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Car Insurance Premium Calculator is a free online tool which enables you to calculate the car insurance premium for your car vehicle within minutes. You do not have to perform complex mathematical calculations; it does everything for you while you sit back and relax. All you have to do is input basic details about the vehicle for which you want to calculate the premium like
A car insurance premium calculator is a useful online tool to figure out the quotes of different insurance companies in India.
There are numerous benefits of a car insurance premium 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 cons
A car insurance premium calculator helps you:
The car insurance premium is calculated based on the below mentioned formula.
Own damage premium – (depreciation + NCB) + Liability premium
The premium for your car insurance depends on the below mentioned factors:
Remember that the IDV of a new car will always be the maximum, but it will gradually lower down due to depreciation.
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 IRDA 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 policyholder to policyholder.
Let’s understand the premium price calculation for vehicle/car insurance better with an example.
The car insurance premium amount is calculated in a unique method by all the insurers.
As discussed above, 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:
Here's a list detailing all the factors that can influence your car insurance premium
1. The Vehicle you Drive
The kind of vehicle you drive will majorly decide your premium that you will have to pay.
2. Coverage Option
Plan type chosen:
3. Engine 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.
4. Insured Declared Value (IDV) or Age of Your Car
The sum insured of a comprehensive car insurance policy is its current market value. This market value is also called Insured Declared Value (IDV). As your car grows older, the IDV decreases. Here is a schedule of depreciation for arriving at a car's IDV.
|AGE OF VEHICLE||% OF DEPRECIATION FOR CALCULATING IDV|
|Up to 6 Months|
|6 Months to 1 Year|
|1 Year to 2 Years|
|2 Years to 3 Years|
|3 Years to 4 Years|
|4 Years to 5 Years|
NCB discount is given at the time of policy renewal for not making any claim in the previous year. Here is a table showing how NCB is calculated across the motor insurance industry on your insurance premium.
|CLAIM FREE YEAR||BONUS (%)|
6. 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.
In order to calculate your exact car insurance premium online, you need to provide specific details about your car to effectively use a car insurance premium calculator.What sort of details do these include?
Since the car insurance renewal premium calculator gets you the best deal based on your requirements, it is best to be completely accurate during the calculation process!
Here are some ways which can help you reduce your vehicle/car insurance premium:
This covers damages and losses caused to your car, by this we mean:
In Own-Damage, the premium is thus calculated based on
This covers damages and losses caused by your car to third party, this includes:
This cover offers compensation upto maximum Sum Insured of Rs.15 Lakh in case of accidental death or disability. As per the given percentage:
|NATURE OF INJURY||SCALE OF COMPENSATION|
|Loss of two limbs or sight of two eyes or one limb or sight of one eye|
|Loss of one limb or sight of one eye|
|Permanent total disablement from injuries other than named above|
It depends on a number of factors. Depending on the make of your car, the insurer, and the benefits offered, the cost of auto insurance could range from around Rs. 2,000 to well over Rs. 10,000 or more.
The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. Thus, formula to calculate OD premium amount is: Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]
Please visit our website Coverfox.com & you can get all your queries answered of finding a car insurance calculator
The premium of your car insurance depends on the following steps:
Yes, this is possible. At the time of car insurance renewal, you can compare policies between insurance companies and decide on an appropriate plan using the car insurance premium calculator tool.
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.
A car insurance premium calculator is simply an online tool that helps the policy buyer to get a policy quote from different insurance providers 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.
This is because each variant is made unique and will have costly parts than its counter variants. If the vehicle uses advanced features and specifications, then the cost of its insurance will be more, as these vehicles are costly to repair and their parts are hard to replace
Car insurance premium calculator is an online tool that allows a policyholder to calculate Car insurance premium simply by adding few details of the vehicle such as make, model/variant, vehicle registration number, RTO location and four wheeler's purchase year.
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.
To calculate the premium of a used car:
Once you’ve entered these details, the car insurance calculator will estimate the premium amount payable by you.
The factors affecting car insurance premium include Insured declared value of your car, vehicle type, model, make, engine’s cubic capacity, geographical location, etc.
The premium of your car insurance depends on the following steps:
You can now compare car insurance online on Coverfox and choose the one that fits your needs. Visit Coverfox now and get the lowest insurance rates easily.
An insurance premium is a payment or installment you agree to pay a company to have insurance. You sign a contract with the insurer that promises payment in the event of damage or losses and, for this, you agree to pay them a specific, smaller amount of money.
Ensuring your car has become easier than ever. Visit Coverfoc.com and insure your car in just 5 minutes.
You can get your car insurance policy renewed with just the following details:
A car, auto or motor insurance calculator is a dynamic online tool for getting quotes for car insurance policies in India. Through this tool you get to know the premium you need to pay for a particular car insurance policy after inserting the required details in the tool.
You need to insert some basic information about yourself like the policyholder's name, contact details and address, followed by some standard details about the vehicle. These details will be car's make and model number, fuel type, manufacturing year, and registration date.
There are three main components that form the basis of a regular comprehensive car insurance policy premium. They are Third party (Liability) Cover, Own Damage (OD) Cover, and Personal Accident Cover.
Yes, motor transmission type does have an impact on car insurance premium. For eg. If you have a car with a manual transmission from the time of purchase but now want to go in for an automatic transmission, you can certainly do so. But, do check your comprehensive and add-on policy plans to ensure if the transformation will be covered or not. Modifying your car’s transmission would be an out-of-pocket expense and would this impact on the premium.
Diesel cars have higher insurance premium as compared to petrol cars. This is because diesel cars have a marginally higher risk cover than the petrol ones. Additionally, you will also have to pay a higher car insurance premium for CNG fitted cars as compared to diesel/petrol cars.
The total power produced by your car engine is measured in terms of cubic capacity and the engine size influences your car insurance premium particularly the Third Party Insurance Cover. Whether the car is old or new, the premium amount decided for the vehicle is the same for both as premium depends on the engine size and not the age of the car in case of Third Party Cover.
The age of the car is not only used to determine the Insured declared value (IDV) but also the premium you have to pay. Factor's like car's years of use, depreciation, or reduction in valuation, are applied to the ex-showroom price to calculate the IDV. Typically, the premium would decrease with the increasing age of the vehicle.
Following is a list of standard aspects that may affect car insurance price and your premium calculation: - Make/Model of the vehicle - Age of the person - Driving history - Profession of the person - Geographic location
Apart from NCB, there are discounts available under ‘own-damage’ premium for the following instances:
A car’s cubic capacity has a big influence on the motor insurance premium charged by an insurance company. The higher the capacity, the greater will be the premium. According to the IRDA’s recently revised list, motor insurance premium on small cars (engine capacity not exceeding 1,000 cc) has been brought down to Rs. 1850 from Rs. 2055. There has been no change for cars with engine capacity above 1,000 cc. The premium stays fixed at Rs. 2863 for engines exceeding 1000 cc, but not exceeding 1500 cc and Rs. 7890 for engines exceeding 1500 cc.
Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.