A two-wheeler insurance policy provides you with two benefits; it takes care of the legal obligation of getting an insurance policy and also offers insurance coverage for your bike’s safety. Getting a bike insurance policy is an optimal solution for helping you face the financial losses that arise out of your bike’s repair costs. To get the policy’s financial coverage, you will have to pay a premium amount for a specified tenure to the insurance company. You can visit the insurance company’s website and use an online bike insurance calculator to get the best bike insurance rate. Buying a policy online is always helpful as you understand its features without relying on an agent.
A bike insurance calculator helps you better understand what quotes you are eligible to get from a policy. You will have to enter the required details for getting the premium costs. You can also customise the various sections on the calculator to check what will increase or decrease your premium. It is the right combination of factors on the two-wheeler insurance calculator that will help you save money on your insurance premium.
While you cannot control the exact amount of the premium quotes you get from the insurance company, you can use a premium calculator to understand what will affect your two-wheeler insurance premium. This helps you plan and ensure that you buy a policy that meets your needs perfectly.
How insurance companies calculate your premium:
- Your insurance history:
Your insurance record plays an important role in deciding the insurance premium of your current policy. Insurance providers are wary of policyholders who have filed too many claims in the past because it indicates that their vehicle carries more risk. A poor driving record will also lead to the same result, and you will end up paying more on the insurance premium than you would otherwise.
2. Location of residence:
If you stay in a high-risk and accident-prone area, you could be looking at paying a higher two-wheeler insurance premium. This is true for big cities where rash driving and traffic can be responsible for damaging your bike. On the other hand, if you stay in a smaller town with less traffic, then your insurance premium is adjusted to a lower amount.
3. The type of insurance cover
Third-party insurance is the minimum coverage you can choose for your bike as it only offers protection to a third-party person or property. This type of insurance policy is quite affordable, mainly because it is a legal mandate, and every bike owner is supposed to have one. However, if you opt for a comprehensive cover, you can protect yourself as well as your bike along while also covering third-party liabilities. The insurance premium for such coverage is naturally higher.
4. Your bike’s model and make:
The type of bike you own, its year of manufacture and the engine’s cubic capacity will affect the insurance premium. An engine with a higher cubic capacity will always attract a higher premium. Even when it comes to fancy sports bikes, the insurance premium is always higher for such models.
Here’s how you can save on your insurance premium with a two-wheeler insurance calculator:
5. Picking a two-wheeler insurance plan:
If you want to buy insurance for your bike online, you can go through different policies and go through what they have to offer. After selecting the policies that fit your needs, you can use the bike insurance calculator to compare the premium quotes from different insurance providers. That way, you can settle for a policy only after knowing what premiums you will pay.
6. Select the perfect mix of add-ons:
While including different add-ons to the policy may cost you a bit more, they guarantee additional coverage through the plan. They are not part of your comprehensive two-wheeler insurance and will increase your premium amount. With the help of the bike insurance calculator, you can see how different add-ons can affect the two-wheeler insurance price.
7. Don’t forget to include the No Claim Bonus (NCB):
Almost every insurance company provides you with the ability to include an NCB in the policy. The NCB helps you get a discount on the insurance policy if you have not filed for a claim during the policy year. A bike insurance calculator can also help you understand how the No Claim Bonus will reduce your premiums. If you have not filed a claim for five years, then some companies provide around 50% discount on the premiums.
The insurance calculator helps you understand how much premium you could be paying for your bike insurance policy. When planning to buy the policy, understand the coverage you wish to get from the plan. Apart from this, the calculator is a beneficial tool for narrowing down on the policy you want to buy.