What are the Benefits of Using a Car Insurance Calculator?

When you own a car, the first thing you must do to safeguard your vehicle’s future is to get car insurance. A car insurance policy is an important document that you must possess to drive your car legally on Indian roads. If an insured vehicle gets damaged in any way, the insurance company provides the policyholder with insurance coverage. The insurance coverage would help the policyholder take care of the damage repair costs. However, the process to buy the right policy can be a bit tricky, as the insurance requirements would be different for different individuals. When you decide to purchase car insurance online, you must be extremely cautious as this plan is going to safeguard your car for a long tenure.

To make the process easy for their customers, insurance companies for cars have launched the car insurance calculator. This calculator is generally available on the insurer’s website and is entirely free of cost. The insurance calculator will provide you with an estimate on your insurance policy premium, depending on the information you provide. The premium amount estimation will be done on factors like your age, location, car’s make and model, the policy you have chosen, tenure, etc. The insurance calculator will provide you with instant quotes on comprehensive and third-party insurance. You can use the calculator for both new and old cars.

Benefits of using a car insurance calculator:

  • Saves time:

The calculator will help you calculate your car insurance premium with high accuracy quickly. When you are trying to buy a plan, you will not have to conduct manual calculations. With the calculator’s help, you can get the premium quotes for an insurance policy within seconds.

  • Easy to use:

These calculators have a simple user interface and are relatively easy to use. Before using the calculator, you must ensure you have all the required information ready. To use the calculator, you will have to add the relevant information in their respective slots. The calculator will do the rest of the task.

  • Helps you compare:

When you are trying to purchase car insurance online, it can be challenging due to the availability of different online plans. Picking one policy out of the wide range of plans available can make buying a policy somewhat confusing. However, with an insurance calculator, you can understand the suitability of different plans, with regard to their cost as well as your needs and your budget. You can compare other plans and customize the different plan elements to find the most suitable plan for you.

  • Can lower premiums:

The calculator provides you with the premium quotes you will have to pay through a plan. You can understand how different factors like IDV, voluntary deductible, etc. play a part in your premium. Once you know how they factor into your premium amount, you can customize them in the calculator and select a low premium plan.

  • Add-ons:

Add-ons and riders are the other additions you can add to your plan. A rider will provide you with additional coverage for a specific event. Adding riders can improve the insurance coverage you get from the policy. Adding a rider to your plan can affect the amount you pay as premiums, as the addition of add-ons to the plan increases the amount, depending on the rider you choose. With the calculator, you can see how the addition of a rider can affect your premium amount. Once you understand this, you can select the right mix of riders to add to the plan.

  • No agent required:

An insurance agent would be the one who told you about the different plans available for you in the past. But, they would generally have biased opinions about policies and charge you for their services. With the calculator, you can choose an insurance plan all by yourself, without any outside opinions and free of cost.

  • IDV:

The calculator helps you adjust your IDV (insured declared value) to the one suitable for your car’s make, model and age. Including the correct IDV will ensure that you will be fairly compensated with your car’s current market value if your vehicle gets stolen or completely damaged.

The calculator will first analyze the information you have provided, like details about yourself, your car and your policy and then provide you with the premium amount you can pay. Using the car insurance calculator has a lot of benefits; for instance, it would remove the requirement of an agent, help you understand how to lower premiums or what add-ons to include, etc.

Therefore, when you buy a car, you must also purchase a car insurance policy and be sure to use a car insurance premium calculator. While four-wheeler insurance is a good way to save yourself from paying damage repair costs on your vehicle, the calculator makes the process of purchasing a car insurance policy easy. Before making the car insurance online payment, it would help if you used the calculator.

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5 Questions Buyers Normally Have About Two-Wheeler Insurance

Buying your first two-wheeler can be pretty exciting. You probably can’t wait to take your bike out on long trips over the weekend or post selfies with your ride on Instagram. But before you head out, it is important to get your bike insured. Now, buying insurance might be confusing if you are doing it for the first time. You may have many queries that need answering. You’re not alone; a lot of other new bike owners too have similar doubts. To help you out, here are the answers to 5 questions buyers normally have about two-wheeler insurance.

