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Why Is It A Good Idea To Use A Bike Premium Calculator?

Team AckoJan 17, 2024

Buying a two wheeler insurance policy is like weaving a financial safety net against potential unfortunate events that might occur related to your bike. One may think that a lot of money is getting invested for this safety net. If you have never taken advantage of tricks that can help you buy two-wheeler insurance at an economical rate, then you might believe that you are spending a lot. But, have you ever given a thought to reduce the amount of money you spend on buying two wheeler insurance? You might think how can one get a discount on bike insurance? But this article will show how you can save money on bike insurance without compromising on the features, benefits, and services offered by the policy.

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Why using two wheeler insurance premium calculator is beneficial?

Why using two wheeler insurance premium calculator is beneficial?

The cost of an insurance policy is determined by a number of factors. The two-wheeler insurance premium calculator uses these factors to deduce the possible amount you might have to pay to get your bike insured. You can reduce the cost of your policy to an extent if you know how to tweak these factors. The tweaking can be done with the help of a two wheeler insurance premium calculator. Here is a look at some of the factors you can fine tune:

1. IDV

IDV is the Insured Declared Value of the two-wheeler. You can set this amount approximately equal to the current market value of the bike. As this forms the basis of your premium, you can slightly tweak the amount to match your budget. However, remember that setting a very low IDV will drastically reduce the claim amount in case of total loss.

2. Deductibles

A deductible is an amount that the policyholder bears at the time of claim. There are two types of deductibles – compulsory and voluntary. You can tweak the amount of voluntary deductible using the two-wheeler insurance calculator to arrive at a premium.

3. Type of Policy

The cost of buying a third party two wheeler insurance policy is less than that of a comprehensive policy. Thus, you need to buy the one that suits your needs. Remember that buying comprehensive two wheeler insurance is most of the time more beneficial than buying the basic third-party bike insurance policy.

Reasons to buy two wheeler insurance online

As you already know, you can buy two wheeler insurance in two ways. One is buying two wheeler insurance online and the other is the traditional method of buying it offline. If you are still using the old-school method, here are some strong reasons that will help you switch to the modern method when you renew two wheeler insurance:

1. Discounted rates

Probably one of the major reasons to buy two wheeler insurance online is that you get the policy at a cheaper rate compared to offline methods. The premium is lower when you buy two wheeler insurance online because the insurer spends less on the operational cost related to managing your policy online.

2. Time-saving

When you buy the policy offline, you need to make a few calls to your insurer/agent/broker, select the policy, fill the application form, wait for approvals and what not. Cut this entire process down to simply going online with the help of your smartphone, comparing the policies within a few clicks, entering your details then and there, reading the document and making payment. All in all, you can buy two wheeler insurance online in under 10 to 15 minutes. The time frame will reduce even more when you renew two wheeler insurance.

3. Convenient

To buy your two wheeler insurance online all you need is a device and an active internet connection. The device can be anything from a smartphone or a tablet or laptop. You can also access the insurer’s website at any time, no restrictions on working hours.

Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions. Explore More: