Car Insurance Calculator

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Car Insurance Premium Calculator

Car insurance Premium calculator is tool which helps you select the right car insurance policy for yourself, based on your needs and requirements. It basically helps an individual to calculate the premium of a car and also generate different quotes for car insurance plans from various insurers based on the information provided.

Earlier, the conventional method was used where people had to meet agents from various companies or insurers and then compare and select the best policy for them. But now with the advancement in the technology and everything being online, this tedious job has been eased off. Now all one has to do is just logon to an insurance calculator website and enter the required details related to the car and get the best policies based on your information.

Given below are a few details required to calculate car insurance premium:

Sno. Details in case of New Cars Details for old or second hand cars
1 Car details and the name of manufacturer of the car Previous Policy details or owners details incase of second hand cars
2 Date of registration and the state of registration Claim history of previous year
3 Car make and model Car type and fuel type
4 Type of car Depreciation Value
5 Year of manufacture -

Calculator not only helps in getting the best policy for your vehicle but also saves you from paying huge and unnecessary commission to the agents. It also saves your time and energy. In order to find out a good policy it helps one compare the premium rates of different companies and find out the most favourable one, the bigger is the coverage, higher are the benefits availed.

How to use Online Calculator?

Using online calculator is quiet simple. We just need to input our car details as required and we get the details.Online Calculators can be easily found on any Insurance website or online policy aggregators.

Benefits Of Online Car Insurance Calculator

Car Insurance premium calculators helps us in making more informed decisions. There are many other advantages as follows.

  • It helps in taking decision about buying Car Insurance policy as per our needs & requirements
  • One becomes well-informed about the market and the players
  • Lot of time is saved while doing the manual calculations
  • One is already prepared with the required documents
  • Easy and trustworthy process to compare and avail the best option
  • The procedure becomes fair and bias free as one is not affected by the decisions of a broker or agent and can make their own choice
  • A car insurance calculator not only helps you in comparing different policies but also enlightens you with various other parameters that affect the price of a policy
  • The car insurance premium calculator is very easy to use that provide results in a few minutes
  • You can use it from wherever you want, even from the convenience of your home and benefit from a trouble-free and paperless policy experience
  • One of the biggest benefits of a car insurance calculator tool is that you would not be influenced by insurance agents
  • On the calculator tool, you can change the variables of insurance policies and see how the premium changes accordingly. The tool is a great medium to educate yourself on the nuances of a plan and hence, helps you in making the best decision at the time of buying a policy

Factors Affecting Car Insurance Premium During Online Calculation & Otherwise

Insured Declared Value (IDV) : It is one the most important factors which affects the premium on the car. Insured declared value is the amount of sum insured which is promised by the insurance company. Basically, it is the current value of car according to the market. The IDV value of the car is calculated with the help of two factors, first, the manufacturer’s present value and second is the depreciation on the basis of the vehicle’s age. Thus, greater the IDV higher is the premium and lower the IDV lower is the premium and coverage received is also low. Your IDV decreases as the car grows older. In case of old vehicles it is calculated by the mutual agreement of the insurer and the insured. Here, IDV is decided by the assessment of vehicle’s condition which is carried out by the dealer.

The vehicle : The vehicle one drives is a major factor affecting the premium value. Some of these are model of the car, luxurious the car more would be the premium. Car modifications, prior to any modifications or changes make sure that there is an add-on policy, to assure that the transformations will be covered. Car’s fuel type and mileage also affects the premium.

Cubic capacity : Cubic capacity is a term in which the total power produced by your car engine is measured. As the third party premium is fixed by IRDA it also takes in consideration the engine capacity of the car. The size of the engine also influences the third party insurance cover.

Below table as per year 2017-2018 will give us better idea of premium rates.

Engine Capacity Premium(in Rs.)
Less than 1000 cc 2055
Between1000 CC and 1500 CC 2863
Greater than 1500 cc 7890

No Claim Bonus : one receives this as a reward for driving carefully on the roads. If you have the benefit of no claim bonus in your plan, then you can save up to 50% on the own damage premium.

Voluntary Deductible amount is the discount which reduces your premium by the amount ranging between Rs.1500-Rs.15000, as this won’t be returned by the insurer.

Automobile Memberships : If you have a membership of a registered automobile company like Automobile Association of India, you can avail the advantage of reduced premium.Like if we take vehicle from Hundai than we may get some discount on the policy as recommended by them.

Anti-Theft Devices discount : You can also go for anti-theft devices like those approved by Automative Research Association of India, you can get 2.5% discount on your premium.

Location and demographic : The area you are living in also affects the amount of premium. Tier-1 cities like Delhi, Mumbai will have higher premium in comparison to Tier-11 cities like Ranchi, Amritsar. The premium is affected by the increase in traffic. Areas which are prone to damage will also have higher premium.

Demographics like age, marital status and gender also affect premium like old drivers are more prone to accidents because of poor eyesight and slow motor skills. Research has also shown that people who are married tend to have less accident in comparison to single people. Men also get lower premium after marriage. Also boys are more prone to accident in comparison to girls

Add-On’s : Add-on can further affect the amount of premium. Some of them are as follows.

  • In case of Luxurious cars add-on may vary; it can be related to additional engine cover and electronic circuit protector and likewise. Other add-ons can be generic as mentioned below
  • Depreciation Cover
  • Road Assistance Cover
  • Engine Protection Cover

While the premiums are fixed by IRDA, the insurers have the opportunity to charge the premium for the insurance policy as per the above parameters.

Premium Calculation Differs With Types Of Car Insurance Policy.

We can have following type of Insurance Polcies.

  • Third party insurance Coverage - Here only third party liability is covered during accidents. Claim rate may vary as per the depreciation value of vehicle
  • Third Party theft & Insurance Policy - It covers all the expenses of third parth during accident; claim rate again may differ based on car model and make. Any kind of theft of our vehicle is also included as per this policy
  • Comprehensive insurance - This policy covers everything, the insured, vehicle and third party liability

How To Select Insurance Company After Premium Calculation?

As per Motor Vehicle Act of 1988, it's mandatory to have car Insurance. However, we must check few things before selecting right car Insurance policy for ourselves. While selecting the car Insurance policy few essential factors that we should keep in mind are.

1. How old is the Insurance Company?

The year of establishment determines the sustainability of the firm. Older the firm better is the credibility of the company.

2. What all claims they have resloved in the previous years?

The number of claims these car Insurance policies has made also helps in understanding their capability of managing claims.

3. What best add-ons they can provide?

There are lots of add-ons that these Insurance companies are providing. We must check the same based on our needs and requirements. A major factor, in this case, is the kind of vehicle that we have. In case of luxurious cars, our add - on requirement may be completely different as compared to the hatchback and likewise.

4. What kind of vechiles they are currently covering?

Our Car Insurance policy payment is largely affected by the kind of car that we may have. In case of hatchbacks amount of premium that needs to be paid may be less. It may vary based on kind of car that we have. It's important to check from these Insurance companies after the kind of coverage they have for all these vehicles make & Model. As claim differs if the car is less than 1500 cc or above that.

5. How were their services in the previous years?

In case we are already continuing our policy with some service provider then we should renew based on our experience with them in the previous year. If we plan to take policy from new service provider than its good to check their credentials based on the current number of vehicles they are covering and claims they have settled.

6. What is the premium amount that we need to pay?

Amount of premium that we need to pay is also the important reason in deciding about the policy that we wish to have. This may not be the only reason but definitely one of the important factor for sure. Premium amount will vary at the time of renewal. If we have NCB than it will be further reduced.

7. Garage facility they are providing for cashless cover.

Garage facilities help in taking cashless facility at the time of any accident or damage. Based on that some of leading players in this sector are listed below.

