Financial planning is the epicentre of modern-day livelihood. We live in a capitalist world and have to abide by the unsaid laws of the economy. So, when you make a purchase of an important asset, like a house, car, bike, or investment, your first instinct is to protect it, and the next one is to plan your finances according to this new addition.

That is why, when you purchase a two-wheeler, you have to buy bike insurance, too. Then, managing your income and expenses according to your EMI and premium payments is a mandate.

How does the insurance premium calculator come into the picture, though? Before buying a policy, you compare different plans. It is a crucial step to compare various plans and their benefits in order to land upon the best possible option. It may also mean not running after cheap bike insurance plans but looking for a fairly priced one with a lot of benefits.

So, while comparing the plans, instead of going through a long process to calculate the cost of that insurance, you can simply use a bike insurance premium calculator from a reliable insurer like Tata AIG and compare different insurance policies.

 Two-wheeler Insurance Premium Calculator

This is an online tool that helps you calculate the estimated premium of your chosen policy. It shows you multiple options according to your preferences, like the type of policy (own damage, third-party liability, or comprehensive policy), insured declared value, riders, add-ons, policy tenure, your claim history, etc. This is beneficial to policy seekers on many different levels. Let us see precisely how!

 Benefits of a Bike Insurance Calculator

• Numerous Options

With a bike insurance calculator, you are just one click away from various options of insurance for your bike in the market. This web tool helps you compare different policy plans of different insurance providers.

This way, you do not have to visit various websites or contact different agents and invest a lot of time. This calculator is a one-click, one-place solution!

• Find the Perfect Plan

The motorcycle insurance calculators from several insurers allow you to compare different plans from various insurers. That, in return, helps you find the perfect one for you. As we have mentioned above, the tool exhibits plans according to your preferred choices.

That is how you can land up on the best possible policy for your bike. Since every bike and every policy seeker is a unique case, you will find unique plans that you can customise on your own.

• Assured Amount Decision

Your assured amount or the insured declared value is an essential factor in determining the premium of your plan. If you do not want to pay a huge amount of premium, you can choose a lower sum assured.

If your goal is to get the maximum amount of coverage through sum assured, you can choose likewise (keeping in mind the effect it has on your premium).

• Assists in Policy Customisation

The insurance policies have various add-on cover options available. With the motorcycle insurance calculator, you can compare premium rates by adding these covers.

If it is suitable according to your financial plan, you can go for the plan. Here, you can think of adjusting variables like deductibles, too. With various permutations and combinations of such variants (add-ons), you can find the right mix for your bike.

• Convenient and Time-Efficient

Online facilities are a boon to the busy world we live in. Tools like online bike insurance calculators save you time by just being available.

You do not have to visit various company websites or their office, or you do not have to go through the hassle of finding an agent to help you with it. With this online facility, finding a policy has become convenient and time-saving, to say the least.

 Conclusion

With numerous options available, it might get a little confusing to settle for a plan. There are so many factors that need to be considered while buying a policy, and you cannot possibly do it all manually without making a blunder.

Obviously, using a calculator will not eradicate those mistakes, but it reduces the possibility. Hence, it is a wise choice to utilise the bike insurance premium calculator.

 Frequently Asked Questions

• How is the insured declared value (IDV) of a bike calculated?

Ideally, the best way of calculating the IDV is as follows:

IDV = (Bike’s Market Price – Bike’s Depreciation Cost) + (Bike’s Accessory Cost – Depreciation Value of those parts)

Another way of calculating is using an online premium calculator to find the ideal IDV and premium amount.

• How to calculate insurance premiums for motorcycles?

You can use an insurance premium calculator to calculate the premiums of the motorcycles. The premiums are calculated based on various factors: your location, your bike’s make and model, fuel type (diesel or petrol), the bike’s age, frequency of use, claim history, driving history, safety features, etc.