How to use a bike insurance calculator?

The following are the steps to buy bike insurance policy online or calculate bike insurance calculator.

STEP 1: Fill in your bike’s registration number and your mobile number and click on the quote.

STEP 2: Next, you will have to enter the registration date, production year, and city of registration. After filling in all these, click on continue.

STEP 3: Now select the brand of your bike. After doing so, you will get a list of models to choose from under the selected brand.

STEP 4: After that, you will have to select the variant of your two-wheeler. You can choose from the options given or type the detail manually into the search bar.

STEP 5: If you have made a two-wheeler insurance claim in the past, then select it and submit.

STEP 6: You will have to select the bike insurance add ons depending on your needs and requirement. After doing so, you can request the quote for your bike insurance policy.

What are the benefits of using a bike insurance calculator?

The following are the benefits of using a bike insurance calculator.

1. Assists in deciding the IDV of your vehicle

A two-wheeler insurance calculator assists the owner in deciding the IDV of their vehicle. This value is the maximum amount that you will be paid during claim settlement by your insurance provider. It is important to inform the correct IDV of your vehicle to the insurance company because that will be the amount you will receive in case of a total loss or theft of your vehicle. You can see how increasing or decreasing your IDV will affect the premium of your plan and set the IDV as per your preferences.

2. Helps to choose the right add-ons

Add-ons allows you to tailor the coverage for your vehicle to protect it against possible damages and accidents. However, add-ons can also increase your bike insurance premium. So, by using the calculator, you can see how much each add-on alters your two-wheeler insurance outgo. This will help you select the right combination of additional covers for your bike.

3. Provides the best bike insurance premium

With the help of a two-wheeler insurance premium calculator, you can analyze different bike insurance quotes from various insurance companies, that will help you select the best policy according to your requirements and needs.

4. Easy to operate

Using a bike insurance calculator is not rocket science. It is very easy to operate. All you need to do is enter the details asked about your bike and you get a quote and the value of your vehicle in no time.

5. Saves money

Bike insurance calculators help you find affordable insurance policies. Besides, it also allows you to understand the factors that affect your two wheeler insurance policy premium, and accordingly, you can adjust them as per your needs. Moreover, you can also compare the policies on your own, hence, eliminating the need of reaching out to an agent which may cost a little extra.

Just like other bike insurance policies, a two-wheeler coverage secures the policyholder against financial losses caused due to unfortunate events. This means the insurer will bear the expenses of injuries and damages if the insured party meets with an accident.

Now, you can easily buy bike insurance online. All you really want is your cell phone or PC. With a few clicks, you can secure your vehicle within minutes from the comfort of your home. To help you with the process, here is a step-by-step procedure for buying an online bike insurance policy.

Step 1 – Identify your bike insurance need

It is vital to get what sort of inclusion you want. One of the main motives behind you getting your vehicle insured is to protect yourself from personal as well as third-party damage costs. So, understand the type of insurance that will be best suited for your needs. Third-party insurance is mandatory and only covers the losses sustained by the third party in an accident. However, if you buy comprehensive bike insurance, you can enjoy more extensive coverage that extends to protect your own two-wheeler as well. So, it ideally makes sense to purchase comprehensive coverage.

Step 2 – Do some research on insurance terminology?

Before buying an online bike insurance policy, it is important to equip yourself with basic knowledge about bike insurance. First, familiarize yourself with different terms used by bike insurance companies like IDV (Insured Declared Value), NCB (No Claim Bonus), Zero depreciation, etc. Once you have a thorough knowledge, you can explore the market based on your requirements and needs. Doing research will help you buy the right policy suited for you and your vehicle.

Step 3 – Choose an insurance provider

It is important to choose the right insurance company while buying online bike insurance. A dependable insurance company will help you get the best assistance during emergency situations. An ideal insurance provider should have excellent pre-and post-sales services. To verify this point, you may check the company’s website for reviews. You can also use aggregator websites to make a comparison. Once you are satisfied with your choice, head over to their website to explore their plans and premiums.

Step 4 – Fill out the insurance form

Once you have selected the policy of your choice, fill up the bike insurance application form. Do keep all your personal information ready, such as your ID, bike registration papers, make and model details, and so on. After you have filled out the form, do check to see whether you have made any errors. If all looks good, go ahead to submit.

Step 5 – Payment Option

The final step of purchasing an online bike insurance policy is payment. After making the payment, you will receive a soft copy of the policy at your email address. You can print it out and keep a copy in your bike storage too.

We hope that this article helps you while buying online bike insurance. All the best!

To understand what a third-party motor insurance policy is, you need to know about the parties involved in an insurance policy.

• The first part is the insurance policyholder.
• The second part is the insurance company providing the insurance service.
• The third part is the beneficiary of the insurance policy.

In other words, the third party is the one who is reimbursed by the second party for the damage caused to them by the policyholder (first-party) in an accident.

The same applies to a third-party bike insurance plan as well.

Let us look at what is covered under the third-party car or bike insurance plans.

The conditions covered under this policy scheme are:

1. Reimbursement for the hospitalization costs of the third party if bodily injury is caused to them in an accident involving your insured car or bike.
2. Monetary compensation for the third party’s family in case of the third party’s death.
3. Compensation for the third party in case of permanent bodily damage to it due to the accident.
4. Reimbursement for the third party for the property damage they faced in the accident.

Let us look at how the third-party car insurance claim procedure works.

This procedure is similar for third-party bike insurance as well. It is as follows:

1. The affected third party has to file an application against the first party that caused the accident.
2. They have to lodge an FIR at a police station near the spot of the accident and register their details, that of the first party and witnesses if any.
3. They have to file a case at the motor insurance claims tribunal. The court will go through the details of the case and the documents submitted to them. The court will decide the amount of money the first party has to pay to the affected third party to cover the damages done.
4. The second party or the insurance company will pay that amount to the third party on behalf of the first party.

Note that the third-party car insurance policy does not reimburse the cost to cover the damages that the first party faced in the accident. We hope that you are now armed with knowledge about a third-party motor insurance policy and how it helps in protecting you against any natural or manmade calamities. Have a nice day!