Calculate your two-wheeler insurance online before finalising the policy. This is the amount you pay monthly or yearly (depending on the insurer). You need a calculator to ensure your premium is ideal. You can calculate the premium payable using a bike insurance premium calculator.
This blog will talk about the premium calculation of your two wheeler insurance online.
What is a bike insurance calculator?
A calculator to determine two-wheeler insurance is a simple tool to calculate the insurance premium you require for a bike, scooter, or electric bike. The calculator helps you determine how the premium is calculated or modified based on your requirement. For example, if you choose any add-on or switch to a comprehensive insurance policy, the premium would be slightly higher than initially.
What are the benefits of a bike insurance calculator?
Such a calculator helps you calculate and understand the premium amount you require. Below are some benefits of the bike insurance premium calculator –
- Instant premium quotes: To calculate the premium of two-wheeler insurance online, you have to enter the details of your two-wheeler, and the result will be shown in a few seconds. Hence, you can avoid the struggle of going to the insurance company and waiting hours to complete the work.
- Compare the premium: A two-wheeler insurance online calculator helps you compare the premiums offered by several insurance companies, which enables you to pick the best policy per your need and feasibility. Apart from comparing, it also helps you pick the best-priced bike insurance premium.
- Helps you choose the right IDV: An IDV is very important to ensure you get the proper compensation for your bike in case of theft or complete damage. A bike insurance online calculator helps you calculate the right IDV and receive the proper compensation.
How to calculate the premium of your two-wheeler insurance online?
Calculating a bike insurance premium is very easy with the availability of the premium calculator. All you need to do is log in to the insurance provider portal and, select the bike model, make, year of the purchase, policy status, and proceed. Also, you can choose between third-party or comprehensive insurance plans and see the premiums you have to pay.
The premium calculators are divided into two categories – used bikes premium calculators and new bike premium calculators.
Below are the ways to find out bike insurance premium for used and new bikes –
Calculate the premium for used bikes
You can get the old or used bike insured like the new one and calculate the premium for a two-wheeler insurance online. Follow the steps below if you have a used or old bike –
- To begin using the calculator, you can proceed with the registration number.
- Select the model and make of the bike.
- Also, ensure to select the current policy status of the bike.
- Here, you will have the option to choose between third-party insurance and comprehensive insurance.
- You might also need to enter the NCB or any past claim file reports (if any).
- Check the policies available and compare the premium before proceeding.
- Once you choose the policy, pay the premium and get your two-wheeler insurance policy in your email.
Calculate premiums for new bikes
To calculate the premium for new two-wheeler insurance online, follow the steps below –
- Visit the website of the insurance provider.
- Login and enter your bike details such as – bike number, make and model, registration year, and mobile number.
- Click on view prices to proceed and see the insurance price for your new bike.
- You can adjust the IDV and proceed with your purchase plan.
- Lastly, pay the premium and get the policy document.
What are the factors that determine the two-wheeler insurance plan?
The factors determining the premium of two wheeler insurance online are –
- Age of the bike owner: The insurance company assumes that youngsters, mainly between 18-25 years old, are rough drivers. Hence, they are more prone to accidents than people above 25 years of age. Therefore, if you are between 18-25 years old, you will have to pay a higher premium than other age groups.
- The age of the bike has a high influence on the premium. Thus, you have to pay more premiums. If you have a used or old bike, you must pay a lower premium.
- Fuel type: You have to pay a higher premium if you have a bike that runs on CNG (Compressed Natural Gas). Whereas, if your bike runs on fuel such as diesel or petrol, the premium payable is low.
- Engine capacity: An engine cubic capacity (CC) also determines the value of the premium payable. Hence, a bike with lower cc will be charged a lower premium than one with higher cc.
- Add-on covers: Your add-on options can dramatically increase the premium payable. This affects the premium of the two-wheeler insurance online and can be changed per preference. The best way to avoid paying a huge premium is to only opt for the add-ons you need.
- IDV (Insured Declared Value): The insured declared value is the amount payable when raising the claim in case of theft or total damage to the bike. Although the IDV depends on the insurance company, it affects the premium you pay for the two-wheeler insurance online. A higher IDV will cost you a higher premium.
Now you know how to calculate your premium for two-wheeler insurance online. You won’t have to run to the insurance company or hire an agent to do the calculation. A two-wheeler premium calculator is an easy-to-use tool. Hence, anybody can use it. Also, remember the points that might cause the fluctuation in the premium.
Disclaimer – The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
Also Read: Essential Skills to Become a Vehicle Insurance Agent