value of the bike. Your insurance premium will be less expensive if you own an economy bike but you are likely to pay a higher premium if you own an expensive sports bike, though.
- Engine Power: The engine size of the bike is among the most common and significant elements that affect insurance costs for bikes. The size of an engine is determined by its cubic capacity (cc). If your bike has an engine with a capacity of 75cc or less, you will get a reduced premium. However, you will need to pay more for your bike insurance if it has a 350 cubic centimeter displacement.
- NCB: Insurance companies reward customers with the No Claim Bonus if they prevent filing a claim during the insurance year. The NCB is provided as a discount on the premium for the following policy year. You can receive up to 50 percent of the total of this bonus by maintaining a claim-free driving record and maintaining good driving habit.
- IDV: The Insured Declared Value (IDV) stands for the bike’s current market value. Since a bike’s worth diminishes over time due to depreciation, the IDV is determined once a year. IDV is a determining factor because the insurer is obligated to pay a sum assured up to the IDV only.
Advantages of Online Bike Insurance Calculator
- Gives you the option to select the ideal premium: You can select the most affordable bike insurance plan for your bike by comparing several premium estimates using the bike insurance calculator.
- Immediate insurance quotes: Based on your inputs, the bike insurance online calculator immediately offers a quotation for a bike, scooter, or electric bike. Get a quote by entering a few details about your two-wheeler.
- Assist in selecting the right IDV: By selecting the proper IDV, you may be sure that you will receive fair compensation in the event of a complete loss or theft. You can select the appropriate IDV and receive the required settlement at the time of a claim by using the bike insurance online calculator.
- Choosing the appropriate add-on covers: You can see how the add-on coverage affects the insurance rate with the bike insurance premium calculator. This way, you can choose the appropriate add-ons according to your set budget and needs.
When choosing bike insurance coverage, remember to consider the aforementioned factors. If you are well-informed about these factors, it will be easy for you to calculate the right insurance rate for your bike. Free bike insurance online can also help you calculate the premium. All that’s left to do is compare several policy quotations and select the one that best suits your requirements.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