  1. What is my bike’s IDV and how is it calculated?

IDV stands for the ‘insured declared value’ of your bike. The IDV figure is calculated based on your bike manufacturer’s current estimated market value of your vehicle minus depreciation. Any extra charges that you have paid to own your bike – such as road tax and registration costs – are not included in the IDV. The IDV is important as it is the amount your two-wheeler insurance will pay you if your bike suffers from irreparable damage in an accident or if it gets stolen. Many people often opt for a lower IDV to reduce their two-wheeler insurance premium but, this is a mistake as you may end up getting a very low compensation if things go awry.

  1. Are there any tips to follow to qualify for a lower premium on my insurance?

The premium should not be the sole deciding factor when buying two-wheeler insurance. Never go for the cheapest premium as you may end up with insufficient coverage. That being said, you can consider fitting your bike with anti-theft devices as doing so may qualify you for a reduction on your premium. Also, remember to ask for the No Claim Bonus (NCB) when you renew your bike insurance every claim-free year.

  1. What are the documents generally required when filing for a claim?

The exact answer to this question may differ between insurance providers. However, the documents that are generally required include –

  • Filled insurance claim form
  • Copy of bike registration papers
  • Proof of repair costs
  • Copy of FIR (in case of theft)
  1. What do I need to know about the deductible in my policy?

The deductible is the amount that the vehicle owner needs to pay before the Janitorial Cleaning Services Insurance company can honour a valid claim. There are two parts to the deductible – compulsory and voluntary. The compulsory value is determined by the IRDAI. The voluntary value can be set by you; the higher the voluntary deductible, the lower your insurance premium. However, make sure to do your calculations properly before selecting the deductible.

  1. Are there any exclusions to my two-wheeler insurance plan?

Yes, there generally are exclusions to any two-wheeler insurance plan. For instance, insurance providers do not honour claims that are raised in the following scenarios:

  • If the insured person was riding under the influence of alcohol or drugs
  • If the insured person was riding without a valid driver’s licence
  • If the insured person was involved in criminal activity at the time of the accident

There may be further exclusions that can vary between insurance companies and policies selected.

Make sure to read your two-wheeler insurance policy fine print well before buying coverage. We hope this article has helped you. Ride safe!

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Does Your Insurance of Bike Cover Damages Due to Natural Calamities?

Most of us know that we can file a claim in case our bike gets damaged in an accident. But what to do if it gets damaged due to a natural calamity?

While a bike insurance plan covers accidental damage, it also provides cover against natural calamities. Read on to know more about it.

Mostly, a natural calamity occurs without warning. It can cause a lot of damage to your house and other assets. One such asset that can get severely damaged is your bike. Repairing it might require a lot of money. However, two-wheeler insurance can come to your rescue in such a situation.

Bike insurance provides various benefits to cover against natural calamities. In case of a natural disaster, the likelihood of your bike getting damaged is high. However, if you have two-wheeler insurance, then you can get financial assistance to repair your bike. With the help of a bike insurance plan, you can get protection against natural disasters such as cyclones, floods, earthquakes, storms, etc.

How to File a Claim in Case of a Natural Calamity

  • If your bike gets damaged due to a natural disaster, you need to inform your insurance provider immediately. Make sure you have your policy number and bike registration details with you.
  • Try to click detailed pictures of your bike, which explains the extent of the damage. Send these pictures to the insurance company.
  • The insurer might appoint a surveyor to investigate the damages.
  • After the investigation, the insurer will inform you if the claim is approved or rejected.
  • If the claim is approved, then you can initiate the repair work.
  • If you get your bike repaired at a network garage, then you can avail the cashless facility. As per this benefit, the expenses will be directly settled by the insurer.
  • If you get your bike repaired at a non-network garage, then you will have to pay for the expenses first. The insurer will then reimburse the amount after you submit the documents like receipt of repairs done.

Reasons Why a Claim Can Get Rejected

A claim can get rejected due to multiple reasons. Here are some of the most common reasons that can lead to the rejection of a claim-

  • If you provide false information, then the insurer will reject the claim.
  • Your claim will be rejected if your bike insurance is inactive.
  • You need to inform your insurer within the stipulated timeframe. If you don’t notify the insurer within that timeframe, your claim can get rejected.
  • Your claim might get rejected in case you make any modifications to the bike without informing the insurer.
  • If you repair your bike before inspection, then your claim can get rejected.
  • If the surveyor suspects that you have intentionally damaged your bike, then the insurer might delay or reject your claim.

Insurance of bike provides a variety of benefits such as cover against accidental damages, protection against natural disasters, etc. By purchasing a two-wheeler insurance plan, you can protect yourself from the repair costs.

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