How to Use a Bike Insurance Calculator to Save on Premiums: A Step-by-Step Guide
Pune, 11 November 2024: Bike insurance is one of the most essential forms of protection for your vehicle against monetary loss in case of an accident, theft, or damage. However, finding the best policy at the most reasonable price is difficult.
This is where a bike insurance calculator comes really handy for you. A bike insurance calculator helps estimate and compare premiums from various insurers, helping you to make decisions based on your financial power. Hence, in this article, we will guide you through how to use a bike insurance calculator and discuss its benefits.
What is a Bike Insurance Calculator?
A bike insurance calculator is an online tool that you can use to calculate the approximate premium of your bike insurance plan. The bike insurance calculator uses various factors, such as the bike’s make year, model, age, and location, to determine the premium. Hence, you can input these details in the online tool offered by various insurance companies to get an estimation of your premium, compare plans, and adjust the options according to your specific requirements.
How to Use a Bike Insurance Calculator?
Here is a step-by-step guide you can follow to do bike insurance online check using the calculator:
Step 1: Gather the Required Information
One of the first steps you must do before using the bike insurance calculator is to gather the required information and documents. It includes gathering the bike’s make year, model, engine capacity, insured declared value and personal details. Collecting these details before using the calculator ensures a smoother and faster process.
Step 2: Select the Coverage Type
After gathering the information, visit the insurance calculator webpage of your preferred insurer and select the coverage type between third-party liability and comprehensive plans. Although third-party bike insurance is mandatory in India, choosing the comprehensive plan will offer you extensive coverage for higher premium rates. Hence, you can decide between the two depending on your insurance requirements and budget.
Step 3: Enter Your Bike Details
Once you have selected the coverage type, input specific details about your bike, including make and model year. The more popular brands or models with higher repair costs would command higher premiums. If your calculator provides it, include your bike’s Insured Declared Value. It determines the sum insured quantity and will impact premium costs and potential claims amount.
Step 4: Add Optional Riders
Many insurance companies offer you optional riders or add-ons for enhanced coverage. You can add these riders in your calculator, such as zero depreciation cover, roadside assistance, etc., to calculate the premium amount. While these add-ons increase premiums, the calculator displays their cost impact, helping you assess if the additional protection aligns with your needs and budget.
Step 5: Review and Compare Costs
Once you have entered all the details, the calculator will display the estimated premium according to your selected coverage. You can use the calculator to compare the premiums from different insurance providers and evaluate the coverage. However, you must choose the policy that offers adequate coverage according to your specific requirements.
What are the Benefits of a Bike Insurance Calculator?
The following are the different benefits of using a bike insurance calculator:
Get Premium Quotes
When you use a bike insurance calculator, you will receive premium quotations from different insurers on the basis of your input. You must enter details regarding your two-wheeler to get the quote.
Ability to Choose Add-On Covers
The online bike insurance premium calculator enables you to see how the add-on covers affect the insurance premium. It will help you select the right add-ons that match your budget and requirements.
Helps Determine the Right IDV
Choosing the right IDV ensures the right monetary compensation in case of total loss or theft. With the help of a bike insurance premium calculator, you can select the correct IDV for the proper compensation at the time of claiming.
Enables You to Compare the Premium
The bike insurance premium calculator lets you compare different quotes. With the help of this online tool, you can get the best-priced bike insurance policy for your bike.
No Dependency on Agents
You do not need to rely on an insurance agent to get premium details with the help of a bike insurance calculator. Nevertheless, you can enter a few details to get bike insurance premium details.
Convenience
The bike insurance premium calculator saves you the hassle of visiting the insurer’s office to check the bike insurance quotes. Whether at home or anywhere else, you can use the calculator to explore your options in bike insurance and make decisions at your convenience.
Final Words
Henceforth, using a bike insurance calculator is a hassle-free and easy process. It helps you to find the best policy according to your insurance requirements. You can follow the above-mentioned steps to use the calculator and optimise the policy to suit your requirements. In addition, the online tool saves time, provides accurate premium estimations, and enables you to make an informed decision.
