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Buying Two-Wheeler Insurance? Optimize Your Premium Using Two-Wheeler Insurance Calculator

Purchasing two-wheeler insurance offers dual benefits. It fulfills a vehicle owner’s legal obligation as well as it secures his/her financial safety. Despite its benefits, most people avoid buying two-wheeler insurance in India. It’s because it comes with additional expenses. The policyholder has to pay a fixed premium to the insurance company in order to avail insurance coverage.  While it might cost a little, its benefits are worth it.

Buying two-wheeler insurance is not rocket science. It is a very easy, quick and simple process. Below is a guide that will help you make a wise choice when you buy two-wheeler insurance online.

All you need to know about Two-Wheeler Insurance Premium Calculator

While buying two-wheeler insurance online, it is important to know the different types of covers and add-on covers available in the insurance market. It is equally important to know the premium you will have to pay for the benefits you require. In order to know the insurance premium for your shortlisted plans, it is recommended to use the two-wheeler insurance premium calculator available online.

What is Two-Wheeler Insurance Premium Calculator?

The two-wheeler insurance premium calculator helps you get a quote of the insurance plan. A number of financial websites offer two-wheeler insurance premium calculator tool online. The two-wheeler insurance premium calculator allows potential insurance buyers to get an idea about the insurance premium for buying a particular two-wheeler insurance policy.

Buying motor vehicle insurance in India is mandatory as per law. Purchasing a comprehensive two-wheeler insurance policy that suits their requirements and isn’t heavy on the pocket is on the priority list of two-wheeler owners. Two-wheeler insurance premium calculator is the tool that helps them get quotes from of preferred insurance plans.

When the insurance buyer enters the required details, the calculator will review and analyze the provided information. It will then offer to compute the premium costs on the basis of the details furnished. 

Today, many insurance companies have become techno-savvy. They offer an online two-wheeler premium calculator to their customers. It helps the customers to get quotes in a hassle-free way. When using a two-wheeler insurance premium calculator, the insurance buyers will need to provide the information/details given below:

  • The manufacturing year and model of the two-wheeler.
  • The current, existing insurance plan details (if you already have an insurance plan).
  • The registration number of the two-wheeler.
  • The preferred type of policy i.e. third-party liability cover or comprehensive insurance cover.

The two-wheeler insurance premium calculator will analyze the entered details and provide a suitable quote with an appropriate premium that needs to be paid.

However, the premium rate will increase if the insurance buyer avails extra add-on riders to the insurance policy.

The insurance buyer can calculate two-wheeler insurance premium by using the two-wheeler insurance premium calculator online, either on the official website of the preferred insurance company or any other third-party financial website.

Note- Several insurance providers or financial websites require additional information such as the two-wheeler vehicles brand, model, year of manufacture and registration, apart from basic details.

Two Wheeler Insurance Premium- Factors that You Must Consider

As mentioned above, buying two-wheeler insurance is a necessity.  Most of the people buy a plan on the basis of the insurance premium.  The premium rates offered by many insurance companies keep on increasing every year. A number of insurance companies provide quotes for premium for both types of two-wheeler insurance policies- third-party liability and comprehensive insurance cover.

There are a few factors that are considered by the insurance companies at the time of formulating premium quotes. These factors make a huge difference in premium rates.

While selecting two wheeler insurance plans, you will definitely look for the most affordable insurance premium. If you want to get the best premium rate, firstly you need to have an understanding of the factors that affect it.

Below mentioned are the five main factors that are considered by the insurance companies when they calculate the premium rate for two-wheeler insurance policy. 

