Two wheeler insurance is mandatory for all two wheelers registered in the country. This regulation specifies third party policy as the minimum requirement which can be increased to a comprehensive insurance cover. Two wheeler insurance with third party insurance cover has two components - liability cover and personal accident cover.
The liability component covers against any liabilities that may arise due to an accident resulting in injury to third-person or property damage. Along with it, two wheeler insurance third party
comes bundled with personal accident cover. Every policyholder has to mandatorily have a personal accident cover too. You might wonder how much the premiums for these plans may cost. While the liability cover is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), the personal accident cover varies. This is specified periodically by IRDAI. Your bike’s engine capacity in terms of cubic centimetres is the deciding factor for the premium amount. Using a two wheeler third party insurance premium calculator, you can help estimate the premium that will be charged for your bike.
How to use a two wheeler third party insurance premium calculator?
Using third party two wheeler insurance is straightforward. All you need to do is provide the details about you and your vehicle and the policy you want to select. For a clearer understanding, let us look at the steps of using a two wheeler insurance premium calculator –
Visit the insurance company’s website and navigate to the two wheeler insurance premium calculator
Enter your personal details and your bike’s details
Now you need to specify if you have made any claims in the past
here you can select the desired coverage for your policy
Select the add-ons which are only available when purchasing a comprehensive two wheeler insurance plan
The final amount of premium is displayed by the two wheeler insurance premium calculator
What are the benefits of using a two wheeler insurance premium calculator?
Here are some of the benefits of using a premium calculator:
- Selecting the right insurance policy: A two wheeler third party insurance premium calculator helps in selecting an affordable premium according to your budget. This way, you can not only get coverage using two wheeler insurance with third party plan but also stay complied as per the regulations.
- Eliminating middlemen: Using two wheeler third party insurance premium calculator, the reliance on middlemen is eliminated since you can directly get the estimates from the insurance company. This removal of middlemen also helps you to make an independent choice.
- Determining the appropriate IDV: An insurance premium calculator helps you decide the insured declared value or IDV and its impact on the premium. IDV is the approximate value of your two wheeler that the insurance company pays in case of total loss or complete damage of your bike. Note that this option is available only when you purchase a comprehensive two wheeler insurance plan.
- Selecting the right set of add-ons: Buying the right add-ons not only increases the coverage but also enhances the scope of the events covered by your two wheeler insurance policy. But you must note that not all add-ons are useful. Thus, make sure you select the right mix of add-ons.
So now that you know how to use your two wheeler insurance premium calculator and know its advantages, go ahead and use it to avail the best two wheeler insurance for your vehicle. After all, your vehicle deserves the best!