What is Car Insurance Premium Calculator?
A car insurance premium calculator is a digital device that helps you calculate the correct premium amount for your car insurance plan. The calculator gives the premium amount by factoring in details like your car’s make, model variant and fuel type. The premium calculator also takes into account No Claim Bonus, if applicable on the premium amount of your car insurance plan.
How to Use Car Insurance Premium Calculator?
Step 1: Select your Car’s Make, Model, Variant and Fuel Type.
Step 2: Choose the Car’s Registered City and Purchase Year.
Step 3: Tell us if your previous insurance period was claim-free or not.
Step 4: Click on ‘Calculate’. The correct IDV and car insurance premium will be displayed to you.
Benefits of Car Insurance Premium Calculator
1. Right Insured Declared Value (IDV) - The premium calculator helps you know the correct Insured Declared Value (IDV) of your car. In case of theft or total loss of your car, you get the IDV as the compensation amount.
2. Correct Premium - The premium calculator tells the correct amount which you should pay as your car insurance premium.
3. Helps you Make an Informed Decision - By telling you the correct IDV and insurance premium of your car, the premium calculator helps you make an informed decision.
4. Helps You Choose the Right Plan - After knowing the correct IDV and premium amount for your car, you can compare available insurance plans easily and pick the one which bests suits your requirements and budget.
Third Party Car Insurance Premium Rates
Premium To Buy A New Policy (3-Year Plan)
Premium To Renew Existing Policy (1-Year Plan)
Under 1,000 cc
Between 1,000 cc and 1,500 cc
Above 1,500 cc
(Source: Insurance Regulatory and Development Authority of India (IRDAI))
Premium for Comprehensive and Standalone Own-Damage Car Insurance Plans
The premium amount for comprehensive and standalone own-damage car insurance plans vary for each policyholder depending on the car’s make, model, variant, and fuel type among many other factors. The Premium Calculator tells you the premium for your car insurance plan by factoring in all these elements instantly.
Factors Which Determine Car Insurance Premium
1. Anti-Theft Devices – The anti-theft devices ensure the safety of your car, which minimize the risk of offering compensation to the insurance company. Hence, insurance providers charge a lesser amount of premium from the cars equipped with anti-theft devices.
2. Insured Declared Value (IDV) – The Insured Declared Value of car denotes its current value. It is also the amount that an insurance company has to provide to its policyholder in the event of theft or total loss. So, higher the IDV will be, higher will be the premium cost.
3. Year of Registration – The year of registration reveals the age of a car. It is a common fact that with every passing year increased depreciation applies on the car that reduces its value. It means insurers have to offer lower compensation for an old car. Therefore, older cars are charged with a lower amount of premium than from the newer cars.
4. No Claim Bonus (NCB) – The NCB is a discount on the premium amount, offered by the insurance company to its policyholders for not requesting any claim in the last policy term. The provided discount increases every claim free year and ranges between 20% to 50%. It means higher NCB will bring down the premium amount of the car.
5. Add-On Options – The add-on options under the cars insurance plans offer additional protection to the cars, which can only be availed by paying an extra amount. Thus, the more the add-on covers will be included in the policy, the higher will be the cost of premium.
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Bajaj Allianz Car Insurance Premium Calculator FAQs
What factors affect the premium of a car insurance plan?
Factors affecting insurance premium of a car insurance plan comprise Insured Declared Value (IDV), Year of Registration, Engine’s Cubic Capacity, Anti-theft Devices, Modification, No Claim Bonus (NCB), Anti-Theft Devices, Age of the Owner, etc.
Why should I avail the car insurance premium calculator?
The car insurance premium calculator helps you get the premium amount and IDV offered by different insurance companies, which will help you select a better car insurance policy.
Can I find the premium for my old car with the premium calculator?
Yes, you can utilize the premium calculator to calculate the premium amount for your old car.
What details should I enter to compute premium on the premium calculator?
To calculate the premium offered by different insurance firms through the premium calculator, you will have to enter different details of your car such as make, model and variant of your car, fuel type of your car, engine capacity of your car, registration year of your car, etc.
Where can I find the best premium calculator to get the right premium amount?
You can find the best premium calculator to calculate the premium amount and Insured Declared Value (IDV) for your car insurance policy at the official website of InsuranceDekho, i.e., www.insurancedekho.com.
Why to buy from InsuranceDekho?
- Instant policy # within 5 mins
- More than 11.5 Lac happy customers
- Claim Support available all 7 days of the week
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