Insurance is one of the essential prerequisites to ride a bike in India legally. The Motor Vehicles Act, 1988 makes it mandatory to have motor insurance policy. When buying insurance plans, it may seem perplexing considering the plethora of options at hand.
Add-ons to your policy are further that complicate the selection process. You are posed with several permutations and combinations that further complicate the selection process. To simplify this process, you can use a bike insurance calculator.
What is a bike insurance calculator?
Bike insurance calculator is a nifty tool that helps in computing the premium for your policy. This tool is available on almost every insurer’s website. Using this dynamic tool, you can compare the various quotes offered by the insurers. A comparison will help you evaluate the right plan as per requirement. You can purchase a policy that fully suits you; after all, it is a safety net that should take care of the financial burden of damages or accidents.
How to use a bike insurance calculator?
Using a 2 wheeler insurance is a simple and straightforward process. Most insurance companies have this tool available on their website. This tool asks you to input details about the policy as well as the vehicle. You need to furnish the following information –
- Date of registration of your bike.
- Location of registration.
- Model and make of your bike.
- Year of manufacture.
- Type of the policy already purchased or to be bought.
- Any extra add-ons, if opted.
Once you enter these details, the tool will compute the premium amount considering all information provided. This way, you can compare the various plans among themselves based on features as well as premium.
What are the benefits of using a bike insurance premium calculator?
Groundwork: Using a premium calculator, it acts like a groundwork for the research. It aids in accelerating the buying process.
Comparison of deals: With myriad choices of plans, a bike insurance calculator ensures that you get the maximum benefit for the premium paid. You can compare the available options and make an informed decision as to which policy is to be selected.
Understand the factors affecting premium: This tool helps you to understand how the different factors influence the premium for your policy. Further, if these factors are within your control, you can adequately modify them to get an affordable deal on your insurance policy.
Make an informed choice: Using a bike insurance calculator can objectively help you get the right policy based on your coverage requirements.
How can you keep your premiums in check?
Apart from using a premium calculator, there are few tips to keep a check on your premium amounts.
No Claim Bonus: NCB or no claim bonus is the benefit passed from the insurance company for every claim-free policy period. Utilize it during renewal to avail a concession on your next premium.
Add-ons: Making sure you do not purchase unnecessary add-ons will help keep your premiums in check.
Modifications: Modifications increase IDV & concequently the premium for your bike. Ensure you do not go overboard with these modifications as it can shoot up your bike insurance premium.
Apart from the above, making smart claims, periodic renewals, and the like help in maintaining the premium to a reasonable level. To conclude, do consider the above factors while making use of a bike insurance premium calculator. It will not only aid the first time purchase, but also at the time of two wheeler insurance renewal online or via the offline channel.