How to Use Two Wheeler Insurance Premium Calculator?

Two wheelers are a convenient way of transportation but are more prone to accidents. It is important to buy a two wheeler insurance to insure the damages that may occur in future due to accident. Also under the Motor Vehicle’s Act, 1988 it is mandatory to buy vehicle insurance to cover the damages caused to the third party due to accident. Two wheeler insurance provides security to the owner from all damages caused due to accidents. Insurance companies offer two types of insurance policies. It includes Third Party Insurance and Comprehensive Insurance. Third party insurance is mandatory which provides coverage from the damages caused to the third party due to accident whereas Comprehensive insurance provides wider coverage as it covers the damages caused to both the third party and the owner. Third party insurance premium is fixed by the IDRAI whereas the premium of Comprehensive insurance is calculated by the company depending upon the type of coverage and many other factors. The premium can be calculated with the help of two wheeler insurance premium calculators available online.

What is Two-wheeler Premium Calculator?

Two-wheeler premium calculator is a tool available online that helps the policyholder to calculate the premium of the policy chosen by him. It is available on the websites of the insurance company or on the website of the insurance aggregator. You can fill in the relevant details in the calculator and calculate the amount of premium you will have to pay for your insurance plan. It is free to use multiple times which helps to calculate using various inputs to ensure that the premiums are affordable and low.

What is the Information Required for Using Two Wheeler Premium Calculator?

The premiums of the two wheeler comprehensive insurance plans are determined on the basis of various information which is required to be filled in the calculator for calculating the amount of premium. The Information that is required to calculate the amount of premium for your two- wheeler comprehensive insurance plan for using two-wheeler premium calculator:

1. Your bike registration number
2. Status of your previous policy (active or non-active)

In case your two-wheeler is not registered and do not have registration number then you are required to state:

1. Status of the previous policy (active or non-active)
2. Manufacturer details of the two wheeler
3. Registration year of the two wheeler
4. Model and variant details
5. Regional Transport Office Location in which the two wheeler has been registered
6. Insured Declared Value of the two-wheeler
7. The modifications details that are made on the two wheeler

How to Use Two-wheeler Insurance Premium Calculator?

The insurance company promise to cover the number of damages and losses caused by the two-wheeler in a road accident. The premium calculator can be used by the policyholder on the websites of Insurance Company. To calculate the cost of premium of the two wheeler comprehensive insurance policy you will have to visit the official website of the insurance company whose insurance policy you are planning to buy or of any of the insurance aggregator and fill in all the details that are mentioned below :-

1. Know Your Client or KYC– KYC refers to the basic details of the customer. You have to provide personal details such as your name, your age, your mobile number and your email ID.
2. Type of Policy and Extra Cover–  You are required to fill the details of the policy which you have chosen, the amount of coverage that you want and also the details of add-ons coverage that you want to buy as an addition to your basic comprehensive insurance plan for the two wheeler.
3. The Details of the Bike -You are also required to fill up all the detail of the bike such as its model number and its type, the class of the bike, the manufacturer of the bike, year in which the bike was manufactured and the capacity of the engine of the bike to be insured.
4. You will also have to mention the city in which the bike is registered and the date of registration.
5. If you have not made any claim in the previous policy year or consecutive policy years then you can also fill in the detail of no claim bonus which can be 10% up to 50% and avail discount for on the amount of premium to be paid on renewal. However, no claim bonus can be availed only on existing policy and not on the new insurance policy.
6. Also, fill in the additional discounts if any. Such as discounts for a higher sum insured, or discounts offered for buying the insurance plan online, etc.

You can calculate the premium amount for both for the renewal of the existing policy or for buying a new insurance policy for your two-wheeler. Then click on calculate. The premium calculator will calculate and show the premium amount that you. You will have to pay for the two- wheeler comprehensive insurance policy for the amount of coverage selected by you. You can compare the premium cost for various plans using the calculator and also can check the premium cost for higher or lower sum assured.

Conclusion

Two wheeler Insurance companies offer various policies with different amount of coverage. The premium to be paid is determined mainly by the coverage and the type of policy chosen. The premium for third party insurance is fixed. If the individual opts for comprehensive insurance and wants to calculate the amount of premium to be paid before buying the policy then he/she can use two-wheeler premium calculator online which ensures easy comparison. You can calculate the premium with the help of premium calculator from the website of the insurance company which will show premium according to company’s policy or can use an aggregate premium calculator that are available online which shows the compared prices of the policy and premium amount of different policy offered by different insurance companies. The two wheeler insurance premium calculator is useful as it helps the insured to compare the different two wheeler insurance policies and the rates of the different insurance company and select the right policy for your two-wheeler.