When we think of buying a new bike, most of us spend a lot of time in researching online for the best deal. We carefully consider every feature and aspect and compare them to make the right choice. Similarly, buying a right insurance for the bike also needs a lot of ground work. It’s just not your one time duty! You must ensure to renew the insurance every year to protect it from unforeseen events. Hence, to get the appropriate bike insurance each time, you must make a good use of the effective tool called ‘bike insurance premium calculator’ available online.
Bike Insurance calculator
Bike insurance premium calculator is a dynamic online tool that helps you get the insurance quotes quickly in an easy and simple manner. It helps you conveniently get the desired insurance policy at the price that is affordable to you. Though premium is not the only deciding factor to get the suitable insurance plan, it’s a crucial element when you are buying/renewing a comprehensive bike insurance policy. It’s essential to calculate and know the bike insurance premium before you buy/renew. To make it more convenient and easy, almost every insurer and web aggregators are giving you premium calculator facility on their online portal.
Here are a few reasons to use an Insurance premium calculator while renewing bike insurance
- You can get a fair idea of how all the variables impact your final premium amount. You can change the variables according to your insurance and get the right quote.
- To get a clear idea of various insurers in the market and their policy offerings
- To understand the pricing of various benefits provided by different insurers
- You can compare quotes from various insurers for the required amount of coverage. Comparison of quotes and benefits can help you arrive at the prudent decision.
How to Calculate Premium Using a Bike Insurance Calculator
It’s quite simple and convenient to use. You just need to provide some of your basic information and the details regarding your vehicle and previous policy. That’s it! Calculator will generate an insurance quote for you within few seconds! Remember, the quotes are completely based on the information that you provide. Hence, it’s vital to give the correct information to get the right quote. Each detail that you provide has its own influence on the price of your bike insurance. Below are a few important details that you need to provide when using a calculator for ascertaining the cost.
- Type of coverage: There are two types of coverage that are offered to you at the time of insurance buying/renewal. Third party liability cover, which covers only your legal liability against any damage/loss to third party and third party property. Pricing for this is fixed by IRDA based on the engine capacity of your two-wheeler. Later one is a comprehensive insurance cover, which is strongly recommended as it covers loss to you and your vehicle along with liability cover to third party. Cost of this varies among insurers depending on their method of underwriting.
- Vehicle Details: Insurance risk is also assessed on the basis of below details of your vehicle
- Brand/ manufacturer of your bike
- Fuel type – higher the CC higher coverage you need.
- Make and model of the vehicle
- Year of manufacturing – Vehicle condition and age assessed for insurance purpose based on its age!
- The place where it is registered
- Any modifications and accessories installed in your bike – modification can affect your bikes value! And also installation of safety gadgets can get you discount on the insurance cost
- Current market value of your bike – insured declared value/sum insured is calculated based on this value after deduction of depreciation.
- Personal Details: Premium is also calculated based on the information that you provide regarding yourself. Basic information like your age, place, occupation and driving history, etc. influence the cost of insurance.
- Previous policy details: In case of renewal, previous policy details are considered. If you are eligible for no claim bonus, you can avail the same to get your renewal premium reduced to the extent of benefit
To sum it up, bike insurance calculator is an efficient and useful tool for calculating insurance cost and to compare them as per the insurance need to make the wise choice. Use it effectively to make a prudent choice within your budget!