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When looking to buy bike insurance online, you should also look to use some handy tools to help you along the way. One of them is the two-wheeler insurance premium calculator. This is a very productive tool indeed and helps you to calculate the premium of the plan even before you buy it. It is easy to use a two wheeler insurance premium calculator. Read on to know more regarding how to calculate bike insurance premium quickly and effortlessly.
Tips to calculate two-wheeler insurance premium
Before you buy bike insurance online, remember to use a good online calculator to know what your insurance costs would be. To get the proper result, you first need to analyze the following factors yourself:
- Make a budget: You need to start off by making a budget. This will help you to choose and buy bike insurance online. There are many plans available in the market. Some are less expensive while others are more expensive. The cost mainly depends on the scope of the cover offered. You will thus have to see how much you can spare for your bike insurance cover. Once you know the boundary, you will be able to make a better choice.
- Choose the type of plan: Next, you need to decide upon the type of two-wheeler insurance plan that you need. As you know, bike plans are available under two categories – third party and comprehensive. You have to decide which type you want and accordingly, feed in the data to the premium calculator. There will be a major difference in the premium of the two types of plans, so keep this important factor in mind at all times.
- Assess your requirements: You need to assess your own requirements very closely. You have to choose a plan that covers the areas that you need covered. So, go over the bike’s features, and also the features of your existing policy. If you feel some changes are needed, you can incorporate them when you renew bike insurance online, after using a premium calculator.
- Explore the riders: Riders are add-on covers that you can buy to make your plan more flexible. There are many riders available in two-wheeler insurance, but you don’t need every single rider. Go over the riders and select the ones you need. The number of riders in your plan will also affect your premium rate, so do remember to include this data when calculating your premium.
- Calculate any existing NCB: When you look to renew bike insurance, don’t forget about your accumulated NCB. The NCB is a reward you earned and it fetches you a discount on the premium. So, ensure it is calculated properly (if applicable) and you will then get the correct premium rate for your policy during renewal.
- Adjust your deductible: Next, you need to adjust the deductible component. If you opt for a lower voluntary deductible, your premium rate will be higher and vice-versa. This is another important factor that affects the premium prices but be careful while considering this option as it might prove counterproductive at the time of claim settlement.
- Choose a good insurer: Once you feed in all these details, the premium calculator will do its job and show you the results. You will see a list of plans, along with their premium rates. Buy bike insurance online that’s affordable and also choose it from a good insurance provider. Unless you have a good insurer, you won't find good overall coverage.
If you feed in the correct data to the two-wheeler insurance premium calculator, you will get the precise results in no time.