All About Bike Insurance Calculator

A calculator for bike insurance is a digital tool created to assist policyholders in determining a custom premium amount for their two-wheeler insurance policy. You only need to enter a few parameters on the premium calculator, such as the make, model, variant, RTO location, purchase year, etc., to determine the appropriate premium amount. 

The premium cost that you will have to pay to obtain a bike insurance policy from various insurers is determined by the provided specifications in a bike insurance premium calculator.

Benefits of Bike Insurance Calculator

A bike insurance calculator helps you to calculate and figure out the insurance premium for two-wheeler insurance such as:

• You may calculate and determine the insurance premium of two-wheeler insurance using a bike calculator.
• You may save time by using a bike insurance calculator, which rapidly delivers the premium price for a two-wheeler insurance plan.
• By comparing the premium costs and the coverage provided by various insurers, the bike insurance calculator tool enables you to select the plan that best meets your needs.
• It is a versatile tool that won't pressure you into choosing anything. Since there is no agent influencing your decision from outside, it remains unaffected.

Method of Calculating Bike Insurance Premium

The cost of two-wheeler insurance is determined by a variety of variables, including the insurance coverage, the brand, model, and version of the bike, as well as the year of registration. While the cost of standalone own-damage and comprehensive bike insurance is determined by two-wheeler insurance providers and varies according to the policyholder's bike's characteristics, the cost of third party bike insurance is regulated according to IRDAI regulations.

Each insurer may use a different formula to determine the two-wheeler insurance rate.

The common steps to calculate the cost of a two-wheeler insurance premium online are as follows: 

1: Decide on the model and maker of your bike.

2: Choose the address where your two-wheeler is registered.

3: Determine the year when your two-wheeler was purchased.

4. Describe if you used your No-Claim Bonus (NCB) in the year before.

5: The two-wheeler calculator will provide you the premium amount for your two-wheeler insurance plan after the information is submitted.

Calculator for Insurance of New Bike vs Old Bike

However, there are a few fundamental variations that have an impact on how the premium calculator determines the cost of a new bike vs a used bike. The policyholder's No Claim Bonus (NCB) is the first factor that makes a difference. A discount on the premium for a used bike insurance policy is possible with the NCB amount, which is not possible when determining the rate for new bike insurance. 

The age of the bike is the second difference-maker, with a new bike having a greater Insured Declared Value (IDV) than a used bike because the former would have a lower IDV. The age of the bike is the second aspect that affects the difference; a new bike will have a greater Insured Declared Value (IDV) than a used bike because the former would not have experienced as much depreciation as the latter.  These differences can be tabulated as follows:

Conclusion

The two-wheeler premium calculator will help you choose the best insurance by calculating the premium you will be required to pay for your two-wheeler insurance. This even saves a lot of time and effort that would otherwise be spent on determining the premium cost.

Also read: Tips to Choose the Best Motorcycle Gear

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