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Car Insurance Calculator

Car Insurance Premium Calculator is a highly effective tool that helps its users who want to know about the payable premium amount in advance so that they can plan further accordingly. It also assists you in choosing the best car insurance policy according to your needs and budget. It will make sure that you are not spending extra amount on unnecessary things and features. 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.

Why Online Car Insurance Premium Calculation?

People might think of why they need to use an online insurance calculator when you can speak to agents directly. Well, in such cases it's important for you to understand that agents do charge their commission and that might increase your premium amount. They can also share partial suggestions for their own benefit. Moreover, car Insurance premium calculators help us in making more informed decisions. There are many other advantages as follows.

  • The idea of payable premium amount in advance so that the customer can plan the same accordingly.
  • It assists people in taking the decision about choosing the right insurance plan as per requirements.
  • One should become well-informed about the market and the players.
  • A lot of time is saved while doing the manual calculations.
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  • 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.
  • 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.

Benefits of Using Online Premium Calculator

As we discussed above as well, why we need a car insurance calculator here are a few reasons which make it beneficial as well. In this growing era of automobiles, Indian roads witnesses a high number of accidents and other unwanted situations. Car insurance becomes mandatory to own to deal with all such emergencies. But how much will be the appropriate amount to invest is always a question. Here car insurance calculator comes as a savior.

  • Helps in getting an estimated premium payable amount in advance to plan the rest.
  • Helps you in saving huge money that you might waste in taking suggestion from agents.
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  • Helps you to understand the calculation parameters of the insurance company.
  • With the same, it will be become easier to choose a plan which can go well with your needs easily.

How Car Insurance Calculator Works?

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 ones for which we are already paying the premium or second-hand cars. The online car insurance calculator tool assists 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 the 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.

Factors Affecting Car Insurance Premium

The used car insurance calculator tool will show you the required premium to insure your vehicle. There are many factors that affect car insurance premium and plays a vital role at the time of its calculations as well. Companies do carry certain criteria for calculating the premium.

Insured Declared Value (IDV): It is the current value of the car according to the market. The greater the IDV higher is the premium and lower the IDV lower is the premium.

The Vehicle Model: The vehicle one drives is a major factor affecting the premium value. Some of these are the model of the car, luxurious the car more would be the premium.

No Claim Bonus: If you have the benefit of no claim bonus in your plan for a claimless year, then you can save up to 50% on their own damage premium.

Automobile Memberships: If you have a membership of a registered automobile company like Automobile Association of India, you can avail the advantage of a reduced premium.

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

Location: The area you are living in also affect the amount of premium. Areas which are prone to damage will also have a higher premium.

Demographics: 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.

Add-On's: Add-ons also affects the premium. In case of Luxurious cars add-on may vary; it can be related to the additional engine cover, electronic circuit protector and likewise.

How To Reduce Car Insurance Premium?

We all know the importance of having a car insurance policy. But because of affordability, some people stick to the basic third party liability coverage and never opt for a comprehensive insurance policy. However, there are many ways through which a person can get an affordable health insurance policy. A few things that can help you in reducing the premium amount are mentioned below:-

Voluntary Deductible

It is basically the amount that you pay from your pocket towards a claim before your policy cover the rest. Go for a high deductible option, it will help you in saving more.

Avoid Filing Small Claims

Don't file a claim for minor expenses, as it will help you in reducing the premium up to a great extent with the help of available no claim bonus option that you get for every claimless year.

Transfer NCB

If you are going to buy a new car and selling the old one then don't forget to transfer the NCB.NCBs are basically linked to the insured and not the policy or the car. It will help you in saving a decent amount.

Compare And Buy Online

If you go for this option you will be able to get the chance to compare car insurance policies by leading insurance companies and can easily choose the affordable one.

Pay Only For Your Needs

You must compare and buy car insurance thoroughly as you might end up in choosing the wrong and extra cover. Just shop for what exactly you need and pay for the same accordingly.

Install Anti Theft Devices

You must install such Anti-theft and protection device in your car. Mostly insurer takes it as a plus point and offers a great saving on premium amount. So think before you opt.

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

1Claims should be made only if expenses are more than 20000 as it will affect NCB. While calculating the premium for an old car it’s important to keep track of the same.To have a better premium rate we should avoid making small claims. As it will affect our NCB value.
2We should make the renewal on time to avail maximum benefit. Continuous payment of premium can get the best price at the time of calculation.The gap in premium renewal should be avoided as it will affect the calculation.
3We 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 an 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
4We 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 making the decision. An online calculator can be a great help in the same.
5Car 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 the case of new cars, depreciation cover may not be of much use. At the same time if we have small hatchback than an electronic circuit protects may not be of much use. All these will make a difference in the calculations.

Trusted Car Insurance Companies In India

We have tie-ups with following top motor insurance companies.

Last updated on 14-09-2020