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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 car insurance companies. This helps you in comparing the available car insurance quotes easily and make the right decision.

Factors

Registration year

Car Insurance with NCB

Ex showroom rate

Rs. 8, 50,000


Depreciation

Rs. 3, 20,000

40%

Insured declared value

Rs. 330315


Own damage premium

Rs. 5214


Third party premium

Rs. 3416


No claim bonus discount

20%%


Net premium

Rs. 9110


GST

Rs. 1640

18%

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Calculate Your Car Insurance Premium Online

Select your car brand

  • Maruti
  • Hyundai
  • Honda
  • Toyota
  • Mahindra

Which city is your car registered in?

  • Ahmedabad
  • Bangalore
  • Chandigarh
  • Chennai
  • Gurgaon

When did you buy your car?

Have you made a insurance claim in the previous year?

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 offered by various insurance providers available in the market.
  • 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.
  • It can help you select the right add-on covers for your car insurance which are suitable based on your budget and requirements.
  • It allows you to adjust different factors like deductible, IDV, etc., which affect your premium. With this premium calculator, you can try variables till you get a perfect combination for you.

How is Car Insurance Premium Calculated?

You can easily calculate car insurance premium 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:

  1. Engine Capacity: 1197 cc
  2. Fuel Type: Petrol
  3. Registration City and Year: Noida and 2018
  4. NCB: 20%
  5. 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

Premium Amount

Third-Party Plan

Rs. 3,221

Standalone Own-Damage Plan

Rs. 2,966

Comprehensive Plan

Rs. 6,187

(Premium Rates As On June 2023)

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.

Factor Which Determine Car Insurance Premium Calculation

Here are some crucial factors which determine the calculation of premium amount for car insurance:

  • 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

The 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 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 a car 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. Also, you need to drive responsibly to avoid any accidents.

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).

4. Renew Your Policy On Time

With timely renewal of car insurance policy, you can avoid a lapse in the plan which will ultimately save you from getting your car reinspected. It will allow you to avail the policy at the old rate and avoid the hike in premium.

5. NCB Transfer to the New Car

You should transfer the NCB earned by you to your new car insurance policy. You can do so as the NCB is offered to the policyholder and not the car. Hence, it is prudent to retain the NCB benefit with you as it help you reduce your car insurance premium rate with the new car insurance policy.

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Car Insurance Premium Calculator

InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.

Learn about Car Insurance Calculator

FAQ about Car Insurance Calculator

  • What is a car insurance premium calculator?

    A car insurance premium calculator is simply an online tool that helps the policy buyer to get a policy quote from different insurance provider along with the amount of premium they are required to pay. You can use a car insurance premium calculator for free of cost at the InsuranceDekho website, which is one of the best premium calculators available online.

  • How does the car model affect the premium for your car insurance?

    The model of the car is considered to be one of the important factors while calculating the premium paid towards car insurance cover. Premium paid against third party is based upon the engine cc of your car, and the make model also decides the Insured Declared Value (IDV) or make value of your car. A higher IDV results in an increased premium cost.

  • How can I calculate the premium for my car insurance?

    To calculate the premium for your car insurance plan, simply go to InsuranceDekho official website. Choose the brand of your car, its registered location and purchase year. Once you enter all the required details, the premium quote will appear on your screen.

  • How is the premium calculator helpful in determining the premium paid towards car insurance?

    The premium calculator allows you to choose the coverage, change the Insured Declared Value, include NCB and various add-on covers and depending upon the other details entered by you, it helps you in knowing the premium that you are required to pay towards your insurance company. It helps you in making a wise decision and well-informed choice prior to purchasing a good car insurance plan.

  • What are the advantages of using a car insurance premium calculator?

    The advantages of using a car insurance premium calculator are as follows:

    • The whole process of insurance buying online is made simpler and convenient for the policy proposers.
    • It helps in drawing comparison between different premium rates and thereafter choosing the optimum insurance plan based upon your requirements and budget.
    • Now, you are no longer required to make decisions in haste and get manipulated at the hands of some insurance agents.
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