Insurance

A bike insurance is one of the mandatory compliances alongside registration pollution certificate when buying a bike. With an insurance plan, the cost of repairs due to damages to your vehicle or general repairs are covered under it. This way, there is no strain on your finances at the eleventh hour. Further, in case of an accident where you inadvertently injury a person or cause property damage, the liabilities are also included in its coverage. The Motor Vehicles Act of 1988 makes it compulsory to have a bike insurance policy.

The insurance coverage for your bike is based on type of policy you choose. Third-party and comprehensive plans are the two types of policies among which there are multiple alternatives. It often can get confusing which policy is suitable for you. A two-wheeler insurance calculator is a helpful tool that can help you finalise a suitable policy based on your coverage requirements; all of it while keeping in check the twowheeler insurance price.

Two-wheeler insurance calculator: How to use?

Using a premium calculator is simple and straightforward. With a couple of inputs and the choice of plans with its add-ons, this calculator can help to arrive at a decision of which policy is the right fit. Let’s look at the process of how to use one –

• As you navigate to the two-wheeler insurance calculator section, you need to enter your personal details along with your bike’s registration specifics. The next step is mentioning you’re the model, make and year of registration.
• Next, you need to furnish details of any previous insurance polices held and the claims, if any, made.
• The above information determines an Insured Declared Value (IDV) which can be adjusted among a specified range to suit your preference. Note that adjustment of IDV is only possible for comprehensive policies and not liability-only covers.
• Once you have set the IDV, you can at this stage select the insurance policy you wish to buy along with the different add-on covers. Add-ons are optional coverage that you wish to buy.
• On submission, the premium which shall be applicable is displayed on your screen. Adjusting the policy coverage can help you secure adequate two-wheeler insurance coverage well within your budget.

How does a two-wheeler insurance premium calculator help you?

1. Selecting the right policy is the best way to take advantage of your two wheeler insurance premium calculator. Since you get quotes for many different plans, you can compare the price to policy features and select the right policy.
2. A premium calculator also helps to determine the right IDV that might be needed to ensure adequate coverage. For expensive bike, it is advisable to set the right IDV since it requires hefty repair costs.
3. Adding the right mix of add-ons is another benefit of using a premium calculator. The price charged vis-à-vis its coverage can help determine the adequacy of these additional coverage options.
4. Lastly, you no longer require relying on your insurance agent to compare the available options. You can determine for yourself what will suit you the best and how much it shall cost.

These are some ways how a two-wheeler insurance premium calculator can help get the best two-wheeler insurance deals swiftly and at an affordable price. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

In today’s internet age, you might have seen yourself confused between two alternative available online. Be it your sparkling new shoes to your brand-new mobile phone, you name it and it is available online. The e-commerce trend set the much-needed driving factor for making things available over the internet. Your motor insurance policy is no different. The last decade has seen a seamless transition for preference for all things online including motor insurance policies.

Despite the convenience of click-and-buy, there are few people who are reluctant about purchasing vehicle insurance online. This article highlights some noteworthy benefits of buying a moto insurance policy online. Let’s have a look –

Affordable insurance policies

Like most things available online, you have a plethora of alternative and thus finding an affordable motor insurance policy is easy. Since buying a two-wheeler or car insurance online involves lower operational costs, in form of reduced paperwork and middlemen, the price for an online policy is lower when compared with the traditional offline plans.

No paperwork

The next advantage of an online insurance plan is no paperwork. Buying a policy offline otherwise requires a lot of paperwork requiring you to submit many documents. The same in case of an online policy is hassle-free. All you need to do is upload scanned copies of the necessary documents in the application form.

Savings in time, easy and convenient

Buying car or bike insurance online requires far lesser formalities when compared with an offline application form. The insurance companies can pull most of the data from the road transport database with a few key inputs. This way, most of the information about the owner and the vehicle comes pre-filled. Further, the intuitive user interface makes the buying process smoother. Also, tools like a car insurance calculator can aid in selecting the right policy based on coverage and premium. So, with an online policy, you can compare the available alternative and shortlist your policy at the convenience of your couch. All this process saves a lot of time and energy while getting the best policy deals to you.

Instant policy in your mailbox

Buying a policy online has the one key benefit of instant delivery of the policy to your mailbox. Within a couple of minutes after your payment is through, your credentials are assessed, and you receive the delivery of your policy to your mailbox. Further, some companies also arrange for a physical delivery of your insurance policy for added convenience.

Ease of change in policy details

With an online insurance plan, changes if required can be easily made. These changes termed as endorsements can be simply carried by logging into your account on the insurer’s website and uploading the supporting documents for such changes. Similar to a new policy purchase or renewal, this endorsement is sent to your mailbox almost immediately after verification.

