Everything you should know about bike insurance premium calculator


03 Aug 2023

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It is recommended that you should use a premium calculator before purchasing a bike insurance policy. What is this premium calculator? Read this post to find out.

One of the most significant considerations when selecting a two wheeler insurance policy is its premium. While the IRDAI fixes the premium for mandatory third-party insurance, comprehensive policy premiums can vary between insurers.
Some insurers offer a premium calculator tool to help you know the approximate premium of the policy you’re interested in and make comparison easier. Here’s everything you should know about this helpful tool-

1. What is a bike insurance premium calculator?

A two-wheeler insurance calculator is an online tool that provides approximate insurance premiums for your bike. The tool considers several factors related to your bike to calculate the applicable premium instantly.
You can use the tool to compare insurance quotes from various insurers and select a plan that best fits your budget and insurance requirements.

2. How to use a bike insurance calculator?

An insurance calculator is an easy-to-use tool that can calculate insurance premiums within minutes. The tool only requires you to enter some basic details related to your bike and the type of insurance you’re looking for. Here are the steps you can follow to use a bike insurance calculator-

• Enter details of your bike, including make, model, and variant

• Enter the year of purchase

• Provide details of your past claim for the No Claim Bonus (NCB) discount

After entering these details, you can click on ‘Calculate’ to know your bike's approximate third-party liability and comprehensive insurance premium. If you select the comprehensive policy, you can adjust IDV (Insured Declared Value) and choose add-ons to calculate the final premium amount.

Why should you use a premium calculator before purchasing insurance?

Here are some of the reasons why you should use a two-wheeler insurance premium calculator-

Choose the best insurance plan

 You can use the quotes generated from the insurance calculator to thoroughly compare the plans we offer. Moreover, at Kotak General Insurance we have multiple bike insurance plans. The calculator can come in handy in such cases to help you compare the various plans and choose one that best meets your requirements.

Check impact of IDV on insurance premium

IDV or Insured Declared Value is the maximum amount your bike can be insured for. With comprehensive plans, you get the option to adjust the IDV. A lower IDV helps reduce the insurance premium, while a higher IDV will increase the premium. You can use the calculator to see how the IDV adjustments impact your bike insurance premium.

Select the Add-ons that suits your needs

Add-ons are a smart way to expand the scope of your insurance policy. However, they slightly increase the insurance premium. With a premium calculator, you can experiment with the various add-ons offered by the insurer and see how they affect the insurance premium. You can then select the ones that you feel are ideal for you.

Make an informed decision with our Kotak General bike insurance calculator

Our two-wheeler insurance premium calculator is a handy tool that makes the whole process of purchasing insurance quick and simple. So, if you’re searching for the best bike insurance, this calculator helps to accelerate the process and make the right selection.
Apart from using the calculator, don't forget to check the product brochure to understand all the inclusions and exclusions of the policy clearly. In case of any queries, you can always contact our customer care through toll-free number or online chat.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.