While you are planning to purchase a bike insurance plan or renew an existing one with some add-ons, it is essential that you calculate your premium to have a clearer picture. With a bike insurance premium calculator, the task of assessing your actual premium becomes quite easy and handy. This digital tool shows you result in just a few minutes. You can compare the premium rate of various policies in one place and decide on which one suits you the most. This article lets you explore how you can calculate your bike insurance premium and some easy tips to lower the premium rates.
Bike Insurance Premium Calculator
A bike insurance calculator is an effective tool for finding the premium payable under your bike insurance plan. The calculator calculates the premium of various different policies based on the details of the policyholder’s bike. The calculator, thus, helps policyholders compare the premium rates of different bike insurance plans and choose one plan which is the most suitable.
Benefits of two-wheeler insurance premium calculator
A two-wheeler insurance premium calculator offers various benefits which are as follows:
- It calculates the premium rates for the two-wheeler.
- Premium rates of different plans are calculated at once.
- The policyholder can view the expected premium rates before buying the two-wheeler insurance policy.
- Since premiums of multiple policies are calculated and listed, the policyholder can compare the available plans and choose the best plan for his two-wheeler.
How is Bike Insurance Premium calculated?
When planning to buy an insurance policy for your bike, the most important consideration is the premium amount. Platforms like Turtlemint lets you calculate and compare the premium amount offered by different insurers prior to purchasing the insurance policy. A digital premium calculator is a valuable tool where, by entering a few details of your bike like bike make, bike model, RTO Location, bike’s variant, year of purchase, etc., you can calculate the premium amount. This quick and easy comparison lets you have the most suitable insurance policy for your two-wheeler.
Two-Wheeler Insurance Premium Calculator for New Bikes
In India, it is mandatory to have a bike insurance policy as soon as you purchase the two-wheeler. When you purchase a new bike, you can take a pause and calculate the premium of various insurance plans offered by different companies in order to get the best one possible for your bike. By using the insurance premium calculator of Turtlemint, you can easily calculate the premium amount and then make a decision. As there will be no pressure from an external agent, you can take your time, discuss with your family and then reach a reasonable decision. Here’s how you can calculate the insurance premium for your new bike:
- Visit the bike insurance section on the website.
- Click on the “bike insurance calculator” under “bike” on the top left side of the website.
- Now the bike insurance premium calculator page will open.
- If you have the registration number, enter it on the page, or else you can also continue without entering the bike number.
- In the next section, you need to fill in a few details like model, variant, year of purchase of the bike, etc.
- You need to look for new policies as you have purchased a new bike.
- After all the details are correctly mentioned, various insurance plans and premiums will appear on the page. From here, you can compare and finalize your plan.
- Turtlemint also lets you purchase insurance plans from the platform
Two-Wheeler Insurance Premium Calculator for Used Bikes
Calculating the insurance premium for your used bike is quite easy as you have all the details handy. By visiting the easy-to-use website of Turtlemint, you can easily calculate the premium for two-wheelers. As there are not many add-ons available for used bikes, you will not have to stretch your insurance plan and can easily calculate the best possible premium amount. Also, if your bike is 5 years old, you cannot go for Zero Depreciation Add-On as well. Here’s how you can quickly calculate your premium amount:
- Visit the bike insurance section on the website.
- Click on the “bike insurance calculator” under “bike” on the top left side of the website.
- Now the bike insurance premium calculator page will open.
- On the next page, enter your bike’s registration number.
- Choose the policy you wish to check premium for.
- If you have any NCB, you can choose it along with the previous insurer. By entering these details, you can check your IDV as calculated by different insurance companies.
- If you wish, you can opt from any available add-on.
- After all the details are correctly mentioned, various insurance plans and premiums will appear on the page. From here, you can compare and finalize your plan.
- Turtlemint also lets you purchase insurance plans from the platform.
How to use Turtlemint’s bike insurance calculator?
Turtlemint is an online insurance platform which helps you calculate your bike insurance premium using its calculator. You can also buy the policy online after calculating the premium. The process of using Turtlemint’s calculator is as follows:
- Visit the website at www.turtlemint.com.
- On the home page, choose ‘Bike’.
- You would be taken to the bike insurance premium calculator page.
- Enter the registration number of the bike. In case you don’t have the registration number, you can choose ‘Continue without bike number’.
- You would be asked the details of the bike. You would have to provide the make and model, registration year, fuel type, variant and whether you want to buy a new policy or renew an existing one.
- You would also have to specify the type of policy required – comprehensive or third party liability only.
- After all the details are provided, you would be asked for your contact details so that Turtlemint’s representative can call you and assist you with your purchase.
- After all the relevant details are provided, the premiums of various two-wheeler insurance plans would be displayed.
- Turtlemint’s calculator also shows the minimum and maximum IDVs (Insured Declared Value) available for your bike. You can choose any IDV between the minimum and maximum levels and your premiums would be calculated according to the IDV you select.
- You can, thereafter, compare plans, choose add-ons and then buy a plan which you think is the most suitable for your requirements.
Calculate, compare & save upto 60% on bike insurance without inspection & paperwork
Factors affecting premiums of bike insurance policies
Though the calculator calculates the premium, there are certain factors which affect the premium of bike insurance policies. These factors include the following:
- Make, model, variant of the bike – The make, model and variant of the bike affects the premium charged because it affects the value of the bike. The higher the value of the model, the higher would be the premium charged.
- Year of registration – The year of registration of the bike determines the age of the bike. If the bike is old, its value would be low and so would the premium rate.
- Location of registration – The location of the bike also determines the premium. Premiums are higher for metro cities compared to non-metro ones.
- Type of policy selected – There are two types of bike insurance policies, comprehensive and third party. Third party plans have restricted coverage and so have a very low premium amount. Comprehensive plans, on the other hand, have a wider scope of coverage and so the premium is higher.
- Add-ons selected – Comprehensive bike insurance policies offer additional c overage benefits. These benefits are optional and require additional premiums. If such add-ons are selected, the premium rate increases.
- Bike modifications – Any modifications done to the bike increases the value of the bike and also the associated premium rate.
- Discount – There are different types of discounts available in bike insurance plans. These discounts affect the premium rate.
How to Reduce Two-Wheeler Insurance Premium?
Some pro tips and tricks can let you save your hard-earned money from paying a premium. You can definitely reduce your two-wheeler insurance premium by following a few tips:
- Store NCB
You must refrain from filing unnecessary claims. If you avoid minor and unnecessary claims, you will be able to maintain a good record and hence, get a No Claim Bonus for making zero claims in a particular policy year. NCB helps you get a deduction in the premium amount. - Higher deductibles, lower premium
A deductible is the share of a claim amount that a policyholder pays when settling a claim. If you go for higher deductibles while settling the claim amount, you will definitely get relaxation in the further premium amount paid. - Do not accumulate attractive add-ons
There are certain add-ons that look too good on paper. However, you need to realize if or not you need that particular add-on. Adding unnecessary add-ons will not be helpful but only increase the burden of your premium amount. - Renew before it expires
Bike insurance policies must be renewed before their expiry because by then, you can avail of several discount offers. After expiry, there are least or no chances to avail any discount that might help you reduce your premium.
These are some of the easy ways how you can boost your plan and pay a relatively low premium. Next time you plan to opt for an insurance plan, make sure you calculate your premium properly using the easy insurance premium calculator of Turtlemint. It gives you a clearer idea that simplifies your decision and helps you make a better choice.
