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इंडियन आवाज़     19 Sep 2021 03:58:10      انڈین آواز

How to calculate a two-wheeler insurance premium?

Riding a two-wheeler is an efficient way of avoiding traffic. People prefer bikes over cars as they are easier to ride and more economical. Commuting on a two-wheeler is easier now that the streets are getting more crowded leaving less room for each of us. Using a two-wheeler also means being more exposed and susceptible to injuries. Your well-being along with that of your vehicle depends largely on the infrastructure.

An unexpected bump, an invisible pothole, or a sidewalk without reflectors can prove to be fatal. Bike insurance protects you against possible accidents. It is a legally binding contract between the insured and insurer that states that the insurer is liable to pay a predetermined amount to the insured in case of the mentioned mishaps.

Also Read – India to be an example to world for e-vehicles: Gadkari

What are the types of bike insurance?

The two kinds of bike insurance available in the market are comprehensive insurance and third-party insurance. Comprehensive insurance has a wide spectrum of protection which includes coverage against theft, damage, loss, and much more. Third-party insurance has limited coverage but is mandatory insurance as per the law. This kind of insurance only covers the financial responsibilities for when you meet with an accident and the third party involved suffers damage to their vehicle or property.

How to calculate bike insurance premium?

Getting two-wheeler insurance is easier than it was. All you need to do is go online and pick the best insurance policy best suited to your needs. You can directly purchase insurance online without much fuss. Calculating bike insurance premiums is as easy as a single click with the help of a two-wheeler insurance premium calculator All you need to do is fill in the details of your two-wheeler. There are a few details that you might need to calculate your insurance.

  1. You will need details of your bike like the make, model, and bike displacement.
  2. You will need the price at which you bought the two-wheeler, registration number, and the city along with the year in which it was purchased.
  3. You need to declare if you had a bike insurance claim in the past and submit the details accordingly. You also need to specify if you wish to buy an insurance policy or simply renew it. In that case, you will need the details of the previous insurance policy as well.
  4. You can choose the appropriate insurance and the add-ons you wish to purchase as well.
  5. Based on these details, the insured declared value (IDV) will be determined for your two-wheeler. IDV in bike insurance is the maximum sum of money that the insurer will provide the insured in case of any accidents (or other scenarios as written in the policy).
  6. Once that is done, your final premium amount will reflect on your screen.

Also Read – Tata Motors to have 10 electric vehicles by 2025

Using an insurance premium calculator is an easy solution to a complicated problem. You can compare the premiums of different plans and opt for a good mix of add-ons to ensure you reach a package that is robust and fits your budget. An insurance premium calculator also eliminates the need for an agent, making you more independent and the sole decision-maker without any influence.

Using a two-wheeler insurance premium calculator is accessible to you at any time of the day. You can try it any number of times till you find the perfect match for you.

  • The ease of operating ensures you the best value for money and adjusts your finances accordingly. It also makes sure you are offered the best possible IDV in bike insurance.
  • It allows you to make a sound decision based on facts that can be made readily available.
  • Using an online calculator is a great way of ensuring you don’t fall prey to malpractices and end up paying more than required.
  • There are many things that may affect your insurance premium amount like the age of your vehicle, no claim bonus, and other such things. All these are taken into consideration when you choose to calculate the premium amount online and get the best deal possible.

Insurance is an essential investment in yourself and your future. That is why making an informed decision is crucial.

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