Guide to Calculating Bike Insurance Premium

Bike insurance is one of the most common types of insurance sold in India. There are lakhs of bikes and scooters plying on the roads of the country and every vehicle is insured. Bike insurance is very cheap and affordable and so it becomes easy for vehicle owners to get such a cover. However, the premium of all bike insurance plans is not the same. The premium is dependent on various factors such as the make of the bike, its age, etc. Read on to know more.

Guide to Calculating Bike Insurance Premium

Steps to calculate your bike insurance premium?

Here are the steps that are used to calculate the bike insurance premium:

• Enter bike details

 Start by entering the details of your bike. This will include the make and model number. It will also include the date of manufacture. These are some of the most important components that help to decide the premium of the bike insurance plan that you are about to buy or renew bike insurance.

• Enter residence details

 Next, you need to enter the details regarding your place of residence. You need to enter your city or town. The bike insurance premium will be more if you reside in a Tier 1 city in India. This is because the risk is higher at such places as compared to the smaller cities and towns of the country.

• Enter purchase details

 Next, you need to state when you purchased the two-wheeler. A brand new bike will have a higher insurance premium amount as compared to a pre-used bike or scooter.

• Enter NCB details

 If you have any accumulated no-claim bonus, you need to mention this while filing the details in the bike insurance premium calculator. The NCB amount will be deducted from the premium amount and you will have to pay a lower cost for your bike insurance coverage.

• Check the premium

 Finally, you need to check the premium. This is a good spot to compare the plans. You will get to see the premiums of all the available bike insurance plans. Choose the plan that has the best coverage at the best rate.

It is extremely simple for you to calculate the bike insurance premium before you purchase or renew a two-wheeler insurance plan. There are several bike insurance premium calculators available online. You can use them free of cost and get your results in just a few seconds. Make use of these wonderful online tools and know your bike insurance premium before you buy or renew your bike insurance policy.

Benefits of an Online Bike Insurance Premium Calculator

Here are some very handy benefits of an online bike insurance calculator:

• Helps to compare

 As stated, the bike insurance premium calculator helps you to compare two-wheeler insurance. Since you get to see all the plans side-by-side, it becomes easy for you to compare and select the most suitable bike insurance policy. As we all know, comparing is very important. You should never buy or renew the first plan that you come across. There are many options and you need to take some time out to compare them and then choose the best plan. Compare and buy two wheeler insurance plans online.

• Help make a budget

 When you get to know the premium of your bike insurance plan beforehand, you can make a budget and effectively plan your finances. This is a major benefit you get when you use this online tool. If you are unsure of how much you have to put away for your bike insurance costs, you may struggle to make your overall budget and this may lead to money mismanagement later on.

• Makes buying easier

 And last but not the least, it makes it very easy and convenient for you to buy or renew your bike insurance policy. You get to see all the options, you get to compare, you get to see the price and you also get the option to make a purchase then and there. This makes it very convenient overall for you to have the best possible two-wheeler insurance plan from the best bike insurance company.

These are some excellent benefits that the online bike insurance premium calculators offer. Make good use of them and see a visible difference in your bike insurance cover.

In a nutshell

To put it in a nutshell, the bike insurance premium calculators offer a host of advantages. They calculate the premium of your two-wheeler insurance policy in a very logical manner. They also allow you to compare and buy two-wheeler insurance plans, choose from the options available, and most importantly, it is free to use. So log on and use this tool before you buy your bike insurance policy and see the wonderful results instantly. You do not need to depend on any insurance agent or pay a visit to your insurer’s office. You can get the job done online and that’s a big advantage indeed.