A two-wheeler is one of the most effective vehicles that will help you save time while travelling and is also easy to handle and maintain. But a bike needs to be protected against accidental and other damages. You can do this by getting bike insurance for your two-wheeler. Bike insurance is an easy way to ensure the safety of your vehicle. If your vehicle gets damaged, the bike insurance will provide you with financial support to handle the repair costs. In this policy, you will have to make premium amount payments to the insurance company to keep the policy afloat for the fixed tenure.
You must select the perfect policy for your bike, as it will be the protection your bike gets in the event of an accident or any other damage. To help their customers select the most suitable plan for them, insurance companies provide a bike insurance calculator on their official website. This free tool assists you in choosing the best plan for you. You will have to input your bike insurance details, and the calculator will provide you with insurance quotes.
Five things to check with an online bike insurance calculator:
- Ideal plan premium:
The bike insurance calculator is mainly used for providing you with the premium quotes on an insurance policy. You can use the motorcycle insurance calculator to get the insurance quotes on different plans. Once you have a complete understanding of the premium quotes from other plans, you can select the one that meets your budget and needs.
- Correct IDV:
The two-wheeler insurance calculator will help you decide the right IDV (Insured Declared Value) for your bike. IDV is the current market value of your bike and the maximum amount you will be paid by your insurance policy when you file a claim. Including the ideal IDV amount is essential, as it is the amount you will receive from your insurance company if your car is wholly damaged or stolen.
- Choice of add-ons:
An add-on is additional coverage you can include in your insurance plan for specific situations. They are an excellent way to increase the coverage in your existing policy. However, including too many of them will also increase the premium amount you pay for the policy. With the bike insurance calculator’s help, you can understand how different add-ons will affect your premium amount. Thus, you can pick the perfect set of add-ons you wish to add to your plan.
- Flexible premium rates:
The bike insurance calculator will ask you for specific details about your insurance policy and your bike. When you provide this information, you get the premium amount that you need to pay. However, with the calculator’s help, you can customize the information you provide and see how the different elements of your policy can affect the policy. Once you understand this, you can customize your policy to lower the premium amount.
- Fraud check:
With the help of the online motorcycle insurance calculator, you can find out the bike insurance rates. This calculator provides you with the insurance rates on a specific policy. When you have this calculator at your disposal, you can check the different plans and their prices and, thus, not pay any extra amount than what is required.
What is the information required to use a bike insurance premium calculator?
To get the premium quotes from the insurance calculator, you must fill in the information listed below:
- Status of previous policy (this is not required if you are buying for the first time)
- Your bike’s registered number
- Personal details – name, mobile number, etc.
If you do not possess your bike’s registration number, then you will have to provide the following information:
- Status of your previous policy (Inactive or active)
- Registration year
- Manufacturer Details
- Make and Model of bike
- Regional Transport Office location
To use the bike insurance premium calculator, you should visit the insurance company’s official website and go to the calculator. Once you are on the calculator page, there is an option of selecting between ‘new premium’ and ‘renewal’. After you choose ‘premium’, you can fill up the details about your policy and bike and hit ‘calculate’.
Importance of using bike insurance calculator before purchasing the policy:
- You will have a clear understanding of the different plans available online you can get.
- You can select a plan for yourself without getting biased opinions from an insurance agent.
- You know what type of insurance coverage you get from the plan.
- You will be able to find different ways to save on the premium amount you pay towards the plan.
It is easy to use an online bike insurance calculator. With a few easy steps, you can know the insurance premium that speeds up the process of purchasing bike insurance online. While a bike insurance policy is a necessary purchase that you must make with your bike, you need not worry about paying heavy premiums to ensure your bike’s safety. Using a two-wheeler insurance calculator also gives you a broad understanding of the various factors your insurance provider considers while fixing your premium payments.