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ATK
New Delhi [India], April 4: Owning a bike offers you the thrill and freedom to ride on Indian roads. While the experience of riding a bike may be unmatched, there is no denying that it comes with many responsibilities. From getting a bike insurance policy for protection against potential damages to getting a bike registration certificate from the RTO, a bike owner needs to do a lot. Now, when it comes to buying a bike insurance policy, it is important to check its premium simultaneously. So, in the section below, let's discuss how to calculate bike insurance premiums. What is Bike Insurance Premium? Bike insurance premium refers to the amount that is paid by the policyholder to get the coverage mentioned in the policy document. It is the amount in exchange for which the insurance company will compensate for the financial losses incurred if there is any damage to the policyholder's bike. The premium amount is a very important factor in selecting a bike insurance policy as it makes no sense to buy a policy that has a high premium and does not fit the policyholder's budget. How to Calculate Bike Insurance Premium? The best way to calculate the premium of both bike and car insurance policy is to use an online premium calculator. The online premium calculator for a bike insurance policy is an online tool that lets you fetch premium details in a few minutes. With this tool's help, you can calculate the premium independently without being dependent on any agent. Now, to calculate the bike insurance premium with Acko, here is all that you need to do: * Go to the premium calculator icon either on Acko's mobile app or website * Enter the bike registration number and click on 'calculate' button to check the premium * Next, enter details like year of purchase, previous policy details, etc * Then, select the right bike insurance policy and then you will be able to see the premium details for the chosen policy What are the Factors Affecting Bike Insurance Premiums? There are many factors that affect the premium of your bike insurance plans, some of which have been listed below: * Type of Bike Insurance Policy: Depending on the bike insurance policy you buy, the premium rate will vary accordingly. Since Comprehensive Bike Insurance offers coverage for third-party liability and standalone own damages, its premium rate is comparatively higher. On the other hand, the premium of Third-party and Standalone Own-damage will be lower. * Age of the Bike: The older the bike, the lower its value; in other words, over the years, there is depreciation in the bike's value. The age of the bike thus adversely affects premium rates. Thus, the older the bike, the lower the bike insurance premium. * Engine Capacity: The engine capacity is measured in cc and directly affects bike insurance premiums. The higher the engine capacity or cc, the higher the premium rates. * Deductibles: Deductibles refer to the amount the policyholder agrees to pay from their pocket during the bike insurance claim process. The remaining claim amount is borne by the insurance company. Regarding how deductibles affect the premium, it is important to understand that the higher the deductible, the lower the premium will be. * Claim History: Insurance companies generally charge lower premiums if the policyholder has raised less number of claims in the past years. Moreover, insurers also give a No Claim Bonus benefit when raising no claims in a given year. With NCB added to your policy, the premium gets lower. * Installing Safety Devices: Safety devices like anti-theft alarms reduce the risk of a bike getting stolen. In addition to reducing the risks, it offers discounts on bike insurance premiums. However, just ensure that the safety device is approved by the Automotive Research Association of India. Take Away So, make the best use of the bike insurance premium calculator to buy the right policy for your bike. You can also include different add-ons to further increase the coverage of your bike insurance policy. (ADVERTORIAL DISCLAIMER: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)
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