Buying a two-wheeler insurance policy is like purchasing a financial safety net against possible accidents and mishaps on the road while riding your bike. In India, the Motor Vehicles Act makes it mandatory for all bikes to have insurance for a two-wheeler with a minimum of third-party liability cover. However, a third-party bike insurance plan does not offer coverage for damages to your bike. It only covers damages to a third-party person or property. You can opt for comprehensive insurance for two-wheelers online to get complete coverage. These policies offer third-party liability cover and offer protection against damages to your bike due to accidents, collisions, fires, theft, man-made disasters, and natural disasters. You can also choose add-on covers to customise the plan as per your needs.
When you buy a bike insurance policy, you are required to pay a premium for the tenure of the policy. The premium for third-party bike insurance plans is fixed by the Insurance Regulatory and Development Authority of India (IRDAI). However, the premium of a comprehensive bike insurance plan depends on a range of factors like the age of the bike, your geographical location, add-on covers chosen, voluntary deductible, etc. Today, we will talk about an online bike insurance calculator offered as a free tool by most insurers to help bike owners customise their plans based on their needs and budget.
What is a Bike Insurance Calculator?
A two-wheeler insurance premium calculator is a free online tool that helps bike owners calculate the bike insurance premium of the comprehensive policy they want to buy. It factors in several details, including:
- The model, type, and manufacturer of the bike
- The type of fuel used by the bike
- Your location
- Age of the vehicle
- Status of your previous policy
- Add-on covers opted for
- Voluntary deductible, etc.
When you enter these details in the insurance premium calculator for bikes, the insurer estimates the premium you will have to pay for the policy. If the premium is above your budget, you can change the add-on covers or deductible amount to make it affordable.
Benefits of Using a Bike Insurance Calculator
Here are some ways in which a bike insurance calculator is useful to bike owners:
● Saves time
When you purchase a bike insurance policy and need a quote, you must send your details to the insurer, who analyses them before sharing an estimate. The response time can vary between insurers and can extend from a few minutes to a few days. You can get the estimate within a few seconds with an online bike insurance calculator.
● Error-free
Traditionally, people visited an insurance agent or the insurance company office to understand the rate at which they can purchase a bike insurance plan. The agent/officer would take the details and calculate the premium. However, this was prone to human error. With an online calculator, there is no scope for human errors.
● Desired customisation
Add-on covers are offered by insurers to help you customise the plan as per your needs. However, each add-on cover increases the premium. With an online bike insurance plan, you can add/remove add-on covers to understand their impact on the premium. This helps you customise the policy as per your needs and within your budget.
● Convenience
You can visit the insurer’s website anytime or night and use the bike insurance premium calculator for free. Considering our hectic lifestyles, this makes it a highly convenient option. Hence, you can look for policies and compare premiums and features anytime and anywhere.
Summing Up
There are many insurers and various types of bike insurance plans and add-ons available. This can make the process of selecting the right policy an overwhelming experience. With an online bike insurance premium calculator, you can estimate the premium based on your preference for the features needed and choose the best protection for your two-wheeler.
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