ICICI Lombard Car Insurance Premium Calculator

The premium calculator offers a simple way of determining your premium value by just entering your car details. It gives you an idea of how much your insurance will cost and how different add-ons can affect your premium. This page will help you understand how to use ICICI Lombard Car Insurance’s premium calculator and avail the best premium for your policy.

Information required while Using The Car Insurance Premium Calculator

To calculate the premium, you need your car details such as registration number, registration year, make, model, and variant. Further, you will be asked whether you want a comprehensive cover or own damage or third-party cover.

Factors affecting ICICI Lombard Car Insurance premiums

• Vehicles Age
• Insured Declared Value
• Make, Model, and Variant
• Fuel type
• Location
• No Claim Bonus
• Type of Insurance Policy
• Add-on Covers
• Car Modifications Done
• Discounts Available
• Previous Claims
• NCB Available
• Choice of Voluntary Deduction
• Lapse of Previous Policy

How does ICICI Lombard Car Insurance Premium Calculator Work?

A car insurance premium calculator takes into account the details required and then calculates your premium. The third-party insurance premium defined by IRDAI is completely based on the cubic capacity of the engine. If you decide to take your own damage standalone policy, the calculator will provide a premium amount based on your car's age, location, make, model, and variant. In the case of a comprehensive policy, it will give an overall price including both third-party and own damage prices. Old cars usually have lower premium rates, the make, model, and variant influences the premium as new cars with advanced features have relatively higher premiums. Also, luxury cars or sedans have more premium amounts when compared to hatchback cars. The premium of your car also depends on your car’s Insured Declared Value ( IDV ) decided by your insurer. High IDV means high repair costs and thus higher premiums are charged.

How To Use an ICICI Lombard Car Insurance Premium Calculator

• Here are the steps to calculate your car insurance premium by using InsuranceDekho’s ICICI Lombard Car insurance premium calculator:
• Visit the InsuranceDekho website.
• Go to the ‘Insurance’ section and select ‘Car Insurance’ in the drop down menu and click on ‘Premium Calculator’.
• On the right side of the screen, enter your registered car number and click on ‘check premium’.
• Fill in your car details as required in the pop-up window.
• You will get a list of quotes from different insurers along with the premium prices. Use the filters of insurance type and add-ons to calculate more accurate premium prices tailored to your requirements.

ICICI Lombard Car Insurance Premium Rates

You can get an estimated amount of your premium mentioned below:

Third-Party Premiums

IRDAI fixes third-party liability premiums depending on the cubic capacity of engines.

Own Damage

The formula provided by ICICI Lombard for its own damage premium is:

Own damage premium = IDV X [Tariff Rate] – [Discounts] + Add On Covers

Comprehensive car insurance Premiums

Comprehensive insurance premiums are a combination sum of third-party premiums and own damage premiums along with the prices of add-ons added to the policy. 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.

Tips to Reduce Your Car Insurance Premium

There are several discounts you can get to reduce your premium. Some ways of reducing your premium are:

1. No Claim Bonus: You can get significant discounts on your premium if you are given a no claim bonus as a reward on your previous expired car insurance policies.

1. Security means: If you have added security measures like installing an ARAI-approved anti-theft device, you will get an additional discount. In the case of ARAI approved anti-theft devices, typically you get a 2.5% discount.

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.