Universal Sompo Bike Insurance Premium Calculator
A bike insurance premium calculator is an online digital calculator that helps you find out your policy premium in a matter of few seconds. By using premium calculators, you can know and analyze the details and quotes of the premium amount for different bike insurance plans.Read more
Universal Sompo bike insurance premium calculator makes it easier to calculate the premium by entering details bike details like the make, model, date of purchase, type of fuel, and variant. This tool helps in comparing the policies and choosing the right one that suits your requirements.
How to use a Universal Sompo Bike Insurance Premium Calculator?
The Universal Sompo bike Insurance Premium calculator is easy to access and can be used without any complications. The steps involved in using the calculator are given below:
Step 1: On the Premium calculator, choose the details of the two-wheeler like the make, variant, fuel type, etc.
Step 2: On the other side tab, select the registration date and year of the two-wheeler
Step 3: A question will appear to confirm if the claim was made in the previous year. Press yes or no to the question
Step 4: Click on the calculate button below. Details of IDV and premium amounts will appear quickly
Benefits of Universal Sompo Bike Insurance Premium Calculator
Universal Sompo bike insurance premium calculator comes with various benefits:
1. Easy Calculation
A premium calculator makes the process of finding the right Insurance policy easier and simple through an online tool. Instead of going through a hectic offline process, you can calculate the premium effortlessly online using this tool.
2. Choosing the Right Policy
It can get confusing to find appropriate insurance for a two-wheeler. Insurance Premium calculator simply allows this process. You can fill in the bike's details and get a range of IDV and premium amounts from several insurers.
3. Choosing the Right IDV
You can calculate the right Insured Declared Value or the IDV by using this calculator. It is the amount decided by the insurer for claim settlement after deducting the cost of the vehicle's depreciation. IDVs differ from one insurer to another. Selecting the IDVs from the right insurer will help you get a better amount at the time of claim settlement.
4. Avoids Confusion
Choosing insurance through agents can get confusing at times. This is because there are so many options with several benefits available. Insurance premium calculator can make this process easy by giving ample options and quotes for premium amounts. This will lead to making no mistakes and choosing the right two-wheeler insurance plan.
Universal Sompo Third-Party Bike Insurance Premium Rates
The premium rates for third-party insurance are quite low. It is the basic and mandatory bike Insurance policy for any rider. This type of two-wheeler insurance comes with some benefits, which are limited to providing financial help to cover third-party liabilities and damages caused by the insured two-wheeler.
It doesn’t come with any add-on covers or extra benefits. For this reason the premium rates are quite low and affordable. You can also check the policy premium rates by using the Universal Sompo bike insurance premium calculator online.
Premium for Comprehensive and Standalone Own-Damage Bike Insurance Plans
The premium rates for the Comprehensive bike insurance policy and the standalone own-damage bike insurance policy are different due to their benefits.
Comprehensive premium rates provide maximum support and financial aid during a claim. Standalone damage comes with coverage of the insurer's damage and loss.
The premium rates of these policies can be calculated through the insurance premium calculator by entering the two-wheeler’s IDV, Age, CC or cubic capacity, etc.
Factors affecting Two-wheeler Bike Insurance Premium
Some of the major factors that determine the premium of bike insurance are,
- The cubic capacity or the CC of a bike decides the premium amount of an insurance policy. Higher the CC, the more the premium rate.
- Insured Declared Value or the IDV is the amount provided by the insurer for claim settlement during an unfortunate accident. The functionality and quality of the bike decide the IDV. Therefore a good-conditioned bike will acquire less premium amount.
- Anti-theft devices assured by ARAI will bring in less premium amounts. Anti-theft benefits can be added along with the Insurance plan as an add-on cover. Better protection will cause a low premium amount.
- If extra add-on covers are bought along with the insurance plan, the benefits will increase during the claim proceedings. Even though the premium will be high, the coverage will be worth the amount.
A Universal Sompo bike insurance premium calculator can be used online through the official website of the Insurer or through Policybazaar.com
The policyholder can decide what insurance cover suits the best as per the requirement. They can use the Universal Sompo bike insurance premium calculator to compare premiums for both type of coverages. Comprehensive bike insurance provides all-in-all coverage, while standalone own-damage only approves coverage for the damage or loss to the owner of the insured bike.
Yes, you can use the Universal Sompo bike insurance premium calculator tool online without any charges.