Some of the top players in Car Insurance sectors are tabulated below.
Sno. Name of Car Insurance Company Garage Cover
1 Tata AIG Car Insurance 3800+
2 Royal Sundaram Car Insurance 3300+
3 Bajaj Allianz Car Insurance 4000+
4 Bharat Axa Car Insurance 2500+
5 Reliance Car Insurance 3800+

All these car Insurance companies additionally provide lots of add-ons as well. While taking Insurance from them we can always check about the same online or through the concerned person.

How To Buy Car Insurance Policy After Using Premium Calculator?

Whether we have an old car or new we can easily take car Insurance policy in following ways.

  • Buying Online –Buying Car Insurance policy online may be the fastest way of buying car Insurance. We can buy from the policy that we choose to have.
  • Checking through Policy Aggregators -Policy aggregators are a good way to check different policies available online. There's additional facility of calculating the premium as well through online calculators. We should check all the available policies and select the one that is most suitable.
  • Calling the agents –Though it's quite an outdated process but at time it may be comfortable to call the agent. This may be in the situation when we know the agent from quite sometime.

How Can Number Of Claims Affect Our Premium Calculations?

Making small claims makes us pennywise but pound foolish.A car Insurance Policyholder we may be lured to take claims every year. But it may not be a right decision as it may turn out to be a loss at the time of renewal. As one of the Important ingredients in Car Insurance premium is NCB (No claim bonus). However, it is only provided if we haven't taken any claim in the previous years. Its percentage keeps on adding every year of no claim. Car Premium is calculated based on IDV(Insurance Deferred value). Along with that there are many other factors like the claim that we take in a year. Based on that our premium amount may get increased at the time of renewal. So it will be useless to take claims especially if it is of a small amount of less than Rs.15000.Because claim that we get on this amount will be based on following factors.

1.) Variable deductions – Some expenses like Plastic paint etc may not be included in Insurance. So that amount can’s be claimed at time of Insurance. In a claim of Rs.10000, it may vary from Rs.1500 to Rs. 2000.It may change based on the type of car that we may have.

2.)Depreciation Value - Amount of claim may be further reduced based on the depreciation value. It can be further reduced to Rs. 2000.

3.) Comprehensive Policy deduction - In case of comprehensive policies i.e when we have third-party insurance claim than further claim value is reduced. It completely varies based on the depreciation value of the vehicle.

So in case if we have a small claim of Rs.10;000 then after all deductions we may just get Rs. 4000.This actually may be a loss as we may be entitled to get NCB of about Rs.5000 on the renewal. So we should do all these calculations. Unless we get good benefits out of our claims we should not avail it. As it will also affect our claim history to great extent.

Important Features Of The Claims We Should Know Before Calculation.

1.) We can take maximum 2 claims in year irrespective of the amount in most of the policies

2.) NCB(No Claim Bonus) is given at the time of renewal only if we haven't taken any claims

3.) Depreciation value is deducted at the time of claims

4.) There are variable deductions at the time of claim

5.) In case of comprehensive policy coverage, there's further depreciation deduction

What Is Non Claim Bonus(NCB) And How It Is Calculated?

Non Claim Bonus is given at time of renewal for no claim year . It is a kind of reward that is given for not taking any claim. It gets accumulated every year based of our claims .It is kind of dicount that is given on our premium

Based on the same there’s slab below.

No. of years NCB Discount
1 20%
2 25%
3 35%
4 45%
5 50%

This table is applicable only if we dont take any claim. If we take claim from 3rd year than NCB will reduce for next year.

Do’s And Don’t While Calculating Our Car Insurance Premium.