Many policies in one place

Lastly, the advantage of buying a motor insurance policy online is that different plans can be stored in one single place. For instance, you have a two-wheeler as well as four-wheeler insurance from the same company, you can access both policies and add or amend coverage to them from the same account. This way, all your insurance policies can be accessed from one single place.

These are some handy benefits of buying a motor insurance policy. So why hesitate in making the switch to an online policy? The right time is now! Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

 

Buying a comprehensive car insurance policy is the best decision you can make as a driver in India. It goes well beyond simply complying with the rule of having insurance while you drive. While there is a well thought out traffic system in place in the country, it often happens that people ignore traffic rules. Whether it is to increase their convenience or whether they are in a rush, there is always a whole bunch of people that don’t stop for a red light or don’t follow lane discipline. In such a situation, you can never be sure that an accident won’t happen.

While following traffic rules is the ideal solution to your problems, what happens when you do end up in an accident. That is where a comprehensive car insurance policy helps you. It covers all the costs of your repairs and offers a whole host of other benefits. However, a car insurance policy is only useful if it is compatible with your needs. To make sure of that, it is advised that you should compare policies before buying one.

Here are the points of comparison you need to look at:

Types of policies

At the first glance, car insurance may seem like a simple enough product that helps you in the case of a car accident. However, there are many aspects that you need to understand of car insurance. One of them is that there are 2 types of car insurance policies. These types differ based on their work and function. These 2 types are:

• Third-party car insurance

A third-party car insurance plan is focused on the damage that would be caused to another person in an accident. Known as the third party, they receive compensation from the insurance company on your behalf for the property damage or physical harm caused by your vehicle. In this type of plan, damages to your own vehicle are not covered.

• Comprehensive car insurance

As the name suggests, a comprehensive car insurance policy offers a more complete coverage to your car. In addition to the third-party liability coverage, it also coverage for own damages. Moreover, a comprehensive policy allows you to buy add-ons and refine your coverage further.

Your needs

Once you are aware of all the policies available for you to buy, you need to figure out what you need to buy. This means chalking out your coverage needs. Using this list of coverage needs, you can then look for policies that can fulfill them. While traffic regulations say that you only need third-party liability cover, you are the only one that knows what your car needs. Hence, you should look for a comprehensive policy that fits the needs of your car.

Insurance provider

While the function of the car insurance policy is the same everywhere, the company that offers it can play a huge factor in whether you should buy a particular policy or not. Hence, you should make sure you research about how the company works before buying a car insurance policy from them. To do so, you can read the reviews and testimonials given by existing customers about the company. These reviews are often available online. If a company that has a good reputation among its customers, it is worth buying a policy from.

Inclusions and exclusions

Many people believe that because car insurance plans offer coverage for your vehicle, they are all the same. However, that is not true. While you may find similar policies across different insurance providers, there will always be some difference between one plan and another. There will be some pieces of coverage that a policy offers and some pieces that it doesn’t. These are known as inclusions and exclusions. Hence, it is important that you read the fine print of the policies available to you and compare their inclusions and exclusions. Doing so will also give you an insight in how the policy works. This way, there won’t be any surprises at the time of making a claim.

When you own a car, you are instilled with a sense of pride about your possession. With your vehicle, you do not have to rely on crowded public transportation anymore. However, any unfortunate event can damage your vehicle and disrupt your daily routine. Hence, you must take steps toward safeguarding your car’s life. One of the best ways you can keep your car safe is by getting car insurance.

Understanding car insurance policy

Car insurance is an insurance policy that will protect you and your car if your car gets damaged because of an accident or theft. Apart from this, when you purchase a vehicle, it is a legal compulsion to get your car insured. According to the Motor Vehicles Act, driving a vehicle on the road without valid car insurance is not permitted and will lead to hefty fines. But you must not buy insurance for your car only to fulfil the legal practice.

It helps if you purchase car insurance because it protects you from damage repair costs that you might face because of an accident. If your car is damaged or stolen, the insurance company will provide you with the coverage to handle the damage repair expenses if you have insured your vehicle. For the coverage that you get from the insurer, you will need to pay a premium amount to the insurer. Paying these premium amounts will keep your policy afloat and in effect.

However, purchasing the best car insurance for your four-wheeler is not a simple task. There are many car insurance policies available out there that will be beneficial for you. To select one which matches your requirements can be quite tricky for you, you must conduct a ton of research about the different policies available. You can look for car online insurance policies, as it will be easy for you to compare plans as well. An efficient way of comparing insurance plans is by using the car insurance premium calculator. This calculator is a tool that a lot of insurance companies provide on their website. You can use this tool to determine the right quote for your premium on the insurance plan.

