Skip to main content

What steps are followed in calculating two-wheeler insurance premiums?


Under the Motor Vehicles Act 1988, a two-wheeler insurance policy is compulsory. As a policyholder, one must know how to calculate two-wheeler insurance; in that way, they will get the best value of their hard-earned money. 

Insurance premium amount is the first thing one checks while purchasing or renewing two-wheeler insurance. With the availability of a two-wheeler insurance premium calculator, one can easily calculate a two-wheeler insurance policy online.

Steps to calculate a two-wheeler insurance premium

There are multiple insurance products available in the market, so it is important to calculate the two-wheeler insurance premium amount beforehand to select the best-suited one’s affordability. 

Two-wheeler insurance can be evaluated both manually and by using online calculators. For manual calculation, one needs to get the IDV or Insured Declared Value of the two-



wheeler, multiply that with the premium value offered by the insurer, which is preceded with the addition of add-on covers; also, one needs to subtract the discount benefit from the final result. However, a manual calculation is susceptible to errors and is cumbersome.

In this regard, using the two-wheeler insurance calculator proves effective. Calculating a two-wheeler insurance premium is simple using online insurance premium calculators. It gives the quotes instantly and saves the turnaround time. 

Here are simple steps to understand and calculate two wheeler insurance premiums online:

Step 1: Choose the insurance premium calculator from the motor insurance section of the preferred insurer.

Step 2: Fill up the entries with details like bike registration number, contact details, whether the bike is registered as a commercial vehicle or not etc.

Step 3: Now, choose the make and model of the two-wheeler.

Step 4: Enter the registered location of the two-wheeler, purchase year of the vehicle, fuel type, and other details.

Step 5: Individuals must disclose whether they have any no-claim bonus in the preceding year.

Step 6: Select the two-wheeler insurance plan and submit the details.

Once all these details are entered, the two-wheeler calculator will provide the premium amount and various policy options. 

Benefits of using a two-wheeler insurance premium calculator

A two-wheeler insurance calculator is a digital tool that helps policyholders evaluate the motor insurance premium by entering a few details of the vehicle like model/variant, RTO location, etc. 

Here are some benefits of using a bike insurance premium calculator:

  1. Assists one to choose the right plan:  The online tool helps an individual compare several insurers, assisting them in selecting the right insurance policy.
  2. Helps to reduce the premium: It helps the policyholders check the factors like add-on covers responsible for the increase and decrease in the two-wheeler premium amount. It helps policyholders choose an affordable insurance policy as per their budget.
  3. Error-free premium calculation: Policyholders will get accurate outputs as the algorithm based on which the calculator functions provide error-free results within seconds. 

Furthermore, the calculator helps one customise insurance policy as per their requirements. By adjusting variables like NCB, add-ons, etc., one can check the impact on the insurance premium amount, hence choosing a cost-effective plan. Also, an individual does not pay anything to use the tool, and any external agent does not influence the calculation; therefore maintaining transparency. 


To sum up, evaluating the premium amount before availing of a two-wheeler policy gives a policyholder a fair share of knowledge about the policy quotes offered by several insurers. This helps one make an informed decision as per their finances and requirements. Moreover, with the help of a two-wheeler insurance premium calculator, one can check the premium amount and various insurance policies before purchasing a two-wheeler insurance policy online.

Read More:- Ways to smartly purchase zero depreciation bike insurance cover





Labels:

Comments

Post a Comment

Popular posts from this blog

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price  If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the
Post a Comment
Read more

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider.  Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in
Post a Comment
Read more

Stay Protected on the Road- Understanding the Importance of acko car insurance

  Having a car insurance policy is essential for every car owner. It not only provides financial protection in case of any damage or loss but also ensures a safer driving experience. Acko is one of the leading car insurance providers in India, offering a wide range of insurance plans to suit the needs of all car owners. In this article, we will be discussing the importance of Acko car insurance in India and how it helps to stay protected on the road. We will also look at the various benefits and features of Acko car insurance policies that make them an ideal choice for car owners. Understanding the Importance of Acko new car insurance in India As the number of vehicles on Indian roads increases, so does the number of accidents and other related incidents. Traffic jams, road rage, and bad driving habits are some of the major causes of accidents. It is important for drivers to stay safe on the road, and to do so, they must have a car insurance policy. Acko new car insurance is one of
4 comments
Read more