Car Insurance Calculator
A car insurance calculator is an online tool that allows you to calculate a customised premium amount for your car insurance policy. All you need to do is enter details like your car’s make, model, variant, RTO location, purchase year, etc. and the premium amount will get calculated. A car insurance premium calculator helps you know the actual premium which you should pay for getting a car insurance policy from different insurance companies. This helps you in comparing the available car insurance quotes easily and make the right decision.
A car insurance premium calculator is a reliable and valuable tool as it helps you to find the most suitable car insurance policy based on the shared specific details. It helps you save your time by providing accurate details instantly and to make the right decision with ease.
Benefits of Car Insurance Calculator
A car insurance calculator is a very helpful online tool that helps you to calculate and figure out the insurance premium cost for your car/vehicle. It instantly calculates the premium amount considering details such as car’s make, model, RTO details, Insured Declared Value (IDV), etc.
- 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 is Car Insurance Premium Calculated?
You can easily calculate the premium of your car insurance plan with the help of the InsuranceDekho car insurance premium calculator. The premium of a car insurance plan depends on the coverage of the plan and other factors such as car’s make, model, variant, fuel type, RTO location, etc. The premium for third party car insurance plans is fixed by the IRDAI and it depends only on the car’s engine capacity, whereas the premium for standalone own-damage & comprehensive car insurance plans is determined by the insurance companies and varies from the policyholder to policyholder.
Let’s understand the premium price calculation for vehicle/car insurance better with an example.
For example, Mr. A wants to purchase a car insurance policy for his Hyundai i10 Asta which has the following details:
- Engine Capacity: 1197 cc
- Fuel Type: Petrol
- Registration City and Year: Noida and 2018
- NCB: 20%
- Policy Tenure: 1 Year
At InsuranceDekho, Mr. A can find the following premium quotes for his car/vehicle bearing the above-mentioned details:
Car Insurance Plan
Standalone Own-Damage Plan
(Premium Rates As On May 2021)
How to Use Car Insurance Premium Calculator Online?
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 the premium calculation for new cars. You will be required to enter certain essential details in order to calculate the premium for your car insurance.
Here are the steps to get the insurance premium through the vehicle/car insurance premium calculator:
- Select the brand, model, variant and fuel type of your car
- Select the registered location of your car correctly
- Select the year in which you purchased your car
- Select ‘Yes’ or ‘No’ to confirm if you made any claim in the previous year
- After this, you will have to enter your name and mobile number. You will get an OTP on the mobile number, entering which will get you the policy premium quotes for the car insurance.
How Do You Online Calculate Insurance Premium for Used Cars?
Essential vehicle details required for calculating the premium online for used/old vehicle:
- Make, model, a variant of the 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.
How Is Online Insurance Premium Calculated On A New Car?
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
The car insurance premium calculator will estimate the premium amount that you need to pay for your car insurance policy for your vehicle.
What is your car's brand?
Factor Which Determine Car Insurance Premium Calculation
- 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 aged between 18-25 years tend to pay a higher premium value for coverage than 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, a model of the vehicle, RTO details, etc. It affects the own damage premium of the insurance policy.
- Cubic Capacity
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 coverage.
- Car’s manufacturing yea
Older cars have lower IDV values which indicates 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.
How To Reduce Car Insurance Premium Price?
Here are some ways which can help you reduce your vehicle/car insurance premium:
1. Avoid Making Small Claims
The simplest way to lower your insurance premium is to earn No Claim Bonus (NCB) by not making any claim in a policy year. To make this happen, you should not make claims for small damages and pay them from your pocket.
2. Purchase Car Insurance Online
Online policy purchase brings a lot of difference in comparison to buying a plan through offline mode. Comparing policy quotes online can help policyholders find an affordable plan easily. Also, insurance companies offer policies at economical prices online due to the absence of any agent, etc.
3. Install Anti-Theft Devices in Car
Installation of anti-theft devices not only ensures security to your car from theft, etc., but can reduce the yearly insurance premium by around 5 percent. However, different insurers offer discounts only on anti-theft devices certified by the Automotive Research Association of India (ARAI).
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Car Insurance Companies Reviews & Ratings
FAQ about Car Insurance Calculator
What is a car insurance premium calculator?
A car insurance premium calculator is an online tool that enables the buyers to calculate, check and compare the four wheeler insurance premium quote. Thereby helping you to select an ideal car insurance plan as per your needs and requirements. By entering details of your car such as model, IDV, RTO, you will be able to know the premium amount.
How to calculate car insurance premium in India?
To calculate the premium of your car insurance policy, visit InsuranceDekho. Select your car's brand, registered location and year of purchase. After entering the details, premium amount will be calculated.
How to calculate the value of my car for insurance?
The value of your car for insurance is known as Insured Declared Value (IDV). And vehicle/car insurance calculator helps to figure out the IDV for a car. Also, this can be calculated as the manufacturer's listed selling price minus depreciation.
How to calculate insurance premium for second-hand motorcar?
To calculate the premium of your secondhand car, visit InsuranceDekho. Provide details such as make, model, variant of your car, type of fuel, existing car insurance policy details etc. Your insurance premium will be displayed to you.
What is an car insurance premium?
Car insurance premium is the amount paid for buying a car insurance policy.
Does the car model affect the cost of car insurance premium?
Yes, the model of your car does affect the cost of car insurance premium.
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