The idea of buying an insurance policy for your bike is similar to wearing a helmet while riding. One does not want anything bad or unfavorable to take place. But should it, the safety gear will protect you from the potentially hazardous outcomes. A bike insurance policy works similarly.
Here are some important factors that you must consider before deciding on whether or not to buy an insurance policy for your bike.
Riding your bike on public roads without an insurance policy is deemed illegal as per the Motor Vehicles Act of 1988. If you are caught riding without an insurance policy, you will end up paying hefty fines.
- Financial Woes
Getting involved with an accident can leave a big hole in your pockets. If there are any damages to your vehicle, or injuries to you or other individuals, you will end up paying for everything from your pockets in the absence of insurance.
- Peace of Mind
Having a comprehensive bike insurance policy offers complete peace of mind. A good policy would offer coverage against natural calamities and man-made nuisances such as theft, robbery etc. Thus, you can sleep well at night without having to constantly worry about your bike.
Need for Premium Calculator
Insurance companies and insurance aggregators are constantly working on new and improved ways of offering better services for existing and potential customers. One of these ways is the two wheeler insurance premium calculator. The most obvious question that pops into the mind is what is a two wheeler insurance premium calculator and what is the need for it.
With the help of a two wheeler insurance premium calculator, you will be able to find out the premium quotes from different insurers. You can add or remove certain features or even try add-ons and see how that impacts the premium prices. Potential buyers can use the calculator to buy bike insurance online or shortlist a few policies before finalizing on one.
Tips To Follow
Here are some important tips that can help you buy a better plan and make a more informed decision with the help of an insurance calculator.
- Firstly, you need to keep all the bike-related information handy. Information such as the registration number of your vehicle, the manufacturing year of the bike along with its model name and which type of policy you wish to buy.
- It is handy to keep a copy of your existing policy if you are renewing. If it is a brand-new policy, you can skip this step and focus on being honest and transparent while sharing information.
- The premium prices on offer are directly related to the feature list. If you opt for add-ons, the premium will only go up.
- The location of your purchase also impacts the amount of premium that you will end up paying. For example, the premium prices are higher in Tier 1 cities as compared to Tier 3 cities, mostly due to the additional number of vehicles on the road.
- Your vehicle’s make or more precisely the model plays a crucial role in premium prices. A vehicle with higher engine displacement capacity will attract higher premiums.
- If you are someone who claims their policies on a regular basis or has made a couple of very big claims, the premium prices might just shoot up a bit for you.
- To save money on your policy premiums, you must carefully assess which type of policy and add-ons are the need of the hour for you.
- You can play around with the IDV or insured declared value of your bike to change the premiums accordingly. But be careful with not reducing it drastically.
- Renewing your policy on time can also help you save money.
- If you haven’t claimed your previous policy, do not forget to claim your No Claims Bonus or NCB.
How To Buy?
Once you finalize the decision to buy a bike insurance policy, there are a couple of options that you can explore. You can go the old school way of meeting an agent and getting the policy or walk into the insurance company’s local branch. Though it is a tried and tested method, there is a smarter way of buying policies, buy it online.
You can buy bike insurance online and save yourself a lot of time and money. When you opt to buy online two wheeler insurance, you have the option of comparing policies easily. During comparison, you will be able to view quotes from various insurers for your bike. Along with the quotes, you can look at the features and benefits of opting the plan. This allows you to take a better and more informed decision.
Buying online two wheeler insurance offers a lot of flexibility and avenues to save money. With the help of a calculator, you can save even more money on your policy.