ICICI Lombard Car Insurance Premium Calculator

A car insurance premium calculator is a digital instrument that calculates the correct premium amount for your car insurance plan. The calculator calculates the premium amount on the basis of your car’s make, model variant and fuel type. The premium calculator also factors in the No Claim Bonus, if applicable, to the premium amount of your car insurance plan.

How to Use Car Insurance Premium Calculator?

You can follow the simple steps given below and use InsuranceDekho’s car insurance premium calculator:

Step 1: Choose your Car’s Make, Model, Variant and Fuel Type.

Step 2: Choose the Car’s Registered City and Purchase Year.

Step 3: Let us know if you had raised a car insurance claim during the previous policy period.

Benefits of Car Insurance Premium Calculator

1. Right 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 right amount which you should pay as the premium of your car insurance plan.

3. Helps you Make an Informed Decision - When you know the correct IDV and insurance premium of your car, you can make an informed decision.

4. Helps You Choose the Right Plan - The availability of information relating to the right IDV and insurance premium helps you compare the available insurance plans and choose the one which best suits your requirements and budget.

Third Party Car Insurance Premium Rates

(Source:IRDAI)

Premium for Comprehensive and Standalone Own-Damage Car Insurance Plans

The premium amount for comprehensive and standalone own-damage car insurance plans depends on the make, model, variant, fuel type of your car among many other factors. The car insurance calculator instantly tells you the premium for your car insurance plan by factoring in all these elements.

Factors Affecting Car Insurance Premium

1. Insured Declared Value (IDV) – The IDV is the current market value of a car and the amount that a policyholder is eligible to get as a claim against the theft or total loss of the car. Hence, for cars with high IDV, more premium has to be paid.

2. No Claim Bonus (NCB) – The NCB is a discount on the premium amount provided by insurers to its policyholder for making no claim. It accumulates from 20% to 50% with every claim-free year. So, the NCB affects the premium cost by reducing it.

3. City of Registration – The RTO locations in India are divided as Tier 1, 2 and 3 based on the density of traffic that impacts the accident rate. So, car insurance premiums of Tier 1 cities are higher than Tier 2 and Tier 3 cities.

4. Anti-Theft Devices – Many cars owners install anti-theft devices in their cars to enhance its safety. The security system curbs the risk for insurers too due to which they charge a lesser premium from persons who have got such devices installed in their cars.

5. Age of the Rider – With age and experience, the driving skills of people get better. On this note and track records, the insurance providers offer car insurance plans to older people on lower prices as the older people tend to drive more sensibly.