Bike Insurance Calculator – Advantages and Guidelines to Use

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Updated on Sep 02, 2022

Anand wants to understand the bike insurance premium for his new bike before buying it from an insurer. So, he used an online tool that helped him understand the breakup of his bike insurance and further helped him buy a policy at the best price and save money. That tool also allowed him to choose a company that catered to his needs in the best way possible.

Buying a new bike insurance policy involves several challenges because there are a number of factors that can influence the premium prices of a bike insurance policy. This helps in making an informed decision while purchasing a plan. Another thing is that a policy buyer can select a plan which offers better coverage.

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What is a bike insurance calculator?

A bike insurance calculator is an online tool that helps in getting and estimate of the premium amount within a few minutes. It is ideal for those who want to know the premium so that they can plan their spends accordingly Moreover, customers can even compare the quotes of coverage plans easily, which will help choose the one which is right for them.

Also Read: How To Select The Right Bike Insurance Company

Guidelines to use a bike insurance calculator

Two-wheeler owners can benefit from the premium calculator available online to get an accurate approximation of the premium.

  • Policy buyers should enter their motorcycle details such as model, variant, make, and bike displacement
  • The second step is to provide the details of ex-showroom price, place of registration, and the purchase year of a vehicle
  • One should enter the details of past claims, if any, in the third step
  • The calculator will display the insured declared value (IDV) and bike premiums
  • A person can now choose a plan that he/she wants to buy
  • The next step is to pick a comprehensive plan or third-party insurance
  • A customer can check the add-on covers when they want to get additional coverage
  • The calculator will show the premium amounts, and customers can select them depending on their requirements

Advantages of using an online bike calculator

  1. Allows bike owners to select the right premium 

The primary advantage of using a bike calculator is that it allows bike owners to select their plan with the premium rates which suit the budget

  1. Helps to determine the IDV

The insurance declared value (IDV) plays an important role in determining the maximum coverage of a bike paid by an insurer during the claim process. A bike calculator allows policy buyers to calculate the same with high accuracy.

  1. Enables buyers to pick add-ons to increase the coverage

Add-ons let a policy buyer increase coverage to help get high protection from various other mis happenings. Allowing one to customize the plan basis the requirement.

  1. No agent required 

Using an online calculator helps eliminate the need for agents allowing customers to save commissions. Also, this makes buyer less susceptible to misselling and fraud.

Also Read: How to Calculate NCB for Bike Insurance in India

Why should one consider using a bike insurance calculator?

  1. Helps to reduce premiums 

Anyone who wants to reduce their premium prices on bike insurance can benefit a lot from a two-wheeler insurance premium calculator.

  1. Policy buyers can make a sound decision 

Calculating bike insurance allows policy buyers to make a sound decision while buying a plan. It allows customers to select their protection levels for a two-wheeler by addressing looking into all the features of the policy.

  1. Cost-effective 

The primary advantage of utilizing an online insurance calculator is that it enables customers to get an overall idea of insurance plans in detail. A person can even figure out how he/she can use the right combination of factors while finding a plan.

Knowing the difference between comprehensive and third-party insurance

Insurance companies offer comprehensive insurance plans and third-party insurance plans for two-wheelers. However, a policy buyer should understand the differences between them before investing money. Comprehensive bike insurance offers complete protection for a vehicle, including personal accident coverage and third-party insurance.

At the same time, third-party insurance offers coverage only for losses and damages caused by an insured person to a third party. Therefore, the bike insurance cost may vary from one insurer to another, and two-wheeler owners should evaluate them minutely. It also allows policy buyers to select a plan that tailors to their needs and costs. The costs of comprehensive insurance plans are high when compared to third-party insurance, and customers should know them in detail.

How to reduce the bike insurance premiums?

First, they should consider maintaining a positive riding record and not making unnecessary claims. Second, installing anti-theft devices will help reduce bike insurance costs for one year or more, depending on the duration. Third, choosing a policy with relevant add-ons will help lower the premium prices to a large extent. Fourth, a policy buyer should consider raising his/her voluntary deductibles because they will help get discounts on premium amounts. Finally, he/she should renew his/her bike insurance before it expires. Besides that, policy buyers should seek advice from insurance experts before purchasing a plan from an insurer.

The bottom line 

Purchasing new two-wheeler insurance is challenging, and customers should consider calculating the premium rates properly. A good insurance policy protects a vehicle from high risks such as liabilities and legal disputes. Using an online calculator will guide customers to determine the two-wheeler insurance rate that fits a person’s budget. PayBima provides a unique online platform where customers can compare the prices of bike insurance plans offered by several companies. It aims at satisfying the requirements of two-wheeler owners when they want to explore different plans in one place, thereby helping them get the best coverage.

Mar 02, 2022
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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