Having a vehicle offers you the convenience of travelling with ease. However, with owning a vehicle comes certain mandatory regulations like owning bike insurance if you have a bike of your own. Just as it is compulsory to ride your vehicle with proper registration documents and a valid license, it is, according to the Motor Vehicles Act of 1988, mandatory to have vehicle insurance. Additionally, vehicle insurance gives you total protection in case of any emergency costs arising out of road mishaps.
While you are considering insurance, you may be thinking of premiums you have to pay. A bike insurance calculator can help you to estimate the premium amount to be paid. However, here are 4 factors that may affect your premiums while signing off on vehicle insurance.
Insurance Coverage Type
Table of Contents
A online two-wheeler insurance premium calculator may be important to compute premiums to be paid, but when you choose a plan, the right one for you and your vehicle depends on the coverage offered by insurance plans. Various insurance plans have different clauses, but typically, they consist of two fundamental types:
- Third-party Plans – These plans ensure coverage for any damage or bodily harm to third parties or their property due to the fault of your two-wheeler. This is the most fundamental plan you can opt for, and is the minimum requirement to have by law.
- Comprehensive Plans – Comprehensive plans offer a broad spectrum of coverage, and cover costs arising out of damage or bodily harm to third parties/property and to you and your own vehicle due to your vehicle’s fault. You can have ‘add-ons’ to this plan in case you want more coverage.
Vehicle Condition and Details
While opting for insurance plans, a bike insurance calculator will help you evaluate your premium amount, depending on the plan you decide to take. This may be important as you may be on a budget. However, while knowing about premiums, the condition of your bike is often considered. If your bike is very new, then it is obviously in pristine condition. Therefore, your premium amounts may be low as there is less risk of any fault in the vehicle causing a mishap. However, if your vehicle has been used significantly, this poses a risk in terms of its condition. Hence, the year of manufacture, the age, the kind of fuel used, accessories attached, clocked miles, and other details will affect premium amounts.
Add-ons
Your insurance plan, or the one you select, may not offer you the maximum coverage you need. You may want more, so you can consider ‘add-ons’ which provide you with extra features of coverage in your plan. While using a two-wheeler insurance premium calculator, your premium will be affected by the amount of add-ons you choose. The more you require, your premium will go higher.
Deductible Amount
Each insurance plan you choose will have a certain deductible amount that you should consider when you use a bike insurance calculator. This amount is deducted when a claim is made. In the case of two-wheelers, the minimum amount deductible is Rs. 25. Nonetheless, some plans may have higher amounts.
Vehicle Insurance You Require
As we grow up playing online bike games we are mostly not aware of all these important information related to bike insurance and the premium. Which is why, in order to make an informed decision about an appropriate insurance plan, you should use a two-wheeler insurance premium calculator so you can avail of the best plans. Also, it is important that you compare several policies on the internet making a decision.
