How to Calculate and Renew Two-Wheeler Insurance Online?

An insurance policy for your bike is an optimal way of obtaining financial support for any damage your bike may face due to an accident or any other instance. With bike insurance, you will get protection against third-party liabilities which arise from injuries to another individual or their vehicle. In a bike insurance policy, you pay a premium amount to the insurance company for the policy’s tenure, in return for the insurance coverage. Therefore, as long as you make the premium payments, the policy is valid.

If the policy is nearing its lapse date, you must have it renewed before the policy expires to reap its benefits such as the No Claim Bonus discounts. Hence, it would help if you selected a suitable two-wheeler insurance policy well before the policy’s expiry date.

One of the easiest ways to find the best plan for your bike is by looking for different bike insurance plans online. The process of selecting a plan becomes easy as you get to know the features and coverage that various plans offer. Once you have a clear understanding of the offerings from a plan, you can make an informed decision. Insurance companies understand that comparing different plans can be stressful, and that is why they provide a two wheeler insurance premium calculator. An insurance calculator is a free online tool that almost all insurance companies offer. You can access them by visiting the insurer’s official website.

How Does a Bike Insurance Calculator Work?

The bike insurance calculator helps you with an estimation of the premium amount you could have to pay towards a policy. To get this estimate on your plan, you will need to enter specific details about your bike (make, model, etc.), the insurance policy you have chosen and some details about yourself. Once you have provided the relevant information in the calculator, it will generate an insurance quote for you. With the calculator’s help, you will understand the premium amount you have to pay for a specific plan.

Using the calculator is an excellent way to compare different plans and select the one that suits you. The calculator also allows you to customize the information you enter; this way, you can precisely understand how various factors of your plan impact the premium amount. You can also add the ‘No Claim Bonus’ and different add-ons you wish to add to your policy. It will help you select the other add-ons, depending on how they affect your premium amount.

Advantages of Using a Bike Insurance Calculator

  1. You can select the most optimal plan with the calculator’s assistance.
  2. The calculator helps you in deciding on an ideal IDV for your bike. Picking the correct IDV is essential because you will receive the IDV amount from the insurance company when you file a claim for a total loss or theft.
  3. You can include the appropriate set of add-ons to see how they affect your premium amount correctly.
  4. The calculator removes the requirement for an intermediary or an agent. You will be able to select a plan suitable for you and not buy a plan based on an insurance agent’s biased opinions.

Once you have checked the most suitable insurance policy for your bike, you will have to keep making the premium payments to maintain the policy. But, when the policy reaches the lapse date, you will need to renew your policy. A failure to renew the policy on time can lead to you losing your accumulated NCB.

How to Renew Two-wheeler Insurance Online?

Insurance companies now allow their customers to get their policy renewal done online. To get your bike policy renewal, you will need to follow a few steps. During the process, a bike insurance calculator can help you understand the cost of the premium payments after the renewal of the policy. If you add your NCB discount to this premium amount on the calculator, you get the discounted premium rates. Likewise, if you want to include some add-ons during the renewal and see the price difference, you can do so.

To begin the process, you must have your insurance document with you and visit the official website of your insurer and follow the listed below steps:

  1. Select bike insurance renewal.
  2. Enter bike registration number and other important information.
  3. Select the bike insurance plan which you want to purchase.
  4. Pick the riders or update the IDV. You can edit the IDV depending on your requirement. You must note that your IDV must be 10% lower than the previous year’s policy.
  5. After these steps, you will see the premium amount you have to pay.
  6. To make the payment online, you can use any of the online payment modes.
  7. After the payment is made, your policy has been successfully renewed.

Summing Up

Using a two-wheeler insurance calculator while renewing your policy online can help you modify your existing policy as per your requirement. If you need to adjust the premium amount, you need not keep guessing an approximate premium payment; instead, the calculator will give you accurate figures which help you plan your premium payments well.

If you choose to switch from one insurance provider to another for the policy renewal, the calculator will help you compare different plans and choose a suitable one.