The first thing that is supposed to be done after purchasing a bike is to buy the bike insurance. The law makes the motor insurance compulsory for all the vehicles plying on the Indian roads. But before buying the bike insurance, it is important that you understand the factors that are considered to derive upon the insurance premium!
There are many insurance companies that provide bike insurance. The good news is you can buy the bike insurance online too, which is a simpler and hassle-free way of buying an insurance. The website of many bike insurance companies provides a fantastic tool called as “bike insurance calculator”. This is nothing but the premium calculator which will calculate the premium for your bike for you on the basis of few factors.
All you have to do is:
-Login to the website of your preferred bike insurance company
-Go to the purchase bike insurance tab
-Get updated on their several policies and the coverage. You would be asked to choose from either the third-party liability or the comprehensive policy as per your requirement. If you aren’t aware let me tell you that a third-party insurance would cover the risks towards the third party or property. Comprehensive bike insurance policy on the other hand would take care of the damages and theft of the insured bike along with the third-party liability.
-Fill up the given form with few other details of yourself and your bike
-Get your premium calculated through bike insurance calculator
-Make the payment
Bike insurance calculator
The online insurance buying doesn’t take much of your time and calculates the premium for you in a few minutes. It is not only a quicker way and needs a lesser paperwork but the best thing about an online buy is that you can compare various bike insurance premium rates online and then decide which provider to go ahead with.
A bike insurance calculator is the best tool that asks for a few details, then understands your requirements well and provide you with your premium amount. Bike insurance calculators are available for free. The bike insurance calculator will ask you the following details to calculate the premium of your bike:
-IDV of the vehicle: IDV is the insured declared value or the total sum of the money which is provided to the client or insured when he raises a claim for an instance like of a stolen bike or in the case of a complete loss of bike. IDV is the calculated by deducting the depreciation from the current price of the bike.
-Cubic capacity of the vehicle: The insurance premium of a sports bike or any other luxury bike has a higher CC and hence will have a higher premium as compared to a normal bike.
-Coverage: Higher the coverage, higher is the insurance premium. The third-party cover which covers the damages, injuries or even death caused to the third-party costs lesser and comprehensive cover that covers self-damage too costs a higher premium.
-Model and make of your bike: The better your model is, the higher is the premium.
-Year of Manufacture or age of bike: The old bikes have a higher rate of depreciation and hence their IDV or insured declared value is low. Hence, they have a lower premium.
-Add on: You might have spent some money in accessorizing your bike and hence you would like to protect that too. Also, add-on cover such as zero depreciation cover also increases the premium amount of your bike insurance.
-Your zone: If you reside in a “High density” area, then you will have to pay a higher premium. The belief is that a higher dense area or an urban locality will have a higher traffic as compared to a lesser dense area and hence the chances of accidents are more. This is why you may be asked to pay more premium.
If you do not want to go with the online bike insurance calculator, alternatively, you can visit the branch of the insurance company you have selected to buy an insurance from. They will provide you the necessary details and give you a form to fill up. You will be required to mention some necessary details and then make the payment as per the premium calculated by your insurance provider.