The conversation between human and AI assistant.
How is the bike insurance premium calculated FORMULA?
Yes, please.
Alright. Let me break it down for you. Insurance companies use a formula that involves a base rate which is determined based on the bike's engine capacity and add-ons such as pillion passenger coverage. Then, the insurer considers the bike owner's risk profile, the location where the bike is registered, and the previous claims history. Finally, the insurer will calculate the premium based on the risk level. Does that answer your question?