Before even starting with the importance carried by a two-wheeler insurance, let us address the fact that riding a two-wheeler at public roads is illegal without a validated insurance policy. Also, 4.5 lakh accidents took place last year with two-wheelers having the biggest share among them(36.5 percent).
Bike insurance calculator
Thanks to ever growing technology, a bike insurance calculator factors all needs or wants to tailor a plan with respect to the budget and two-wheeler owned, is available online. The biggest misconception dispelled by this tool is that insurance for two wheelers is expensive. Apart from that, it will suggest the precise amount of insurance needed for the type of vehicle owned and the riding done.
Features of Bike insurance
- Insurance calculators: Insurance calculators available for bike insurance online can be used for determining the premium depending on the type of insurance needed, optimal amount of sum assured and additional riders to opt for.
- Requirements:The calculator asks some basic questions regarding the model and make of the two-wheeler, its registration date, the city of residence.
- IDV: Based on all of this and certain additional factors, it offers a bracket for price, where the maximum and the least possible Insured Declared Value(IDV) can be chosen.
- Variability: This variability enables selection of an IDV calculated in real-time and closer to the budget determining the payment amount of annual premium for the policy.
- Cover options: One pays towards the comprehensive policy of new two-wheelers, the part of own-damage generally gets covered for one year and third party gets multiple years coverage.
- Choice of features: This differs depending on the company chosen for insurance. Once an IDV value is chosen, instead of deciding on behalf of the individual, the calculator will offer the option for inclusion of a cover of personal accident of unnamed persons. Here, the compensation amount can be chosen.
Benefits of Bike Insurance
- When it comes to add-ons, this bike insurance calculator allows a choice from among additional options.
- RSA and others benefits: Among the many add ons are on road 24×7 breakdown assistance on-road, depreciation shield that excludes depreciation cost for two-wheeler while filing a claim, coverage of any damage occurring to engine because of oil leakage or water ingress by a shield for engine protector , and consumables cover that takes care for the cost beared by consumables such as engine oil, gearbox oil, coolant etc.
- What’s not covered: These costs are not covered with regular insurance policy for two-wheelers in case of repairs arising due to accidents.
- Issuance of policy: Once the review of all these options is complete and selection is done as per requirements, the bike insurance calculator will display the needed amount to be paid online. The policy gets issued covering the two wheeler from the date and time mentioned on the document.
Bike insurance available on Finserv MARKETS acts like the guardian angel riding with you to protect both the bike and the rider in the case of an unexpected incident. Avail cashless claims, coverage for any damages caused due to natural disasters as well with Finserv MARKETS.