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Using a Bike Insurance Premium Calculator? Sidestep these 5 Mistakes

by Bhargav Baweja CMO Marketing

It's no big secret that the online bike insurance calculator can help you avail the best plan for your two-wheeler. However, certain mistakes should be avoided as they can influence the annual premium that has to be paid. Read on to learn more.

Are you clueless on how to calculate the insurance premium estimate for your two-wheeler?  Consider using an online insurance calculator. The dynamic tool helps understand the components of bike insurance that affect the premium rate. Not to mention, it’s the easiest, quickest and most accurate mechanism to assess your bike details and scan quotes from various providers to help nail an insurance plan that perfectly matches your needs. However, to generate the right annual premium for your bike, certain factors need to be taken into account. Below are five common mistakes that should be avoided to make an informed and cost-effective decision.

  1. Customise IDV on Bike Specifications: The insured declared value (IDV) is an important determinant in fixing the insurance premium of the bike as it indicates the current market value of the bike. The insurer pays the IDV as compensation in the event of an accidental collision, natural calamity, damage, sabotage or theft. Hence, make sure the IDV is calculated properly.
  2. Not Comparing Insurance Quotes: Whether it’s the renewal of an existing policy or the purchase of a new one, it always pays to shop around. Unfortunately, most policyholders make the mistake of not comparing quotes when buying insurance coverage for their two-wheelers.  This is where a bike insurance calculator comes in handy. It not only computes the premium with precision but also helps compare the features and prices of various plans instantly. This helps in finding the best option at the best possible price.
  3. Make, Model & Capacity of Bike: The coverage of bike insurance premiums is determined by the kind of vehicle, its cubic capacity, brand, model, age, place of registration, etc. It must be noted that new, high-end, snazzy vehicles like sports bikes equipped with state-of-the-art features come with a relatively steep premium rate. It’s important to enter the essential inputs correctly for the calculator to compute the comprehensive bike insurance premium.
  4. Select Relevant Add-ons: There are plenty of insurance add-ons available for your bike. While these riders provide an extra layer of protection to your wheels, they also increase the premium rate. It's, therefore, crucial to sift through the pool of add-ons and choose only those that work best for your riding needs.
  5. Long Term Policy: Most riders are unaware that bike insurance is available for more than a year.  Yes, you can opt for a long term insurance cover and stay protected for two or three years. Policyholders can also enjoy some discounts and benefits when purchasing long term insurance. It is thus vital to explore the available options and choose a longer policy period that suits your requirements. 

Bottom Line

While there is no denying that a bike insurance premium calculator is a simple, transparent and accurate online mechanism designed to calculate the premium quote of your vehicle instantly. Nonetheless, there is a need to exercise caution and provide details and information carefully. So, what's stopping you now? Just sidestep the mistakes mentioned above to make a quick and informed comparison between insurer providers to choose an optimal plan that offers maximum facilities.


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About Bhargav Baweja Freshman   CMO Marketing

7 connections, 1 recommendations, 36 honor points.
Joined APSense since, May 24th, 2017, From Mumbai, India.

Created on Apr 3rd 2020 06:11. Viewed 355 times.

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