A bike insurance calculator is an online tool in that helps you calculate bike insurance premium offered by more than one General Insurance Company and select the lowest quote. With this dynamic tool, you can compare the quotes of different insurance companies. This comparison will help you buy the policy which is fully suitable to you.
Using an online bike insurance premium calculator in India is very simple, all you need to do is fill in your details, select the factors which affect the premium for your bike insurance policy and click compare to buy a policy. The comparison will thus give an approximate idea of what will be the amount of premium you need to pay for the insurance policy. You can use this calculator before buying a new policy or before the renewal of your old bike insurance policy.
Here is a list of benefits of using an online bike insurance premium calculator:
Using a calculator is groundwork which accelerates the buying process.
You don’t settle for anything unprofitable since you compare deals from more than one Bike Insurance Company.
You get an idea about the factors that affect your bike insurance premium in India. You can, thus, try to reduce it.
You are not influenced by any agents. You make an informed decision, depending on your needs.
Your bike insurance premium is made up of the following 8 components:
Following are the features of a third-party bike insurance component:
Insured Declared Value(IDV) is the maximum amount that you can claim in the case of any loss or damage. Over a period of time, the value of your vehicle depreciates and thus, the IDV reduces too. The higher the Insured Declared Value, the higher the premium of your bike insurance and vice versa. However, it is better to get IDV which is near the cost of the market value of your bike.
Following are the features of an own-damage cover, note that it does not cover third-party components:
A personal accident cover of Rs. 15 lakhs for owner-driver is included in every bike insurance policy.
Following are its benefits:
Add-ons are the best options to enhance your bike insurance policy.
So, please ensure that you make proper use of the bike insurance premium calculator the next time you want to check, buy or renew your bike insurance policy online. It will help you to compare the quotes of different insurance companies before you apply for the policy online and make the final decision that best suits your needs. Use the premium calculator before making the final payment.
The sure shot way of reducing your bike insurance premium is by earning the NCB for your bike.
Avoid policy lapse by renewing your bike insurance policy on time. The comparison of policies is advisable at the time of renewal as well. This will help in availing the No Claim Bonus.
File a claim against your bike insurance policy only when you cannot personally afford to pay for the cost of damages. Making small claims will reset your NCB cycle.
Select only those add-ons which you absolutely need.
Installing security devices, like an Anti-theft device, will earn you a discount on premium.
Any kind of expensive modification will increase the cost of your bike insurance policy, and getting these parts insured would be a good idea. If your priority is to reduce the amount of premium, then avoid these modifications.
Providing accurate information like: geographical location, age of owner, profession or marital status, will result in better pricing for the policy.