Car Insurance Calculator

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Car insurance Premium calculator

Car insurance 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:

1. Car details and the name of manufacturer of the car.

2. Date of registration and the state of registration.

3. Car make and model.

4. Type of car.

5. Year of manufacture.

6. Policies start date

In case of used car following details are required:

1. Previous car ownership details.

2. Claim history of previous year.

3. Details of the present car insurance policy being used.

4. Car type and fuel type.

Therefore it 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.

Benefits of Car Insurance Premium Calculator

  • 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.

Importance of Car Insurance Calculators

It is important to calculate the premium because:

It makes your overall procedure easier.

One becomes well-informed about the market and the players.

In few seconds you get know everything about the subject.

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.

Factors affecting Car Insurance Premium

  • Insured Declared Value or IDV of the car : It is one the most important factors which affects the premium on the car. Insured declared value is the amount of sum insured which 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.

  • Coverage optionsThere are two types of coverage options available to the insured:

    • Third party insurance- here only third party liability is covered

    • Comprehensive insurance- here everything is covered including the insured, vehicle and third party liability.

    While the premiums are fixed by IRDA, the insurers have the opportunity to charge the premium for the insurance policy according to their underwritten rules.

  • 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.

  • Discounts :

    1. 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.

    2. Voluntary Deductible amount is the discount which reduces you premium by the amount ranging between Rs.1500-Rs.15000, as this won’t be returned by the insurer. One should be sure of this amount as it is going to be paid by the insured.

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

    4. 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.

    • Ad-on Covers: Ad-on covers like Zero Depreciation and passenger cover can also be used which will increase your premium but are beneficial if used properly.

    • Location and demographic:The area you are living in also affects the amount of premium. Zone A cities like Delhi, Mumbai will have higher premium in comparison to Zone B 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.

Premium Calculation for Used and New 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 used 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

  • Claims for previous years, if applicable

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

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

Customer Reviews

"fast and good website"
- "Great"

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

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..

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

nice website Read More..

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..

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..

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

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

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..

Shivam Baheti, Indore
Reviewed On 08-01-2018
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Aggregate Rating for Car Insurance Calculator Insurance    [ 7  ]