  • Type of Automobile: Your premium rate is largely dependent on the type of your two-wheeler vehicle, model, class, making, engine’s cubic capacity fuel type and year of manufacture. In case the engine’s cubic capacity is high, your insurance premium will be higher. Also, in the case of a sports bike, the premium rate will be higher.
  • Area/Location: Your premium rate will also be affected by the area/ location of your residence. In case you live in a rural area then your insurance premium will be less as compared to the premium offered in the urban This is because of the risk factor associated. Essentially, the geographical location is divided on the basis of the risk factor. In rural areas, there is less risk of road accidents. As a result, insurance premiums calculated on that factor.
  • Kind of Insurance Cover: The offered insurance premium depends on the type of insurance coverage opted by insurance buyer. In he/she opts for a basic third-party liability insurance coverage; he/she will have to pay a nominal premium. In case he/she wants an insurance cover that provides maximum coverage, then he/she can buy a comprehensive insurance cover. However, it will attract a higher premium for such a policy, considering its
  • Insurance History: The premium rate will also be decided on the basis of past insurance record. In case a policyholder has filed too many claims in the past with the former two-wheeler insurance company (if any), keeping this in mind, the new insurance company will offer the policy at a high premium rate. This is because too many claims indicate higher risks. It also shows that the customer has a poor driving record, which is likely to increase the risk of accidents and mishaps.

How to Save on Two-wheeler Insurance Premium?

Many think that a two-wheeler insurance policy is merely a burden on the pocket. Having a two wheeler insurance policy can prove to be a great boon if the plan fulfills your insurance expectations. It will provide you with the financial assistance in the hour of need.

Tips on How to Save on Two-wheeler Insurance

Here are a few tips that will help you get the best two-wheeler insurance at an affordable rate. It will save your money and as well as will provide you with maximum benefits.

  • Analyze Your Needs and Requirements: The first thing that you should keep in mind while buying a two-wheeler insurance policy is your needs and requirements. Make a list of your requirements as it will be easier to understand which type of policy will suit you. The premium depends on the type of bike or two-wheeler you own. The insurance company will charge a lower premium for a basic bike, whereas the sports or bike will attract a higher premium rate. It is because the repair expenses for high-end bikes are higher than basic bikes. Additionally, the location of vehicle registration, cubic capacity of the engine, and extra accessories installed in your bike (if any) will also affect the premium rate.
  • Select the Right Two-wheeler Insurance Plan: The selection of your insurance policy depends on two major factors i.e. your needs, and As mentioned before, a third-party liability cover is less expensive as compared to a comprehensive insurance plan. However, the difference is not only in the premium but also in the coverage offered. A third-party liability provides limited protection than a comprehensive insurance plan. It is advised to go for a comprehensive two-wheeler insurance policy for avail maximum protection cover.
  • Choose the Correct Add-on Riders: While it may cost more, extra coverage is always a bonus. A two-wheeler add-on rider provides additional coverage that is not a part of the basic insurance coverage offered by the company. It adds value to the basic insurance coverage and thus provides better coverage. But, it is recommended that you choose an add-on cover very wisely. If you think that the basic insurance coverage fulfills your insurance expectations, then do not opt for any riders.  The more number of add-ons you opt for, the more costly your premium will be.
  • Renew Your Two-wheeler Insurance Policy Before the Due Date: Renewing your two-wheeler insurance policy is as important as buying one. In case you forget to renew your plan and an unfortunate incident takes place, your policy will become invalid. In that case, the insurance company will not be responsible to provide any financial assistance. Thus, it is imperative to keep a proper track on the renewal date.
  • Consider the No Claim Bonus: Every insurance company offers the facility of No Claim Bonus to the policyholders who haven’t filed any insurance claim in the policy period. In simple terms, Non-Claim Bonus can be availed at the time of policy renewal. It is a bonus that the insurance company rewards to its good policyholders who believe in safe driving and security.

A policyholder can get Non-Claim Bonus up to 50%. This not only helps him/her to get a discount on the insurance policy, it can be carried forward if the policyholder wants to switch to another insurance buyer. The current insurance provider will provide a Non-Claim Bonus Certificate. The policyholder will have to submit it to the new insurance company.

Summing it up

When you are looking for two wheeler insurance, first decide the coverage and benefits you will require in your insurance policy. After having a clear idea of the insurance needs, the next thing is to get premium quotes.

This is where the insurance companies help the insurance buyers with the help of two-wheeler insurance premium calculator.

Additionally, the quotes generated by various insurance plans allow the insurance buyer to make an informed and wise decision. Make sure you read a fine print of the policy document before zeroing down on a plan. You can read reviews online to have a better understanding of the company and claim settlement procedures.