What are the Benefits of Using a Bike Insurance Calculator Online?

What is a Bike Insurance Calculator?

A bike insurance calculator is an online tool that helps you determine the estimated premium for your two-wheeler insurance. To get an instant premium quote, you need to provide basic details about your bike, such as it make, model, year, and location.

Key Features & Benefits of Using a Bike Insurance Calculator

This tool brings in a bundle of benefits, such as:

• Instant premium estimation in a few seconds.
• Comparing various plans offered by different insurers easily.
• Customising coverage is easier as you can easily add or remover add-ons and adjust IDV as well.
• Transparent process as you can see what factors are affect pricing or average bike insurance cost.
• Helps in choosing the best and the most affordable bike insurance plan.
• No need to connect with multiple insurers manually as everything is available online in a few clicks.

Why Is It A Good Idea To Use A Bike Premium Calculator Online?

Here's why an online calculator is better than offline methods:

• You can access it 24x7 using your smartphone, tablet, or laptop while sitting at the comfort of your home.
• Get unbiased comparisons, as no agent or middleman is involved in the process.
• Generally, the estimated premium reflected on your screen is based on real-time data.
• A friendly platform works for both new policy buyers as well as existing customers.

How Does the Bike Insurance Calculator Work?

Once you enter key details, the calculator uses a built-in algorithm to compute your premium. It considers the following components:

• Make, model, and variant of your bike
• Ex-showroom price
• Registration city or RTO zone
• Year of purchase of your bike
• Any claims raised in the past (yes or no)

It then fetches real-time quotes from insurers and displays a list you can compare instantly.

How to Use a Bike Insurance Premium Calculator Online at Policybazaar.com

Using the calculator at Policybazaar.com is simple:

• Go to the bike insurance premium calculator tool provided by the Policybazaar.com.
• Select details such as brand, model, and variant of your bike.
• Enter the ex-showroom price, registration city, and year of purchase.
• Select either you have raised a bike insurance claim in the previous year and click on 'Calculate'.

At last, you can view and compare premium quotes instantly.

How is Third-Party Bike Insurance Premium Calculated?

Third-party bike insurance is mandatory by law and its premium is regulated by the IRDAI. It's calculated based on:

Engine Capacity (CC) of your bike. If:

• <75cc: Lowest premium
• 75–150cc: Moderate premium
• 150cc: Highest premium

In this plan, no add-ons are allowed and the rate is fixed and does not vary between insurers.

How is Comprehensive Bike Insurance Premium Calculated?

Comprehensive bike insurance covers both third-party liability and own damage. The premium is calculated by:

• IDV of the bike
• Engine capacity, model, and variant
• City of registration
• Rider history and bike usage
• Selected add-ons
• No Claim Bonus (NCB)
• Anti-theft devices (can lead to a discount)

The final premium is a combination of the own damage premium, third-party premium, and GST.

What are the Factors to Be Considered While Calculating Bike Insurance Premium?

When using the calculator for comprehensive insurance, these factors influence your premium:

• Insured Declared Value (IDV): Higher IDV = higher premium
• Age of the Bike: Older bikes typically have lower premiums
• Location: Urban areas may have higher premiums due to traffic/theft risk
• Add-ons: Adding zero depreciation cover, roadside assistance cover, etc., increases the premium
• NCB Discounts: You get discounts for claim-free years. However, the discount percentage varies from year to year.
• Bike Modifications: Affects premium if declared

What are the Common Mistakes to Avoid While Using a Calculator?

To get accurate results, make sure you keep in these mind:

• Entering wrong bike details (model/year/variant)
• Skipping applicable NCB
• Ignoring the impact of IDV adjustments
• Choosing unnecessary add-ons
• Not comparing plans beyond price (Claim Settlement Ratio of the insurer matters too.)

How Accurate Are the Estimates of a Bike Insurance Calculator?

Bike insurance calculators offer highly accurate estimates based on the inputs and insurer data. However, the final premium may vary slightly based on:

• Final underwriting review.
• Verified documents submitted.
• Optional discounts you may qualify.
• Still, they are accurate enough to make informed comparisons and avoid hidden surprises later.