A car insurance calculator is an online tool that enables prospective buyers to check and compare premium quotes from different insurance companies. It helps them to choose an ideal insurance plan as per the requirements that may vary from person-to-person.
Undeniably, car insurance premium calculator is a valuable tool that helps a buyer to get the best car insurance plan on the basis of his specifications. It allows you to make a comparison of different insurance plans on a click of the mouse. Simply put, car insurance calculator helps buyers to evaluate their insurance needs and get an appropriate plan accordingly.
Compare car insurance quotes and Save upto 55%. With car insurance calculator, compare plans from top insurers for your new or used car. Get instant online policy as per your budget and needs.
It is an online feature that allows customers to calculate the premium amount for the vehicle on the basis of the information provided by them.
Car insurance calculator provides customers with lots of variation in terms of premium rates as per their requirements. For calculating the exact car insurance premium, a customer needs to mention the specific details that include date of registration, car details, policy start date and other extra coverage details. It is just a matter of a few clicks through your mouse and you’ll get what you want. Moreover, to find a good car policy, comparing two different insurance policies can be the right tool. By comparing premium rates of different insurance companies, one can easily find out the most beneficial insurance. Essentially, the more extensive the coverage, the higher your car insurance premium rates will be.
To calculate car insurance price, every insurance company uses its own method.
The calculated premium is the direct result of a basic formula. The formula would give you a better understanding of how exactly the car insurance premium is calculated. Premium = Own Damage Premium – (No claim bonus + discounts) + Liability Premium that is fixed by the Insurance Regulatory and Development Authority (IRDA) of India Here is an example of car insurance calculation so that there is no room for any confusion.
|Factors||Manufacturing Year (2012)||Car Insurance with NCB|
|Ex Showroom Rate||Rs. 4,16,000|
|Insured Declared Value||Rs. 3,32,800|
|Own Damage Premium||1.970%||Rs. 6556|
|No Claim Bonus Discounts||20%||Rs. 1311|
|Total Own Damage Premium||Rs. 5,425|
|Personal Accident Cover||Rs. 100|
|Legal Liability Paid to the driver||Rs. 50|
|Compulsory Third-Party Cover||Rs. 1110|
|Net Premium||Rs. 6505|
|Service Tax||14%||Rs. 911|
|Total premium||Rs. 7416|
Top Variables that play an indispensable role in deciding car insurance premium rate are:
One can use online car insurance premium calculator without any assistance in a simple and straightforward manner. Car insurance quotes from top vehicle insurance providers will be provided depending on the inputs provided.
Following details need to be filled in car insurance calculator online-
The only thing that one needs to be cautious is off is to provide accurate information and derive the cost of premium from top insurers. One can either select or reject it and make the payment upon satisfaction.
You can also use this basic formula to understand the car insurance premium calculation better. It goes as follows-
Premium is equal to Own Damage Premium – (No claim bonus + additional discounts) + Cost of Additional covers+ third-party Premium as Fixed by the IRDAI
Below is the third party car insurance premium rates effect from June released by IRDA, 16 June 2019
|Engine Capacity||Premium Effective June 16, 2019 (Rs.)|
|Less than 1000 CC||2,072|
|More than 1000 CC & less than 1500 CC||3,221|
|More than 1500 CC||7,890|
The following information needs to be provided while calculating car insurance premium online for old and new cars with insurance calculator -For New Cars -
Customers who have already brought an insurance policy for their cars need to renew the policy at regular intervals to get all benefits. Each of the policy is designed with predetermined expiry dates, after crossing that particular date; customers need to get renewal for the insurance policy. One can easily renew the policy online.
Many buyers make premium rates the sole criteria of choosing a car insurance policy. However, this is not a right move. There are other features and benefits in a plan to look out for. If you are getting a better coverage at a slightly higher premium rate, you should prefer it over a lower coverage plan.
OD Premium of a new car = Insured Declared Value (IDV) of the new car X insurer rate of premium + Add-on covers - Discount
Besides using the formula to calculate the new car insurance price, you can use a new car insurance calculator available online to determine the premium of your new car.
However, the premium of a car depends on several factors apart from the IDV, such as make & model of the car, add-on covers, no claim bonus, engine capacity of the car, etc. Therefore, it is advisable to use a vehicle insurance calculator to estimate the new car insurance price.
OD Premium = Insured Declared Value (IDV) of the new car X insurer rate of premium + Add-on covers - No Claim Bonus/ discount
1. It makes the insurance buying process convenient and easy for the insurance buyers.
2. It helps to draw a comparison of the premium rates and select the best insurance policy that meets your insurance needs.
3. It gives a firsthand experience on how changing coverage variables can drastically change your premium.
4. You don't have to take your decisions in a hurry or being manipulated by the insurance agents.
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.Read More