The premium of a bike insurance policy depends on several factors like bike model, year of purchase, condition of your bike, type of two-wheeler insurance, etc. Comprehensive two-wheeler insurance is often much more costly than a standard bike cover and third-party bike insurance. This is because it provides coverage against most types of damages and, also includes other benefits like personal accident cover. Also, if you have added some add-on insurance covers to your existing policy such as zero depreciation cover, engine protection cover, etc. then the premium of the bike cover will be increased automatically.
For customer’s convenience, many motor insurance policy providers have facilitated a bike insurance calculator on their websites. This online tool enables you to calculate the estimated value of a two-wheeler insurance policy depending upon the details you enter on the calculator.
You can follow the below steps while using a two-wheeler insurance calculator:
Step 1: Enter complete details of your motorcycle
To enable the calculator to estimate the premium of two-wheeler insurance, you will have to provide all the details of your bike accurately.
Some of the details that you will have to enter include the make of your bike model/variant, purchase year, showroom price, location of RTO, etc. You may also have to provide details of your previous two-wheeler insurance policy if needed.
Step 2: Select a premium quote
Based on the information provided by you, the calculator will show the different insurance plans and covers that are applicable for your bike. You will have to compare the various bike insurance policies at this stage based on your requirements, benefits offered by the plans, kind of coverage offered, premium fees, etc.
It will also show the IDV i.e. Ideal Insured Declared Value for your two-wheeler. This value refers to the maximum amount that you can receive from an insurance company once you have raised a claim. Knowing the IDV is essential as it helps you to determine the amount that you can expect to receive if your bike has been fully damaged (total loss claim).
Step 3: Select the type of insurance you need
After selecting a premium quote, you will be asked to pick between a standard, comprehensive, and policy. You can select any one of these insurance types based on your requirements.
Remember that comprehensive bike insurance may include a third-party bike cover as well. Therefore, you will not have to buy it separately and as a result, the premium of the bike cover plan can be slightly more expensive.
Step 4: Choose the additional coverage you require
After selecting the two-wheeler insurance type, the calculator will also ask whether you would like to add some add-on cover to your bike insurance policy. For example, you may add different types of add-on covers like zero depreciation cover, roadside help cover, engine safety cover, key loss cover, etc.
A comprehensive two-wheeler insurance policy may include some or all of these add-on covers by default. Therefore, you should be careful while choosing the additional covers as they will also have a considerable impact on the price estimation of the third-party bike insurance or comprehensive bike cover plan that you choose.
Step 5: Calculate the final estimate
Once you select all these values, you can click on the ‘Calculate’ or ‘Get Estimate’ button to get the final estimate of the two-wheeler insurance policy that you would like to buy.
It is beneficial to use the motor insurance calculator as it makes you go through the existing bike insurance policies, their premiums, and benefits quickly. Therefore, you might not need the assistance of an agent while getting two-wheeler insurance. You may also use the websites of insurance aggregators like Bajaj Finserv to get a quick idea about the types of insurance available for your bike.