What is 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.Step 4: Click on ‘Calculate’ and you will get the correct IDV and car insurance premium.
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
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
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.
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ICICI Lombard Car Insurance Premium Calculator FAQs
What is the use of car insurance premium calculator?
With the help of car insurance premium calculator, you can easily calculate the premium amount and IDV value provided by different insurance providers. It will assist you in opting for a car insurance plan.
Can I avail the premium calculator to compute the policy premium for my old car?
Yes, you can avail premium calculator to calculate the premium amount charged by various insurance companies to insure your old or used car.
What details I need to enter to calculate premium on the premium calculator?
You should fill up details such as make, model and variant of the car, fuel type of car, RTO location of the car, engine capacity of the car, registration year of car, and so on, to find the premium amounts provided by several insurance companies through the premium calculator.
What factors affect the premium of a car insurance policy?
Factors which influence the premium of car insurance cover are Owner’s Age, Insured Declared Value (IDV), Engine’s Cubic Capacity, No Claim Bonus (NCB), Anti-Theft Devices, Modifications and so on.
How can I avail the premium calculator to get the right premium amount?
You can get the best premium calculator to compute the premium and Insured Declared Value (IDV) for your car insurance plan at the 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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