A car insurance calculator is a free online tool that lets a car owner calculate the estimated premium amount for a car insurance policy. It calculates the actual premium that you would have to pay for buying an insurance policy for your car and thus, helps you compare and pick the best plan within your budget. All it needs are the details of your car, including its age, make & model, fuel type, etc. to calculate the premium amount.
With the help of a car insurance premium calculator, you can compare different plans and see if they meet your coverage requirements as well as your budget. This valuable tool can be used by all car insurance buyers as it is available for free.
In order to use the car insurance calculator online on Policybazaar.com, follow the steps mentioned below:
Step 1: Select your car's model, make, fuel type and variant
Step 2: Select the RTO of your car from the given list
Step 3: Select the year in which you purchased your car
Step 4: Select Yes if you have previously made a claim, else select No
Step 5: Now press 'Calculate' button
Step 6: The calculator will now display the estimated premium and Insured Declared Value of your car.
Online car insurance premium calculator is simple and easy to use. Car insurance quotes from top car insurance companies will be provided depending on the inputs provided.
Following details need to be filled in the car insurance calculator online-
Online car insurance calculator provides you with instant car insurance quotes on both comprehensive and third-party insurance policies. Listed below are some of the major benefits of using a car insurance calculator online:
To know how car insurance companies calculate premium check out this simple formula. Car Insurance Premium = Own Damage Premium – (No claim bonus + discounts) + Third Party Liability Premium that is fixed by the Insurance Regulatory and Development Authority (IRDAI) of India Here is an example of car insurance premium calculation for a car that’s registered in 2018, so that there is no room for any confusion.
|Factors||Registration Year (2018) (For Tata Nexon)||Car Insurance with NCB (%)|
|Ex Showroom Rate||Rs. 7,60,000|
|Insured Declared Value||Rs. 3,27,600|
|Own Damage Premium||Rs. 10,755|
|Third Party Premium||Rs. 3,416|
|No Claim Bonus Discounts||Rs. 726||45%|
|Net Premium||Rs. 4,303|
|Total premium||Rs. 5,078|
The premium rates of a car insurance policy can vary from the kind of coverage the policyholder has opted for and some other factors like IDV, add-on covers, model, make, etc. Here are some simple ways in which you can bring down your car policy premium:
When the policyholder raises the claim for minor damages, they lose the benefit of the No Claim Bonus (NCB) which if retained can provide them with a discount from 20%-50% on their renewal premium. Thus, try retaining your NCB by not raising minor claims. For instance, if your car insurance NCB is Rs 10,000 and your repair cost is Rs 5,000, you might want to pay it off by yourself.
The policyholder should know his right and transfer the No claim bonus benefit after purchasing a new car and a new car insurance policy. When a policyholder hasn’t raised a claim in the previous year makes that policyholder eligible for NCB benefit that is decided by the IRDAI.
When the policyholder does not renew the policy on time, the insurer provides a grace period during which the policyholder can renew the policy. In case the policyholder does not renew the policy within the grace period, the insurer cancels the insurance policy. Thus, make sure to renew policy on time to avoid paying a higher premium for a new car policy.
If the policyholder has installed any anti-theft device in the car then the insurer will provide a 5% discount on the yearly premium rates. The discount on car insurance premiums is provided to those who install the anti-theft device that is certified by the Automotive Research Association of India (ARAI).
Some car enthusiasts who have a thing for modifying their cars and make it look cooler than it is. They install new alloy wheels, woofers, headlamps, etc. This becomes one of the major reasons behind the increment in the premium rate of a car insurance policy. Thus, try not to modify your car if you want to pay a lower premium.
Under a Pay as you Drive or Pay as you Go car insurance, the insurer charges a premium as per the kilometres driven by the you, which is fixed at the time of policy purchase. However, the policy coverage and benefits still remain the same as a comprehensive car insurance policy. For those who drive occasionally, it is a great option to cut the premium cost a bit.
Buying a car insurance policy online can be cost-effective. When a buyer opts for an online purchase, they get to compare different policies and purchase the one that suits their requirements and budget. Moreover, you can also make use of a car insurance calculator before buying a car policy so that you get the best deal. Also, it reduces the agent’s fee that you pay while buying policy offline.
Below are the third-party car insurance premium rates for 1 year policy effective from June 1st, 2022. These rates are fixed by IRDAI:
|Engine Capacity of Cars||Premium Effective June 01, 2022 (Rs.)|
|Less than 1000 CC||2,094|
|More than 1000 CC & less than 1500 CC||3,416|
|More than 1500 CC||7,897|
The following information needs to be provided while calculating car insurance premium online for new as well as used cars with an online insurance calculator-
The new car insurance price depends on the type of plan that you are buying. If you opt for a comprehensive policy, the new car insurance cost will consist of two parts- third-party premium and own damage (OD) premium.
The third-party premium for all cars is decided by the IRDA. However, the own damage premium is calculated with the help of the following formula:
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, one can use a new car insurance calculator to determine the premium of your new car.
Based on the below mentioned factors, a car insurance calculator calculates the premium of old cars:
What goes into deciding car insurance premium while using an online premium calculator is enlisted below:
Bajaj Allianz Car Insurance Premium Calculator
Chola MS Car Insurance Premium Calculator
Digit Car Insurance Premium Calculator
Future Generali Car Insurance Premium Calculator
HDFC Ergo Car Insurance Premium Calculator
IFFCO Tokio Car Insurance Premium Calculator
Kotak Mahindra Car Insurance Premium Calculator
Liberty Car Insurance Premium Calculator
Magma HDI Car Insurance Premium Calculator
National Car Insurance Premium Calculator
New India Assurance Car Insurance Premium Calculator
Oriental Car Insurance Premium Calculator
Raheja QBE Car Insurance Premium Calculator
Reliance Car Insurance Premium Calculator
Royal Sundaram Car Insurance Premium Calculator
SBI Car Insurance Premium Calculator
Shriram Car Insurance Premium Calculator
Tata AIG Car Insurance Premium Calculator
United India Car Insurance Premium Calculator
Universal Sompo Car Insurance Premium Calculator
Zuno Car Insurance Premium Calculator
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