Two-wheeler insurance calculator: Owning a bike allows you to enjoy the excitement and independence of riding on roads. While riding a bike provides an unparalleled pleasure, there is no denying that it entails several obligations. A bike owner must do a number of things, like obtain a bike insurance policy to safeguard against any losses and get a bike registration certificate from the RTO. 

Two-wheeler insurance calculator: What is a bike insurance premium?

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The term "bike insurance premium" refers to the amount paid by the policyholder to obtain the coverage described in the policy document. It is the amount for which the insurance company will reimburse the insured for financial losses caused as a result of bike damage. The premium amount is an important consideration when buying a bike insurance policy since it makes no sense to purchase a policy with a high cost that does not meet the policyholder's budget.

Two-wheeler insurance calculator: Tips to get better quotes

The annual premium amount for bike insurance depends on factors like the type of motorcycle, engine cubic capacity, insured declared value, add-on covers selected and scope of policy coverage opted for.

You can get bike insurance premium quotes online too, here are a few tips to get better quotes from insurers.

Always look for an affordable plan

When looking for your two-wheeler insurance, one of your priorities will most likely be keeping premium rates low. Online policy aggregators make it quite easy to locate the most economical plan for your needs. After putting in some details about your bike, such as model number, year, and location, these websites will provide you personalised rates from partner insurers. You should seek policies that provide maximum IDV coverage, required add-ons, and dependability within certain pricing ranges.

Provide correct information

Provide correct information about your bike's registration number, model, year of manufacture, odometer reading, and so forth. Any erroneous information will jeopardise your ability to file future claims efficiently.

Type of coverage you need

When getting rates for bike insurance online, it's important to understand the many types of coverage available so you can choose what best suits your needs. The Motor Vehicles Act requires at least third-party liability insurance to cover injuries or damages caused to others if you are found to be at fault in an accident. However, extra coverings might offer further protection.

Optimise Insured Declared Value (IDV)

Choose the appropriate IDV for your bike according to its brand, age, and model to provide adequate coverage. Opt for the highest IDV allowed to receive a better claim payment for total loss or theft. Underinsuring IDV might result in partial settlement of claims.

Two-wheeler insurance calculator: How to calculate the premium

Compare online: You can easily compare the premium amount online across insurers in minutes rather than having to contact companies individually. When researching bike insurance online, compare identical policy types, claim benefits, exclusions, and rider coverage to ensure an accurate analysis.

Claim history: Insurance companies often charge cheaper rates if the policyholder has filed fewer claims in the previous years. Furthermore, insurers provide a 'No Claim Bonus' benefit when no claims are filed in a given year. With NCB added to your insurance, your premium will be reduced.

Deductibles: Deductibles are the amounts that policyholders agree to pay out of pocket throughout the bike insurance claim procedure. The remaining claim amount is borne by the insurance carrier. It is crucial to understand how deductibles affect premiums. The bigger the deductible, the cheaper the cost.