With the car insurance calculator’s help, you can:

1. Make a well-informed decision when you buy online car insurance.
2. Save a lot of time, since the calculator conducts all of the relevant calculations.
3. Get a policy which is completely suited for you and is not biased towards an insurance company.
4. Get online car insurance quotesanytime, as the calculator will directly be available on the insurer’s website.

Factors that a car insurance calculator uses to estimate the insurance premium quotes:

1. Model and make of the car
2. Fuel type used for car
3. Coverage option
4. Engine’s capacity
5. Car’s age or IDV (insured declared value)
6. The geographical location of the car owner
7. Add-ons/riders in the policy
8. Demographic factors
9. Discounts
10. Any modifications to the vehicle or type of car transmission

Working of car insurance calculator:

An insurance company will have its method of calculating car insurance. But, the general factors that are used for calculating the premium are the same. To use the car insurance calculator, you will have to fill in the information related to your car, policy and yourself. After you have entered the relevant details, the calculator will provide you with the premium amount depending on your chosen policy. It is a brilliant tool which will help you buy online car insurance. The premium calculation will differ for old and new cars.

1. New cars:

For a new car, the manufacturer’s name, manufacturing year, registration state, car model, etc. is required. The details about the car’s owners are needed as well.

2. Old cars:

For an old car, the calculator will need details like the model and make of the car. Apart from this, other features like registration number, fuel type, information about existing policy and whether claims have been made from the past policy. The calculator will provide the premium amount after you have provided these details.

With a car insurance calculator, you have the option of customizing the information you provide as input. You can check the suitability of an insurance plan by this method and understand how customizing different factors can lower your premium amount. The calculator can also help you select the plan that will provide you with the lowest premium.

Conclusion

Hence, car insurance is an effective way of keeping yourself safe from the damage repair costs that you will face if the car gets damaged in any way. Apart from this, it is a legal mandate for every car on the road to have an insurance policy. However, the purchase of car insurance can be a bit complicated because of so many options available. Hence, to make the process easy, you can use a car insurance calculator. You will have to fill in the details about yourself, your car and the policy you have chosen. The calculator will provide you with a premium amount which you will need to pay. With this tool’s help, you can easily compare and select the plan that best suits you.

Life is not going to turn out just the way you’ve planned it. Some life uncertainties can throw you off the hook (physically, mentally, and financially). During such challenging times, if anything were to happen to you, then your loved ones will face financial turmoil.

That’s where a term insurance plan comes in handy. The primary objective of buying term insurance is to protect the future finances of your family in your absence. So, even after your death, your family members can accomplish their life aspirations without having any money troubles.

Hence, a term insurance plan should inevitably be your starting point in the financial planning process. Below we’ve mentioned top term insurance benefits that will validate this.

1. Term insurance is affordable

Term insurance is popular because it is the most affordable life insurance product available in the market. The policy premiums are cheap on the pocket, and hence the policy is quite in demand even today.

If you are wondering how much the policy will cost you for your desired coverage, you can use the term insurance calculator to determine the premium amount. Based on the results, buy a term insurance plan that fulfils your needs and is affordable at the same time.

2. Term insurance offers several tax benefits

Besides securing the financial future of the loved ones, term insurance provides several tax benefits. The premiums paid towards the policy can be claimed for tax deductions under Section 80C of the old income tax regime.

Also, the death benefit received by the dependents is tax-free under Section 10(10D) of the Income Tax Act, 1961. For those who have purchased term insurance with the critical illness rider benefits can claim additional deduction under Section 80D of the Income Tax Act.

3. Term insurance secures your family’s financial future

Securing the financial future of your loved ones is the primary purpose of buying term insurance. Considering the kind of year we’ve had, an extra security blanket that could help protect the financial future of your loved ones is always worth investing. So, if you are wondering where to start your financial planning process, buying term insurance should undoubtedly be the first step.

4. Term insurance can be easily purchased online

By now, we are certain that we’ve convinced you to buy term insurance as the first step towards sound financial planning. You can buy term insurance plans in India online from the comforts of your home. All you have to do is visit the official website of your chosen insurer and go to the ‘Term Insurance’ section. Select the type of term plan you want, your desired coverage, and rider benefits. Then, pay the premium amount online, and it is done. The issued policy will reach you shortly.

To Conclude

From this, it is evident that term insurance is the simple and most affordable life insurance product available in the market. If you are planning to get your finances right and secure your family’s financial future in the process, term insurance is an ideal investment tool for you.