How To Calculate Two-Wheeler Insurance Premium Online

If you own a two-wheeler, it is essential to have an insurance policy to protect yourself against financial losses due to accidents, theft, or damages. While buying insurance can be a hassle, calculating the premium online is a simple process that can save you time and money.

In this article, we will guide you through the steps to calculate your two-wheeler insurance premium online like a pro. We will cover the basics of two-wheeler insurance, the factors that affect the premium, and the tools you need to make an informed decision. Whether you are a new rider or an experienced one, this guide will help you choose the best insurance policy for your bike.

The Basics of Two-Wheeler Insurance

Before we dive into calculating the premium, let's understand the basics of two-wheeler insurance.

Two-wheeler insurance provides financial protection to the owner of the bike in case of an accident, theft, or damage. The policy covers the cost of repairs or replacement of the bike, third-party liability, and personal accident cover for the rider.

There are two types of two-wheeler insurance policies:

1. Third-party insurance –

It covers the damages or injuries caused to a third party, including pedestrians, passengers, or other vehicles.

2. Comprehensive insurance –

 It covers the damages or losses incurred by the owner of the bike due to accidents, theft, or natural calamities.

In India, it is mandatory to have at least third-party insurance for your two-wheeler. However, it is recommended to opt for comprehensive insurance for complete protection.

Factors That Affect Two-Wheeler Insurance Premium

The premium of your two-wheeler insurance depends on various factors, such as:

1. Age of the bike –

 Older bikes have a higher risk of damages, leading to a higher premium.

2. Cubic capacity (CC) of the bike –

Higher CC bikes have a higher premium as they are more powerful and have a higher risk of accidents.

3. Location of the owner –

The premium may vary depending on the location of the owner as some areas have a higher risk of theft or accidents.

4. Type of coverage –

Comprehensive insurance has a higher premium as it covers more risks than third-party insurance.

5. No Claim Bonus (NCB) –

 If you have not made any claims in the previous year, you are eligible for an NCB discount on the premium.

6. Add-ons –

You can customize your policy by adding extra covers like zero depreciation, pillion rider cover, or roadside assistance, which may increase the premium.

How To Calculate Two-Wheeler Insurance Premium Online

Now that you know the factors that affect the premium let's move on to the steps to calculate the premium online.

1. Choose an insurance provider –

You can choose from various insurance providers that offer two-wheeler insurance online. Compare the policies and features to choose the best one for your bike.

2. Visit the insurance provider's website –

 Once you have selected the provider, visit their website and click on the two-wheeler insurance section.

3. Enter the details –

You will be asked to enter your bike's make and model, year of manufacture, location, and registration details.

4. Choose the coverage –

Select the type of coverage you want, such as comprehensive or third-party insurance, and any add-ons you need.

5. Calculate the premium –

 After selecting the coverage, the website will calculate the premium based on the details you have entered. You can modify the details or coverage to see how it affects the premium.

6. Pay the premium –

Once you are satisfied with the premium and coverage, you can proceed to pay the premium online using various payment options.

7. Receive the policy –

7. After successful payment, you will receive the policy documents via email or post. You can download and print the documents for future reference.

Tips To Save Money on Two-Wheeler Insurance

While buying insurance is essential, it is also crucial to save money on the premium. Here are some tips to help you save money on your two-wheeler insurance:

1. Compare policies –

Compare the policies and features of different insurance providers to choose the best one for your bike.

2. Opt for long-term policies –

 Long-term policies offer discounts on the premium and save you from the hassle of renewing the policy every year.

3. Install anti-theft devices –

Installing anti-theft devices like GPS trackers or alarms can reduce the risk of theft, leading to lower premiums.

4. Avoid small claims –

If the damage is minor, it is better to pay for the repairs yourself instead of making a claim, as it may affect your NCB and increase the premium.

5. Renew the policy on time –

 Renewing the policy before the due date ensures that you do not miss out on the NCB discount and avoid paying penalties.

FAQs

 

1. Can I calculate the premium without providing the registration number of my bike?

 No, the registration number is essential to calculate the premium as it provides information about the bike's age, make, and model.

2. Can I change the coverage or add-ons after paying the premium?

No, once you have paid the premium, you cannot modify the coverage or add-ons. However, you can contact the insurance provider to make changes before the policy is issued.

3. What is No Claim Bonus (NCB)?

NCB is a discount on the premium given to the policyholder for not making any claims in the previous year. The discount can be up to 50% of the premium and can be accumulated over the years.

4. Is it mandatory to have comprehensive insurance for my two-wheeler?

No, it is not mandatory to have comprehensive insurance. However, it is recommended to opt for comprehensive insurance for complete protection.

Conclusion

Calculating your two-wheeler insurance premium online can save you time and money while ensuring complete protection for your bike. By understanding the basics of two-wheeler insurance and the factors that affect the premium, you can make an informed decision and choose the best policy for your bike. Remember to compare policies, choose add-ons wisely, and renew the policy on time to save money on the premium. Happy riding!