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
A car insurance calculator is an online tool that calculates the estimated premium amount for a car insurance policy. It allows you to know the actual premium that you would have to pay for buying different car insurance plans and thus, helps you to 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 tool can be used by all car insurance buyers as it is available for free.
In order to use the car insurance calculator online, follow the steps mentioned below:
Step 1: Select your car’s make & model, brand, fuel type and variant.
Step 2: Select the location registered for your car from the list.
Step 3: Select the car’s year of purchase.
Step 4: Now you will see two options as Yes or No.
Step 5: If you made any claims in the previous year then select Yes otherwise select No.
Step 6: Once you are done with this procedure, you will have to enter your mobile number and name.
Step 7: An OTP will be sent to your mobile number then you will have to enter that OTP to get the car insurance policy premium quotes.
Below are the mentioned benefits of using a car insurance calculator online:
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. 3,63,800|
|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|
The premium rates of the car insurance policy vary from the kind of cover the policyholder opts for and some other factors as well. To keep the premium rates of the insurance policy low, you can keep the following things in mind.
Purchasing the insurance policy online is 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. Also, it reduces the agent’s fee.
When the policyholder raises the claim for minor damages, they lose the benefit of the No Claim Bonus (NCB). It would be wiser and beneficial for the policyholder to not raise a claim for the minor damages and pay for its repair out of pocket.
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's 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.
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 of the 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 of the premium rate of a car insurance policy.
To reach the insurer’s office a person either goes by public transport or by their vehicle. Both convince costs a certain amount of money. This expenditure can be saved if the car owner chooses to purchase the policy online.
Top Variables that play an indispensable role in deciding car insurance premium rate are:
One can use an 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-
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 premiums online for old and new cars with an 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 car insurance premium calculator to determine the premium of your new car.
Details required for insurance calculated for a new car:
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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.
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.
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