A bike insurance policy is a must-have document if you want to ride your motorcycle on the Indian roads. In India, buy third party bike insurance or comprehensive bike insurance; as per your affordability and convenience. The main difference between the two policies is that third party bike insurance is cheaper compared to comprehensive bike insurance.
However, third party bike insurance provides limited coverage as the policy only offers cover for third-party liabilities. Whereas, comprehensive bike insurance provides extensive coverage (third-party liabilities + damage to your bike). So, when buying a bike insurance plan for your motorcycle, it is recommended to invest in comprehensive insurance due to its extensive coverage.
Whether you are buying a third party bike insurance plan or comprehensive bike insurance policy, you would want to go for a plan that is affordable on your pocket. That’s when a bike insurance calculator comes in handy. Ideally, the tool allows you to calculate the bike insurance premiums for your two-wheeler.
The tool takes into consideration the bike’s make and model, RTO details, and Insurance Declared Value (IDV) to determine the insurance quote. Below we have enlisted some unique benefits of using the bike insurance calculator.
Benefits of Bike Insurance Calculator
- As stated earlier, a bike insurance calculator will provide the bike insurance premium quote in a few clicks. The entire process is quick and hassle-free.
- Since almost all insurers in India have a bike insurance calculator available on their official website, it becomes easier for the audience to compare the price of different plans before buying it.
- If your primary and determining factor for purchasing bike insurance is the cost of the policy, the bike insurance calculator will help you get to that decision effectively.
Let us give you a walkthrough on how to use the bike insurance calculator tool.
How To Use The Bike Insurance Premium Calculator?
Before you visit the insurer of your choice, make sure that you have the following details handy.
- Name of the bike manufacturer
- Year of bike manufacture
- Mode of your motorcycle
- The variant of your motorcycle
- Bike registration details
In case you are renewing your bike insurance plan with a new insurer or buying insurance for an old/used motorcycle, you need the following details
- Fuel type
- Make and model of the bike
- Bike insurance policy details (if any)
- No Claim Bonus (NCB) details and past claim reports (if any)
Now that you have these details at your reach, follow the steps below to get a quote using the bike insurance premium calculator:
- Visit the insurer’s website and go to the ‘Bike Insurance’ section.
- Select the bike insurance calculator option.
- Provide your bike details, city of registration of your vehicle, year of purchase of your bike, and any other requested details.
- Then click on submit.
- Based on the information you provide, the tool will compute the bike insurance premium that you need to pay.
The Bottom Line
With the bike insurance calculator, you will be able to determine the premium of your bike insurance policy based on your desired coverage and add-on benefits. So, make use of the tool before purchasing bike insurance online in India.