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Bike insurance Premium calculator

Bike insurance calculator is tool which helps you select the best two-wheeler insurance policy based on your needs and requirements. It helps you compare a variety of plans offered by two wheeler insurer. In country like India it is mandatory to have two wheeler insurance under Motor Vehicle Act of India, for everyone owning a two-wheeler. Two wheeler insurance is a plan which refers to a protection or cover for your motor bike against any damages or unforeseen events like accident, theft, burglary or natural disaster. It also provides protection to the people injured due to accident. The two wheeler insurance plan is available for all types of vehicles like bike, moped, scooter, scooty, etc.

Bike insurance calculator, in simple words calculates the premium of a bike and also helps generate quotes from different insurers by comparing the wide range of plans available from the information provided.

Now getting the best, two wheeler insurance plan has become easier due to the availability of online bike insurance calculators which help one not only save time but also save a huge amount on your annual premium. In order to get premium quotes one needs to provide with following information:

  • Two wheeler number
  • Status of previous policy (expired/not expired).

Information Required

In case of not sure about two wheeler number, following information needs to be provided:

  • Manufacturer details
  • Registration year
  • Model and variants
  • Regional Transport Office Location (RTO)
  • Status of previous policy (expired/not expired)

Benefits Online Bike Insurance Calculator

  • It is a time saving and easy procedure.
  • It is a trustworthy tool. As it is free from bias and is not affected by the decisions of broker/agent rather depends completely on information provided.
  • Protect an individual from paying huge commission to the intermediaries.
  • No paperwork needed for this procedure.
  • Compares the two wheeler insurance premium rates of different companies and extract the most favourable one, according to needs and requirements.
  • Best part is one can use these calculators free of cost.

Two Wheeler Insurance

Two wheeler insurance is nothing different is the same thing that you get under a car insurance plan. The first thing that you should keep in mind is that in India it is mandatory to have a two wheeler insurance policy in India and secondly, it saves your money by offering the required coverage in case of any damage, repairs that take place because of an accident. Moreover, if you visit a network garage, then you would be liable to take advantage of cashless facility under which the insurance company will pay for the repairs on your behalf. You can buy two wheeler insurance for your bike, scooter, etc.

As it is mandatory to have a two wheeler insurance policy, it is also very important to pay attention that you are buying the right plan for yourself. Each vehicle has its own needs, thus choose the one that can easily meet the requirements. To get the right two wheeler insurance you must take advantage of free two wheeler insurance quotes that will help you in choosing the best. With the help of our comparison service, you can compare two wheeler insurance policies online and can check the benefits and features of the policy. If you compare two wheeler policies online before buying then rest assured that you will get the desired policy within your budget.

Importance of Two Wheeler Insurance Plan

The Two Wheeler Insurance refers to the insurance policy that provides a cover that provides the policy holder a cover against any kind of damage that may occur during a mishap like an accident, natural disaster or act of any thief that occur to the bike. The 2 wheeler Insurance plan is one solution to all the problems and worries that you face for your motorbike.

No matter if your vehicle is a mixed commercial and personal or personal or commercial, insurance will safeguard your motorbike against all odds. Unforeseen events not only cause harm to your motorbike, but they also result in your mental, emotional, financial, and legal breakdown the person. This is where the two wheeler Insurance plays the vital role. Any damage that is caused because of the third party is also covered under the same.

The Importance Of Bike Insurance Calculator

It important to use a bike insurance calculator before buying any policy because-

  • One becomes well-informed about the market and the players.
  • Makes your overall policy buying procedure easier.
  • One is already prepared with the prerequisites and the documents required.
  • Value for money- one can have a quick scan through all the policies available and select the best one.

Factors affecting Bike Insurance Premium

Two - Wheeler insurance is compulsory to have by law. It is a legal necessity to have a minimum level of insurance before driving a wo - Wheeler in India. The coverage depends upon the type of plan and the insurer. However, following are the basic coverage, which you will get with a wo - Wheeler insurance policy.

Insured declared Value or IDV : Insured Declared Value or IDV is the amount of sum insured promised by insurance company, which one receives from the company at the time of any damage, theft, burglary, etc. It is calculated on the basis of depreciated value form the showroom's listed price and does not cover any registration and insurance cost. In simple words it is known as the market value of your vehicle.

Bike Model: the more high-end or luxurious is the model of your bike the higher would be the amount of premium. So if you own a high-end bike like Harley Davidson or Ninja or Royal Enfield bullet, then you will end up paying higher premium.

Age of the insured: the younger the age of the insured the higher would be the premium. Insurance companies generally carry this notion that young riders are more prone to accidents, as they mostly drive recklessly as compared to matured and experienced riders. Therefore, if you are planning for gifting your teenage son a bike this year then you will end up paying higher premium.

Manufacturing year: the older the model of your bike the lower would be Insured Declared Value and in turn will lead to low value of premium. Similarly, latest models will have high premium value.

Deductibles: it is that amount of insurance which the insured is supposed to pay from his own pocket. The higher the amount of deductibles, lower would be the premium. Similarly, lower deductibles will lead to higher premium.

Anti-theft Discount: if you have installed anti-theft devices approved by ARAR, then you will receive discounted premium rate. Various types of anti-theft devices are available like anti-theft alarm, safety gear lock, GPS device etc. One receives a discount of 2.5% for this.

Location: location factor also affects the rate of premium. For example, if you live in cities like Delhi, Mumbai where the volume of traffic is high, thus these places have high incident of accident, so the premium will be high. In case of cities like Ranchi, Lucknow, here the premium will be low.

Cubic capacity: higher the cubic capacity of your bike higher would be the rate of premium.

No Claim Bonus (NCB): how wonderful it would be if you received a reward for being a good driver. NCB is way via which insurer rewards you. It is discount that you receive every year. It is a discount on your premium ranging from 20%-50% and is advisable to not to claim for minor damages or incidents.

Renewal of Two- wheeler Insurance

One of most important responsibility of an insured person is to renew your policy within the specified time. One should take care of the following points while renewing the policy:

  • Be aware of the due date of your insurance policy and try doing it in advance in order to avoid extra paper work and fine for late payment.
  • Go for discounts like No Claim Bonus which will help in getting your two-wheeler insurance at lower premium rates.
  • Make sure you compare your insurance policy with other companies so that you don't end up paying higher premium.
  • Make sure you are also well versed with the online procedure of renewing.

Procedure For Online Renewal of Insurance Policy

  • Go to the official website of the company and logon.
  • Enter your user id and password for the same.
  • This will open your e-portal. Now click on the renewal button.
  • Enter the required information about your previous two-wheeler insurance policy
  • You can also choose any ad-on covers.
  • After this click on the submit button.
  • Different modes of payment are available for renewal amount like, credit card , debit card, net banking.
  • Make sure you save the receipt carefully.

Last updated on 14-09-2020