Buying a bike insurance can at times get challenging. With a myriad option of insurance companies, it can be confusing to select a suitable bike insurance policy.
There are essentially two types of insurance plans - third-party and comprehensive. A
third party bike insurance policy is the bare minimum that the Motor Vehicles Act of 1988 stipulates. It offers coverage for liabilities that are due to third persons. On the contrary, comprehensive policies overcome the shortcoming of a third-party policy and offer coverage for own damage too. But deciding which policy suits you the best can be simplified using a bike insurance calculator.
A bike insurance calculator is a nifty tool that helps to determine the premium for your bike. Model and make, registration date, place of registration, type of bike insurance policy are some of the details based on which the premium is computed by the tool. With these various factors in place, you can base your purchase decision effectively using a bike insurance calculator.
How to use a bike insurance calculator?
When you purchase a new bike, insurance calculator can help to assess the impact of your insurance cover on the overall purchase price. Here’s how you can use a new bike insurance calculator and obtain an estimate of the premium based on your selection of policy features.
- Start with selecting an insurance company whose policy you would prefer buying.
- Once you have made the choice, the next step is to head over to the bike insurance calculator section wherein certain inputs will be required.
- Details about your motorcycle like the model and make, the manufacturer, the year of registration, location of registration needs to be selected.
- On finalising these details, you shall be prompted to set the Insured Declared Value (IDV) within a specified range for comprehensive policies. For third-party plans, there is no option to alter the IDV.
- Submitting these details, you get choice of add-ons that enhance your policy’s scope.
- Finally click on the submit button wherein the final premium amount shall be displayed.
What are the advantages of using a bike insurance calculator?
The following are some of the benefits of using a bike insurance calculator -
Selection of the right policy: The first and foremost advantage of using a bike insurance calculator is helping to select the right policy. Different bikes have varying features and it is essential to select a plan that not only fits your budget, but also checks-off all your requirements.
Setting appropriate IDV: With the help of a bike insurance calculator, it is convenient to set the IDV for your bike. Since increasing or decreasing the IDV directly impacts the premium, it is essential to set the right IDV. This is especially true when you have a new bike, insurance calculator can help you select maximum coverage to safeguard it.
Ensuring the right add-ons are selected: Add-ons are optional policy features that help to enhance your bike’s insurance coverage. Using a bike insurance calculator, it can help to avoid unnecessary add-ons thereby keeping your premiums at an affordable level.
No assistance required: With a calculator, you can make the choice of a
bike insurance policy without any help of an external person or insurance agent. Since the insurance calculator presents more than one policy based on your bike’s details, it can aid to make a prudent choice based on your need and your budget.
These are some ways of how when buying a new bike, insurance calculator helps. Apart from the above pointers, it facilitates sound decision-making and also saves money at the same time. Further, it also protects you from frauds since you are directly dealing with the insurance company. So why wait and ponder about the right insurance policy? Instead, make use of a bike insurance calculator and enjoy hassle-free policy purchase for your new bike. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
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