When it comes to buying a bike, we do a fair bit of research on the various bikes we would like to buy. However, we don’t have the same amount of patience to find the right insurance policy for us. There was a time when insurance companies advertised their policies as the ones with the lowest premiums to get people to buy them. However, with the government mandating the use of at least a basic policy – third-party liability, things have not been the same. The policies became pricier and there are way too many options to choose from. This has led to a certain level of disinterest in the consumers.
But, choosing the right insurance policy for your bike is as important as choosing the right bike for you. So, how do you do it? Simple! Find the one with the maximum benefits for the lowest premiums possible. Determining the premium costs has been made a lot easier by the insurance companies with the introduction of insurance premium calculators.
What is an Insurance Premium Calculator?
An Insurance Premium Calculator, as the name suggests, is a simple tool that will allow customers to determine the premium costs of the various policies available. All you have to do is to enter the required details such as the make and model of your bike, registration number, your city, the coverage you are looking for, and some personal details like name, phone number, and the tool will generate the estimate of your premium amount.
The tool is available on the websites of every insurance provider. This will help the consumers find the right policy that fits right into their budget. Here are some other reasons why it is encouraged to use a bike insurance premium calculator.
With the various options available, it can get quite overwhelming to find the right policy that fits you the best. However, with the insurance premium calculators in place, you can find the policy that provides maximum coverage for the least premiums easily.
Offers and Discounts
One of the best aspects of the premium calculator is the fact that you may even find the best discounts and offers you would be qualified for from the top insurers available.
Choose the Right Add-On
The main purpose of a premium calculator is to help you determine the premium costs in advance. With this, you can get an idea of how the coverage & add-ons you need modify the costs and easily analyze which ones you can add or omit.
Get an Estimate of Ideal IDV
The IDV or the Insured Declared Value is an estimate of the maximum amount of money you would get if and when you make a claim. With the bike insurance premium calculator, you can also determine the IDV amount.
Most people resort to agents for consultation of premiums and to get their policies. However, with the premium calculator, you can do it by yourself, thus saving the agent payment. Further, with the estimate of premium costs in hand, you can choose the right policy, while deriving maximum benefits and save a lot of money.
In simpler terms, an insurance policy calculator helps you make an informed and sound decision with regard to your bike insurance policy.