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?
- 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.
- 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.
- 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.
- 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.