Benefits of Using a Two-Wheeler Insurance Premium Calculator

 Benefits of Using a Two-Wheeler Insurance Premium Calculator

The rise in the number of two-wheeler accidents is an indication for many to buy or renew their two-wheeler insurance policies immediately. Many people tend to ignore this because they believe it is a waste of money. What they do not realize is that it is an investment. If you have not renewed your two-wheeler insurance policy since the time you purchased your bike, then it is imperative that you do so immediately.

You must be wondering how to purchase a two-wheeler insurance policy at the best price available. Continue reading to know how to save your hard-earned money without having to compromise on the features, benefits, and services offered under the insurance policy.

How does a two-wheeler insurance premium calculator help?

Various factors determine the cost of an insurance policy. A two wheeler insurance premium calculator uses these factors to determine the best policy at the most affordable premium by comparing all available policies. Your policy cost can be reduced significantly if you understand how to adjust these factors. This is possible with a two-wheeler insurance premium calculator.

Mentioned below are a few other things to look into:

  1. What is your policy type?

Firstly, it is important to know what type of policy you want to purchase. Third-party two-wheeler insurance or comprehensive policy are your options. However, you must buy a plan that suits your needs best. Keep in mind that if you purchase comprehensive two-wheeler insurance, you will receive more coverage as compared to a basic third-party bike insurance policy.

  1. Types of deductibles

The amount that you have to bear during the claim process is known as a deductible. They are of two types: compulsory and voluntary. Compulsory deductible, as the name suggests, has to be paid at the time of making a claim. Voluntary deductible, on the other hand, is negotiated at the time of purchasing a policy and is inversely proportional to your premium. Essentially, it means that higher your voluntary deductible, lower would be your premium and vice versa.

  1. What should be the insured declared value (IDV)?

Insured declared value (IDV) is the current market value of your two-wheeler. This value forms the basis of your premium and you can modify the amount to match your budget. Note that if you set a very low IDV to save on premium, it will reduce the claim amount in case there is a total loss or theft.

Why opt for buying two-wheeler insurance online?

There are two ways of buying a two wheeler insurance policy. One is the traditional method we’re all familiar with, i.e. buying it offline (through an agent). The second is purchasing an insurance policy online. In today’s tech-savvy age, the latter is more convenient as well as beneficial. If you’re still purchasing it offline, then read the following points to understand the benefits of purchasing a policy online and make your switch to the modern method of buying two-wheeler insurance.

How beneficial is purchasing a two-wheeler insurance policy online?

  • It saves time

You don’t have to make any calls whatsoever. All you need to do is go online, compare a few policies, enter your details, and lastly, read the policy document before making the payment. This entire process should take you less than 15 minutes. This reduces even further if you just want to renew your two-wheeler insurance policy.

  • It is convenient

To buy two-wheeler insurance online, all you need is a smartphone or a laptop and an active internet connection. You just need to access the insurer’s website at absolutely any hour and purchase/renew your insurance policy.

With the help of a two-wheeler insurance premium calculator, you can easily calculate, compare and receive an affordable two wheeler insurance rate online. It is a very convenient way of buying insurance. Make a wise decision and choose the best policy for you.

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