A bike insurance calculator is an online tool which helps you estimate premium payments on the insurance for your two wheeler. When you use the calculator, you can get the quotes of your policy by providing simple details about the bike and the policy you wish to purchase. You can customize the calculator further to check how different add-ons or the No Claim Bonus will affect your premium payments.
Using a two wheeler insurance premium calculator also helps you understand the affordability of different plans. This tool can help you pick the perfect two-wheeler policy online for you from the myriad policies available in the market. While this calculator seems like the perfect way to select a policy, it will be better if you understand how it can be used.
Importance of bike insurance in India:
A bike insurance cover is not only a necessity but also mandatory in India. A basic third-party cover is essential for your bike to ply on the road, without which you could be paying heavy traffic fines. However, this basic cover will only benefit a third-party vehicle or person and will not protect your bike in any way.
Road accidents on Indian roads are not a novelty, and very often, these can be fatal. Other than the injuries, one should not have to worry about the costs of repairing their bike in case of accidental damage. To ensure that your bike is protected as well, you need comprehensive two-wheeler insurance. Several bike insurance providers in India provide excellent plans that you can choose from. To make it easier for you to select a suitable plan for your two-wheeler, bike insurance companies and also third party web-aggregators have a bike insurance calculator on their website for you to check your insurance premium. You could also take a look at some of the most commonly asked questions that can help clear your doubts.
Most common FAQs about bike insurance calculator:
- How to find the premium on a policy for a used two-wheeler?
Akin to a new bike, the premium amount for second-hand bike insurance will depend on different factors like the make, model and variant of the bike, the type of plan you have chosen, the registration city of the bike etc. With a premium calculator, you can easily calculate the depreciation rate on the old bike and check out the increase in the premium.
- How does a bike insurance calculator work?
If you are ever stuck on the question of ‘how to check bike insurance‘ for your bike, then you can use the insurance calculator. This tool helps you in calculating and finding out the insurance premium for the policy. The tool will take factors like bike details, model type, manufacturer, RTO, etc. Once you have provided these details as an input, you can get the premium amount and the insured declared value (IDV) of your bike. The insurance calculator works only if you provide the correct data. Hence, you must be mindful of the details you are providing to the calculator.
- What is a voluntary excess, and how do I know the amount?
A voluntary excess or a deductible is the part of the claim amount that a two-wheeler owner agrees to pay during a claim settlement. The amount is above the compulsory deductible, which policyholder has to determine and pay. This deductible helps in bringing down the premium amount. Therefore, when you’re calculating your premium with a bike insurance calculator, you can use this figure to see how it reduces your premium.
- What is compulsory excess?
A compulsory excess or a deductible is the share of claim amount a policyholder has to pay while settling a claim for the policy. This amount is already fixed by the insurance provider as per the IRDAI directives and will not affect your car insurance premium.
- Can I find out how much premium I will pay next year if I don’t file a claim and get an NCB?
Yes, the insurance premium calculator helps you find out how much premium you will pay further on. You will have to first calculate your next premium along with the NCB discount. Your provider will offer a 5% discount every year that you don’t file a claim, so you can apply this discount while using the insurance premium calculator and check the final amount.
- If I renew my two-wheeler insurance policy, how will it affect my premium?
If you renew your two-wheeler insurance 90 days before it expires, then you can carry the No Claim Bonus forward with the renewal and pay a lower premium during the upcoming policy year. With a bike insurance calculator, calculate the NCB discount with your new premium to see how much discount you get on the renewed policy.
Hence, if you plan to purchase bike insurance, using a calculator can help you plan the premium payments and select a policy that suits you. Almost every insurance company provides this tool on their website free of cost. By providing a few details about the policy and bike, you can get the policy’s premium quotes. While this tool is straightforward to use, it is better to read through the FAQs about the tool to have a better understanding.