Bike Insurance Calculator
Bike Insurance Calculator Calculation of the premium prior to purchasing the policy gives an accurate insight into the different Bike Insurance Calculator quote quotes for insurance plans on bikes.
Bike Insurance Calculator A calculator for bike insurance is a computerized tool designed to assist policyholders calculate a customized amount of insurance premium for their two-wheeler policy. In order to determine the appropriate premium, Bike Insurance Calculator you only need to input certain details into the calculator for premiums, such as the bike’s model, make, model, variant of the bike and RTO location, the bike’s purchase year, etc. Based on the information you input the premium calculator will calculate the price you’ll need to pay for an insurance policy for your bike with different insurance companies. Bike Insurance Calculator
Bike Insurance Calculator The greatest benefit of this calculator for bike insurance is that it allows you to evaluate various quotes for bike insurance to help you make the best buying decision. A calculator for the cost of bike insurance is a reliable and useful tool, as it lets you to select the most appropriate insurance policy for your bike and save your time with immediate and precise results. Bike Insurance Calculator
- A bike insurance calculator will give you the price quote for an insurance plan with two wheels instantaneously and helps reduce time.
- The tool for calculating the cost of insurance on bikes lets you compare the cost and coverage offered by various insurers, and aid you in selecting the insurance plan that best meets your needs.
- Your choice is unaffected since there is no influence from outside from an agency.
How is Bike Insurance Premium Calculated?
Bike Insurance Calculator With the Insurance Dekho calculator for bike insurance premiums It is simple to determine the amount of premium you pay for your insurance policy for bikes. A two-wheeler’s insurance premium is determined by a range of variables like the coverage of insurance, bike’s model, brand or registration year and many more. The cost of third-party bike insurance is determined according to the guidelines of the IRDAI. The price of the standalone insurance for own-damage as well as comprehensive insurance for bikes is set by two-wheeler insurance firms and varies based on the specifics of the insured’s bike.
Here’s an example to help you understand the process of calculating the cost of insurance for bikes in a more effective manner.
The method of calculating the price for insurance on two wheels will differ from one insurer to another.
For the calculation of the quote for your insurance plan with a two-wheeler all you have to do is enter some of the important information of your two-wheeler , and you’re completed.
There are however some basic variations that impact the method of calculating premiums using the calculator of premiums for new as well as a used bike. In addition to the NCB amount available, there is the possibility of discounting the premium for a used insurance policy that is not included when calculating the cost of the insurance of a new bicycle. The other factor that creates the distinction is the age of the bike in which case the brand newer bike will have a greater IDV (IDV) when compared to the older bike since the former will not be subject to the same amount of depreciation as the later.
Follow the steps below to calculate the two-wheeler insurance premiums on the web:
First step: Choose the model and model of your bike.
Second step Step 2: Choose the location where you registered your two-wheeler.
The most important two-wheeler specifications to determine the cost of an insurance plan an old or used bike:
- Make, model , and variant of a two-wheeler
- Fuel type
- The current two-wheeler insurance policy information (if there is any)
- The state of registration for the two-wheeler and the city
- No-Claim Bonus (NCB) or previous claim file information and report (if any)
After you’ve entered your information After entering the information, the calculator for two-wheelers will give you an estimate of the premium you will pay for
1. Two-Wheeler Owner’s Age
Based on the track record it is thought that riders on two wheels who are under 25 years old are more likely to be involved in accidents or mishap than those older than 25. So, those who are between the ages of 18 and 25 must pay a higher amount for insurance for two-wheelers as compared to other riders.
2. Fuel Type
Two-wheelers running on CNG (Compressed Natural Gas) have to pay a slightly higher price for insurance plans for bikes as compared to two-wheelers that run using diesel or petrol.
3. Geographical geographical
The insurers take into consideration the area in which the insured’s two-wheeler is likely to be used the most in determining the amount of the cost. For instance, those who ride who live in areas that have a high risk of traffic and high risk like metro areas are charged a significantly higher rate than those who ride their bikes in areas that have less traffic and lower risk.
4. The IDV will differ between different policyholders
depending on the manufacturer model, model, manufacturers selling prices, RTO details etc. A high IDV can lead to a higher premium.
5. Cubic Capacity
Another element that affects the cost of damage for the insurance plan for two wheels is the car’s cubic capacity. A higher price will be charged to a vehicle that has more capacity than a less one.
6. Other Factors
The price of a two-wheeler insurance policy will also be affected by the model, make and the variant of two-wheeler.
Two-wheeler’s year of manufacture: The IDV value of a brand-new two-wheeler are more than the IDV of an older two-wheeler. This means that the price for a brand new two-wheeler is more expensive than the old two-wheeler.
7. No Claim Bonus (NCB)
“No Claim” Bonus is the amount of discount the policyholder gets in the event of not making one claim under the previous insurance policy for two-wheelers.
These are the suggestions to reduce the cost of bike insurance:
1. Buy Insurance Online
It’s more economical to buy bike insurance online instead of buying it using an offline route. Insurance companies offer insurance policies with competitive prices online to entice customers. Additionally, purchasing online allows you to compare various plans to choose the lowest cost policy.
2. Do Not Make Small Claims
If you make claims, you will lose the No Claims Bonus (NCB) and, in that case, be sure to not request an insurance for any small bicycle damages, and then pay the repair costs yourself. This will earn you discounts on the next year’s insurance premium.
3. Installation of AAI-Approved Anti-Theft Devices
Many insurance companies provide discounts to policyholders with anti-theft gadgets fitted to their bikes that are approved from the Automotive Research Association of India (ARAI). Thus, the installation of anti-theft equipment can aid you in getting insurance at lower cost.
4. Opt for a Multi-Year Insurance Policy
If you opt for a multi-year insurance plan that lasts for a time that is up to three years instead of an annual bike insurance policy or renewal, the insurance company might offer you a certain amount of discount. Additionally, by choosing an insurance plan that is long-term will let you eliminate the hassles of yearly renewals of your insurance plan.
5. Type of Bike
One of the main elements that determine the price is the kind of bike you select. The price of premium for superbikes and sports bikes are generally higher in comparison to the regular commuter motorbike. With more power and greater motor displacements, the price of the the insurance plan for bike would also be more expensive. This is because high-end motorbikes require more maintenance than an average commuter bike. This is why it is advised to choose the bike you want to ride carefully based on the needs of your family.
6. Add-On Covers Opted
Covers for add-ons selected by you can add more to the cost. Therefore, it is crucial to pick only those add-ons that are required and are not recommended.
Bike Insurance Calculator