If you are looking to purchase a two wheeler insurance policy, you should first research the different types of bike insurance policies available in the market and then compare the premium quotes offered by different insurers. Read on for more information on why you should use a premium calculator before purchasing a two wheeler insurance policy.
What is a Premium Calculator?
A two-wheeler insurance premium calculator is an online tool that is found on the websites of two-wheeler insurance providers. To use a premium calculator, you will need to key in a few details, after which the premium quote will be displayed to you. Certain third-party insurance comparison websites also offer online premium calculator tools, which allow the user to key in a few details and compare the insurance quotes that are offered by different motor insurance companies.
Things to Keep in Mind
- When using a bike insurance premium calculator tool, you will need to key in certain information. Thus, you will need to keep information about your two-wheeler, such as the registration number of your vehicle, the manufacturing year, the model name, etc., in hand.
- If you are renewing your policy, you should keep the policy document in hand since you might have to key in the policy number.
- You will need to assess your coverage needs and decide which type of two wheeler insurance policy to purchase and whether you want to purchase add-ons along with your policy. Keep in mind that your premium payable will increase if you opt for add-ons.
- You can adjust the Insured Declared Value (IDV) of your two-wheeler when using the premium calculator tool if you want to check how the IDV will impact the premium of the policy. That being said, when purchasing a two wheeler insurance policy, you will need to pick an IDV that is close to your two-wheeler’s original market value.
- You should remember that there are various factors that can affect the premium quote of your two wheeler insurance policy. The city that you reside in, your previous claims history, the add-ons that you select, your No Claim Bonus, etc., can affect your premium payable. Thus, when using a two-wheeler insurance premium calculator, make sure to key in the required details accurately.
Using a two-wheeler insurance premium calculator will allow you to compare the premium quotes offered by different motor insurance companies. Thus, using the premium calculator tool will help you purchase a two wheeler insurance policy with a competitive premium rate.
How to Purchase a two wheeler insurance policy
Once you receive premium quotes from a few different insurance companies and finalise which policy to purchase, you can proceed to actually purchase the policy. You can purchase two wheeler insurance policies through either online or offline channels.
To purchase a policy online, you can directly visit the official website of an insurance provider or visit a trusted third-party insurance website. Purchasing a two wheeler insurance policy online is a convenient and hassle-free process. Further, you can also customise the policy to suit your exact needs.
That being said, you can also choose to purchase your two wheeler insurance policy offline by visiting the insurance provider’s branch.
Purchasing a two wheeler insurance policy is mandatory, as per the Motor Vehicles Act, 1988. Further, the policy will ensure that you are protected against the financial implications of an accident, vehicular damage, and theft of the vehicle. Thus, make sure to do your research, compare policies, check the premiums with a premium calculator tool, and then purchase a two wheeler insurance policy for your vehicle at the earliest.