Buying a New Bike? Calculate the Bike Insurance Premium with an Online Calculator

 

When you are considering purchasing a new bike, you often pay close attention to the model, specific features in the bike, ease of riding and maintenance, your budget, service and spare parts availability and so on. You must not overlook the cost of the two-wheeler insurance policy you should buy. It is mandatory for all bike owners in India to have at least third-party cover insurance for the bike they ride on the roads.  You can use a bike insurance calculator to help you choose the right policy.

How is Insurance for a Bike Calculated?

A comprehensive two-wheeler insurance policy safeguards you in addition to third parties from any unfortunate events on the road. Purchase or renewal of an insurance policy for your bike online is simple and can be completed quickly. You need the details about the bike, such as the engine capacity, age, driving conditions, accessories etc. You can then compare policies online, compute the premium amount using a bike insurance calculator and select the most appropriate policy for your bike. For instance, you can buy or renew a Tata AIG two wheeler insurance policy in three simple and quick steps by visiting their website. 

How does the Online Bike Insurance Calculator Work?

A bike insurance calculator is a tool that helps you compute the premium amount of a particular two-wheeler insurance policy. Most of the insurance companies in India have such a tool available on their websites.

 A two-wheeler insurance premium calculator is easy to use: you have to input the details like your bike’s model, vehicle registration number and date, and the type of policy you wish to buy. The tool gives a premium for each. Thus, you will know how much premium it would cost for the policy on your bike.

How can I use the online bike insurance calculator?

  1. Select an insurance provider: The first step in the selection of a two-wheeler insurance policy is choosing an insurance provider. You can select from a number of insurance companies that offer their services online. 
  2. Use the bike insurance calculator: After selecting an insurance company, you must visit their official website and select the bike insurance calculator option. This tool will prompt you to enter certain details about your bike, including its manufacturer, model, and registration details. 
  3. Enter your bike’s Insured Declared Value: As the IDV is the basis for determining the premium under your policy, you must neither overestimate nor underestimate the value of your bike. The IDV is also important for the insurance settlement amount that the company will pay in the event of a total loss for your bike. You need not submit an IDV for your bike if you are purchasing only third-party liability cover. Besides the basic details, you must give the engine capacity and ex-showroom price of the bike to arrive at the IDV.
  4. Choose the required add-ons: You can add several additional benefits to your selected two-wheeler insurance policy to enhance the safety of your bike. These add-ons include zero depreciation cover, emergency medical expenses, and roadside assistance. The premium will be slightly higher according to the add-ons you choose.
  5. Submit the form to check the premium amount: Once you have entered and submitted the necessary details and the type of policy you want to purchase, the bike insurance calculator will compute and display the premium amount of said policy. If the premium is feasible for you, you can buy the selected policy. 

 The Advantages of Using a Bike Insurance Calculator 

 The premium on your two-wheeler insurance policy will vary depending on the policy you choose, the manufacturer and model of the vehicle, the price of the vehicle, the age of the vehicle, the engine capacity of the bike, and the condition of the bike. Using a bike insurance calculator has some advantages as shown here. 

  • Savings in terms of time and effort: With the help of a bike insurance calculator, you can ascertain the premium amounts of different insurance policies for your bike and compare them to choose the one most suited to your requirements. Therefore, you end up saving time and effort. 
  • Selection of adequate add-on benefits: By using a bike insurance calculator, you can determine the additional cost of various add-on benefits available with a two-wheeler insurance policy. This will help you select adequate add-on features that fit within your budget. 
  • Quick estimation of the overall cost of a new bike: By calculating the expected premium amount of the selected bike insurance policy for the bike you are considering for purchase, you can determine the overall cost of the bike. 

Conclusion 

A bike insurance calculator is a simple tool that helps you compute the bike insurance premium for your bike. You need not spend a lot of time comparing the policies of different companies. The tool will quickly give you the premium along with the additional features you desire. Thus, you can complete the purchase or renewal of your two-wheeler insurance policy in a few simple steps. It also gives an estimation of the total amount you would require for buying a new bike.

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