How To Calculate Premium with Bike Insurance Calculator?

How To Calculate Premium with Bike Insurance Calculator?

We all have surely heard about the Bike Insurance Calculator but exactly don’t know much about it. if you have purchased a new bike and decide to purchase an insurance plan then your neighbor would have surely suggested you check the premium on the Bike Insurance Calculator.   Also, if you have ever checked any bike insurance online, then you will get to see a flash message on the screen of the Bike Insurance Calculator.

A Bike Insurance Calculator is basically a software that will calculate the premium of your vehicle depending on the age, model, and variant. This software will give you the exact calculation of the premium according to the coverage you opt for your bike.

You have to enter the details of your bike and some information on the software to calculate the exact premium. Buyers can also compare the prices of multiple two-wheeler insurance companies. Moreover, if you want to renew your insurance plan then you can also enter your no claim bonus duration to get a discount.

The process to calculate the two-wheeler insurance premium:

If you are going to purchase a bike insurance policy for the first time then make sure to calculate online premiums. You can follow the below steps to calculate bike insurance premium:

  • Enter the model number, variant, and registration number of your vehicle.
  • Confirm the location of the RTO where you have registered your vehicle.
  • Choose whether you want to purchase a new plan or want to renew your policy. Also, choose if you want to opt or eliminate any coverage from the policy.
  • Click on the ‘Get Quotes’ to see the premium of all leading two-wheeler insurance companies.

Key features of some famous bike insurance companies:

There are more than 25 two-wheeler insurance companies that are currently active in India. Each insurance company has their unique clauses and features depending on their customer base. Some of them provide attractive discounts while others have a good settlement ratio. Also, each and every company has their own criteria to calculate the annual premium of the bike. Here we are providing the Key features of the best two-wheeler insurance companies.

National Two-Wheeler Insurance:

This company is better known for its uninterrupted long term plans.

  • Customers can purchase comprehensive insurance policies from this insurance company for optimum coverage.
  • You can purchase an insurance policy for more than 5 years for your bike.
  • Buyers can avail up to 7.5 lakh of Third-party liability coverage. The insurance policy will cover the death, disability or injuries caused to third-parties
  • The loss caused due to theft is covered in the policy.
  • It has incurred a claim settlement ratio of 79.68%.
Reliance Two-Wheeler Insurance:

The Reliance insurance company is doing well in the insurance sector since its inception. It is one of the leading insurance providers companies.

  • The reliance insurance company has an incurred claim settlement ratio of 81.47%.
  • It provides cashless claim settlement at network garages.
  • The customer will claim a daily allowance of Rs. 5,000 in case their vehicle is not repaired within 3 days.
  • Customers can purchase a maximum three-year plan for their bike.
  • The company provides a personal accident cover of 15 lakhs.
  • You can opt for depreciation coverage at comparatively low prices.
Bharti AXA Two-Wheeler Insurance:

This insurance company provides comprehensive coverage for all types of losses. It holds an incurred claim settlement ratio of 81.74%.

  • The policy can cover all the natural as well as manmade disasters.
  • It provides additional personal accidental and third-party liability coverages up to 1 lakh.
  • Buyers can purchase additional depreciation coverage along with the basic policy.
  • The premium of third party coverage depends on the capacity of the engine and varies from Rs. 482 to Rs. 13,034.
  • You can also avail of no claim bonus for not making any claim.
HDFC Ergo Two-Wheeler Insurance:

This insurance company provides multiple coverage options.

  • You can take either a comprehensive, third party or long term plan as per your requirement.
  • Customers will get default depreciation coverage along with long term and liability plans.
  • Policyholders can make unlimited claims in comprehensive policy taken from HDFC ergo bike insurance company.
  • This company will cover third party losses of up to Rs. 7.5 lakhs.
Shriram Two-Wheeler Insurance:

Customers can purchase or renew two wheeler insurance online from the Shriram insurance company.

  • This company will cover all the damages and losses caused by accidents, disasters, and terrorist acts.
  • You can get third-party liability coverage of up to 1 lakh.
  • This insurance company has a good record of claim settlement.
  • You can take a personal accident cover of up to 2 lakhs.
  • This company is also known for its 247 claim settle service.
Royal Sundaram Two-Wheeler Insurance:

This company provides a wide personal accidental coverage for valued customers.

  • Customers can take a maximum of a 3-year plan from Royal Sundaram Two-Wheeler Insurance company.
  • If you shift your existing policy to this company then the no claim bonus will be transferred automatically.
  • Customers can contact the toll-free number of the company to register a claim.
  • Buyers can take no claim bonus benefit even after making a maximum one claim in a year.
  • The bike rider will get coverage of 1 lakh in case of an accident.
SBI Two-Wheeler Insurance:

Customers will get mandatory third-party liability coverage on purchasing a bike insurance plan from SBI 2 Wheeler Insurance company.

