What Is A Car Insurance Premium Calculator?
A car insurance premium calculator is a very helpful online tool that helps you to calculate and figure out the insurance premium quote for your car. It instantly calculates the premium amount considering details such as car’s make, model, RTO details, Insured Declared Value (IDV), etc.
Benefits Of A Car Insurance Calculator
- Using a car insurance calculator helps save time. It instantly tells the premium amount for your car.
- It compares the premium rates as well as other variables offered by multiple insurers and helps you choose the policy best suitable for your needs and demands.
- It offers you flexibility as there is no rush to make a decision and no external influence of an agent which may affect your choice.
How to Use Car Insurance Premium Calculator?
Every insurance provider has its own method of calculating the car insurance premium amount.
However, there are two major divisions namely, the premium calculation for used cars and premium calculation for new cars. You will be required to enter certain essential details in order to calculate the premium for your car insurance.
Essential vehicle details required for calculating the premium for used cars:
- Make, model, variant of vehicle
- Fuel type
- Existing car insurance policy details (if any)
- State and city of car registration
- No Claim Bonus (NCB) or previous claim file reports and details (if any)
The car insurance premium calculator will then estimate the premium amount based on the details provided so that you opt for the ideal car insurance policy.
Vehicle details required for calculating the premium for new cars:
- Car Manufacturer
- Year of manufacture
- Model of the car
- Variant of car
- Car’s registration state and city
Car insurance premium calculator will estimate the premium amount that you need to pay for your car insurance policy for your vehicle.
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Factor Which Determine Car Insurance Premium
- Vehicle owner’s age: According to track records, insurers consider that vehicle-owners below the age of 25 years are more likely to be involved in a mishap or road accident. This is why individuals that aged between 18-25 years tend to pay a higher premium value for coverage that others.
- The fuel type required to run the vehicle: The premium for CNG (Compressed Natural Gas) fitted vehicles is higher than the premium charged for coverage of regular petrol/diesel run vehicles.
- Geographical location: Insurance providers also rate the premium according to the place where the insured car will be mostly driven. For instance, areas with a higher traffic density such as urban cities will be charged higher premium rates than rural locations or areas which have lower risks and traffic density.
- Insured Declared Value (IDV): Insured Declared Value is the maximum amount that an insurer pays to a policyholder in case of total loss or theft of the vehicle. The IDV depends on the brand, manufacturer's selling price, model of the vehicle, RTO details, etc. It affects the own damage premium of the insurance policy.
- Car’s Cubic capacity also helps determine the premium for the Own Damage cover.
- Car’s make, model and variant also affect the premium of your car’s insurance cover.
- Car’s manufacturing year: Older cars have lower IDV values which indicate that the premium for the vehicle will be comparatively lesser than new vehicles with relatively higher IDV values.
- No claim bonus (NCB): No claim bonus is a discount on the premium for Own damage cover when no claim was filed during the tenure of the chosen policy. This is provided to you for the number of years who did not make any insurance claim.
- ARAI Anti-theft discount: Vehicles that have ARAI (Automotive Research Association of India) approved anti-theft devices fitted are entitled to get 2.5% off on the premium rates.
Car Insurance for Popular Car Models
Add-ons For Your Car Insurance Policy
A car's value depreciates constantly with time. Thus, at the time of a claim settlement, the depreciated value of a car is deducted from the claim amount. However, by opting for a zero depreciation add-on you can shift the liability of the depreciation cost to the insurer and get the entire claim amount without any deduction of the depreciation sum. This add-on is generally available till the age of 5 years of car, however, the car age limit varies from insurer to insurer.
A No Claim Bonus (NCB) is a discount given by the insurer in the premium amount to a car insurance policy holder for not making a claim in the entire tenure of the four wheeler insurance policy. This discount is not available if the policy holder has made even a single claim. However, with the NCB cover, a policyholder will be entitled to receive an NCB discount despite having made a claim subject terms and conditions of insurance company. The NCB discount keeps on increasing with every claim-free year until it reaches 50%.
A car's engine is by default not covered under either a comprehensive or a standalone own-damage car insurance policy. And therefore, if it gets damaged due water-logging or oil leakage, your insurance company is not liable to pay for its damages. But, if you opt for the add-on known as Engine Cover, you can get your car's engine insured by the insurer for damages incurred due to water ingression as well as leakage of lubricants. Engine Cover is one of the most popular car insurance add-ons and is available against the payment of a nominal premium.
If you have a return to invoice cover added on to your comprehensive car insurance policy, you can claim the total ex-showroom price of your four wheeler, taxes and registration charges, in case of total loss. In case of total constructive loss (more than 70% of damage) or theft of your car, an insurance company pays the Insured Declared Value (IDV) of your car as compensation. However, this IDV is lesser than the actual amount paid by you at the time of purchasing your car. When you opt for the add-on called Return To Invoice Cover with your car insurance policy, the insurance company pays the total ex-showroom price of your car plus the taxes and registration charges incurred at the time of purchase, as the claim amount in case of total loss.
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