Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy
What is the Bajaj Allianz Car Insurance Premium Calculator?
Buying car insurance policy online for the first time can seem to be dauntingly confusing as there are multiple factors to be considered. The most significant of them is the premium amount.
Bajaj Allianz car Insurance premium calculator is an online tool that helps you get rid of this confusion before buying a car insurance policy online. It gives you the right premium estimate to be paid on various car insurance policies.
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How does the Bajaj Allianz Car Insurance Premium Calculator Work?
Bajaj Allianz car Insurance premium calculator combines several factors to calculate an estimated premium amount for the chosen car insurance policy. These factors include the engine capacity of the car, type of fuel used, Insured Declared Value of the car, year of manufacture, and the brand, make, and the variant of the car.
Additionally, the premium amount also relies on the add-on covers opted for to enhance coverage for the comprehensive car insurance policy.
Examples of such add-on covers are the zero depreciation cover, roadside assistance cover, engine protection cover and the return to invoice cover. Since they carry an additional cost on your insurance bill, the Bajaj Allianz car Insurance premium calculator includes add-ons in the premium estimation as well.
How to use the Bajaj Allianz Car Insurance Premium Calculator?
Following is a simplified process of calculating premium with Bajaj Allianz car insurance premium calculator:
Step 1: Visit the official website of Bajaj Allianz Car Insurance Company and click on the car insurance premium calculator
Step 2: Enter in the to-be insured vehicle registration number and validate yourself by solving the simple mathematical equation.
Step 3: Click/Tap on the ‘Get a quote’ button and you will be redirected to the next screen
Step 4: On the new screen, fill in some basic details about your vehicle such as the brand of your car, model name of your car, model variant type, and the registration year of the car.
Step 5: Next step involves entering basic policyholder's details such as the city of residence, name, contact number, email address, and pin code.
Step 6: Click/tap on the ‘Submit’ button and you will be redirected to the next screen where you would be shown the premium amount for the chosen car insurance policy.
Once you find the most appropriate premium amount, you can proceed to buy the car insurance policy.
Benefits of Bajaj Allianz Car Insurance Premium Calculator
- Instant premium amount: It gives you a quick estimate of the amount of premium to be paid on a car insurance policy
- Helps make an informed decision: You would not need to buy a car insurance plan in haste and confusion. With an estimate of the premium and other variables, you can make an informed decision and choose the most appropriate car insurance policy.
- Convenient and hassle-free usage: Bajaj Allianz car insurance premium calculator takes off the financial pressure of sitting down and calculating several insurance premium amounts before buying a car insurance policy. You can conveniently sit in the comfort of your home and independently buy your preferred car insurance policy hassle-free.
Factors Influencing Car Insurance Premium
Understanding the factors that affect car insurance premium is important as it will help you analyze all the inputs that go into the Bajaj Allianz car insurance premium calculator so that you can get the correct premium estimate as to the output. Such factors are as follows:
1. Vehicle’s Insured Declared Value (IDV): IDV refers to the value of your car as per the current market rate. It also refers to the maximum amount of compensation the policyholder would be eligible for, in case of theft or total loss to the insured vehicle. Higher IDV of a car would induce a higher premium cost. Also, note that the IDV of your vehicle will keep on reducing as the car ages.
2. Make of the car: The make of the car greatly influences the premium amount. While all cars come with standard external parts, all of them are not built with the same quality of materials. A car that has a 5-star safety rating would attract a cheaper premium amount whereas cars with low star ratings would be comparatively expensive for your insurance policy
3. Fuel type used: The type of fuel consumed by your car affects the premium too. While a petrol engine would give you better performance, a diesel engine would give you better fuel efficiency.
4. Type of engine: A bigger engine entails a powerful drivetrain and quality mechanical parts to support the performance that it would produce. In the case of an accident, not only would these parts be expensive to repair but also expensive to replace. Hence, affecting the premium.
5. Vehicle’s year of manufacture: As the age of a car increases, its value decreases in the market. Hence, the premium amount also becomes cheaper with time.
6. Vehicle’s city of registration: Traffic in urban areas is generally more than in tier 2 and 3 locations. This increases the probability of road accidents, therefore, you might have to pay a little more premium if your car is registered in a tier 1 city.
7. Add-on covers opted for: Add-on covers directly add to the combined premium amount of your car insurance policy. While you get enhanced coverage with your comprehensive car insurance, you would also need to pay more.
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Q1. Does the Bajaj Allianz Car Insurance Premium Calculator also work for renewing my insurance policy?
Yes, Bajaj Allianz car insurance premium calculator also works for existing insurance policies to be renewed. For this, you would need to provide additional details alongside the basic details such as your existing plan details and the respective claim history
The third-party car insurance premium is calculated based on the cubic capacity of your car's engine irrespective of the age of the car. These rates are standard across all insurance policies defined by the Regulatory and Development Authority of India (IRDAI)
Q3. Can I find the premium amount for my old car using Bajaj Allianz Car Insurance Premium Calculator?
Yes, it is possible to add in details of your old car and calculate the premium amount for a car insurance policy using the Bajaj Allianz car insurance premium calculator.
Q4. If I have an existing car insurance policy, can I port it from one insurer to another with the same no claim bonus?
Yes, you can port your car insurance policy to another insurance company without affecting the no-claim bonus amount.
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Note: This is your car’s recommended IDV as per IRDAI’s depreciation guidelines.asdfsad However, insurance companies allow you to modify this IDV within a certain range (this range varies from insurer to insurer). Higher the IDV, higher the premium you pay.