  • Customers can avail no claim bonus of up to 50 %.
  • The SBI Two-Wheeler Insurance policies will not cover normal wear and tear damages.
  • Customers can also opt for Personal accident covers of up to Rs. 1 lakh for the co-driver.
The need for a Bike Insurance Calculator:

There is more than 25 bike insurance companies working in India. So, it becomes very difficult to visit each and every website and remember their premiums. So, the Bike Insurance Calculator is a third party website that shows you the quotes of all insurance companies. It has a tie-up with all the leading insurance providers.

Points To Take Care while renewing your two-wheeler insurance policy?

two wheeler insurance renewal

In this fast-paced life, everyone is busy saving time and money. So, searching for the best two-wheeler insurance renewal plan is a very challenging task for every two-wheeler owner. The online insurance market is full of multiple misleading policies. These insurance policies have high premiums yet customers are not completely satisfied with the facilities provided. If once you have faced some difficulty in your insurance plan then you will surely not go for the same plan for next time.

You can purchase a two-wheeler insurance renewal either online or from a third party or broker. Brokers work on a chargeable basis and they will take extra charges for providing its services apart from the premium amount. So, you should know that online purchasing of an insurance plan is the best to save a handful of money.

Reasons to purchase a two-wheeler insurance renewal policy online: 

There are lots of positive reasons to purchase two-wheeler insurance online. But there are 5 main reasons that must be helpful and encourage you to purchase it online.

Save time: The whole process of buying an online insurance plan will take not more than half an hour including form submission and completing the payment. By purchasing bike insurance online, you will get saved from the hassle of searching for different insurance companies.

Convenient to buy:

As we all know that the internet and online market has the power to reach the customer within some clicks. So, It is truly a convenient and easy way to purchase a two-wheeler insurance plan online. You don’t have to visit multiple companies in order to search for a suitable plan that justifies your needs and does not become a financial burden to you.

Easy Comparison:

You can compare the various plans provided by different insurance companies. The entire process of comparison will be possible under the comfort of your home.

Low premium:

Asking a broker to purchase a suitable plan will cost you more than purchasing it online. You will choose the insurance plan according to your necessity and uncheck those facilities that are not required. This will also help you to lower your premium of two-wheeler insurance renewal. 

No paperwork:

The entire process will be completed online and you don’t have to carry hard copies for the claiming process. Also, e-documents will be sent to your mail id and you can keep it safe there.

What types of damages are included in a two-wheeler insurance policy?

If you are planning to purchase two-wheeler insurance online or want to renew your policy then you must know about the coverage details. The coverage details will help you to take the maximum benefit of an insurance plan while claiming. A good insurance plan must cover accidental damage, medical expenses of the injured person, and physical damage caused to the property. There are several other benefits that are optional while purchasing an insurance plan.

Personal Injury Protection:

If a person with insurance meets with an accident and is partially or completely disable, then he can claim up to 15 lakh rupees for personal expenses. This coverage only includes the bodily damage of the vehicle owner. So, you can opt for extra coverage of your co-passenger if you are buying it online. This cover applies when you are traveling, mounting, or dismounting from the insured vehicle.

Third-party liability Protection:

It compensates for the third party damage that is due to the accident of your vehicle. Third-party liability will also provide financial support in case of the insurance holder demise in an accident.

Theft Protection:

This will provide a compensation amount to the insurance holder if the vehicle steals. However, you can except this coverage if you are using the latest safety measures with your vehicle. Installing a GPS tracker, locking the bike properly, and keeping it in a garage or safe location will protect your bike from getting stolen.

Fire and explosion Protection:

If your bike is old and has an engine heating problem then you must opt for this coverage. This coverage will reimburse the cost of your bike in case of fire, explosion or any ignition hazard 

Natural or manmade calamities:

Any loss due to landslide, earthquake, flood or cyclones includes in natural calamities protection. Suppose you are living in a hilly area that is highly prone to landslides, or near the sea that is likely to flood. Then you can choose for this protection while two-wheeler insurance renewal.

You can also take protection for the unpredicted manmade calamities such as terror attacks, riots, and theft. Further, you can also neglect this if you want to lower the premium rates. 

Exclusions in a two-wheeler insurance policy:

  • Damaged caused due to wear and tear.
  • The damage due to war and nuclear weapons is not covered under the insurance policy.
  • The damage caused in the tire tube due to the running of the vehicle will not be considered.
  • Accidents due to driving under the influence of alcohol and drugs are not covered under any insurance policy.
  • Accidents due to over speeding are strictly unconsidered under the policy.
  • It is important to have a driving license of the driver or the bike owner to make a claim for two-wheeler insurance. Apart from this, the driver must have all the safety equipment such as helmet and shoes.

These are some basic coverage that is essential if you are driving your bike on the road. However, you can choose the coverage according to your requirement and financial sources. You can also opt-out of the coverages that are not mandatory for your bike and save a little more in the premium. Make sure to compare all the two-wheeler insurance policies side by side before renewing it.