Sno. Do’s Don’t
1 Claims should be made only if expenses are more than 20000 as it will affect our NCB. While calculating premium for old car it’s important to keep track of the same. To have better premium rate we should avoid making small claims. As it will affect our NCB value.
2 We should make the renewal on time to avail maximum benefit.Continuous payment of premium can get the best price at the time of calculation. Gap in premium renewal should be avoided as it will affect the calculation.
3 We should try to take insurance from the same service provider. Unless there is a change in vehicle or some better offerings from others.There may be chances of getting additional discount after calculation. We shouldn't switch car Insurance provider frequently as it may lead to higher premium value. As a result it may also result in higher premium payment even after the calculation.
4 We should take the insurance premium as per our car model & type. For Hatchback, some Insurance company may be better, but for a sedan, there may be another.For Luxurious cars, our requirements may vary completely. Our premium calculation will also differ accordingly. We should not blindly take Insurance from any service provider randomly. We must do due diligence before taking the decision. Online calculator can be a great help in the same.
5 Car Insurance policy should be chosen based on add-ons that we may need. Based on that Policy premium will increase as well. Add-on that we choose should be relevant. In case of new cars, depreciation cover may not be of much use. At the same time if we have small hatchback than electronic circuit protects may not be of much use. All these will make a difference in the calculations.

How To Calculate Premium For New & Old Cars?

Each and every car insurance company has its own rules to calculate the premium of a car insurance policy. However, the factors that are considered by most insurers are listed below:

Premium calculator for new cars - With a listing of top insurance companies and their car insurance products in a few simple steps. This offers a new car owner the required guidance in narrowing down on a suitable auto insurance policy for his/her prized set of wheels. The facts you would have to provide to calculate the premium for insuring a new car are:

  • The name of the car manufacturer
  • The model of the vehicle
  • Year of manufacture
  • Personal details of the owner-driver
  • State of registration of the vehicle

Premium calculator for Old cars – Old cars are the one’s for which we are already paying the premium or second hand cars.The online car insurance calculator tool assist people in procuring the most accurate auto insurance policy for your vehicle in the best way that is transparent and simple. To calculate the premium for used cars, you will have to provide the following details:

  • Type of car
  • Fuel type
  • Details of the existing car insurance policy
  • Registration number of the car
  • Details regarding change in ownership in case of second hand cars
  • Claims for previous years, if applicable

The used car insurance calculator tool will show you the required premium to insure your vehicle.

Why Online Car Insurance Premium Calculator Is Necessity?

As per Motor Vehicle Act of 1988, it's mandatory to have car Insurance in India. We need to have Car Insurance also becasue of follwing reason.

  • To prevent theft
  • To manage damage at the time of accident
  • To follow the traffic rules; because of no claim bonus facility, people try to drive as carefully as possible. Thus it helps in increasing civic sense in the people

An Online Calculator can further assist in taking the best policy because of following key reasons.

  • To have more informed choice
  • To get best facilities in lowest price
  • Take Car Insurance as per our Vehicle
  • Save time as it gives us instant results

Customer Reviews

"fast and good website"
- "Great"

loving this site. It has good number of options and is fast also. Read More.. loving this site. It has good number of options and is fast also.

Alok kumar, indore
Reviewed On 14-03-2018
"thank you"
- "Great"

They suggested me a good policy at the time of renewal. Thank you Read More.. They suggested me a good policy at the time of renewal. Thank you

Reena narang, guwahati
Reviewed On 09-03-2018
"nice website"
- "Great"

nice website Read More.. nice website

Aman , jaipur
Reviewed On 06-03-2018
"good comparison site"
- "Great"

my friend suggested this site. I compared various variants and must say the comparison is apt and the quotes are low Read More.. my friend suggested this site. I compared various variants and must say the comparison is apt and the quotes are low

himanshu chotwal, ajmer
Reviewed On 24-02-2018
"price is low"
- "Great"

renewed my car insurance policy from this site. I got a better price than before Read More.. renewed my car insurance policy from this site. I got a better price than before

mamta prabhu, uttrakhand
Reviewed On 19-02-2018
"Awsome"
- "Great"

I can see how changing variables of coverage change your premium Read More.. I can see how changing variables of coverage change your premium

Tanishka , Delhi
Reviewed On 08-01-2018
"Calculaion before buying"
- "Great"

Before purchasing my car insurance policy, I calculated my premiumwhich really helped me a lot Read More.. Before purchasing my car insurance policy, I calculated my premiumwhich really helped me a lot

Shivam Baheti, Indore
Reviewed On 08-01-2018
1

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