How Vehicle Insurance Premium Calculator is Beneficial?

Vehicle insurance is mandatory in India as per legal laws. Vehicle Insurance should not be bought out of compulsion. The purchase should be made to provide optimum protection to the insured vehicle and to provide financial shield on the occurrence of an eventuality. Vehicle insurance ensures complete peace of mind by mitigating the unexpected expenses caused by an accident or any legal liability.

Hence, one should opt for comprehensive car insurance India policy covering own damages as well as third-party damages. But buying an appropriate insurance policy is a challenge at times due to the lack of proper understanding of the policies. We do research using several comparison tools but still sometimes end up buying the wrong policy without understanding its coverage and various clauses. Here comes car insurance calculator into the picture.

Usually, car insurance can be bought in two ways- offline and online. In offline mode, you buy a policy either visiting the insurers’ office or approaching an agent. On the other hand, online insurance allows you to buy after thorough research and comparison of plans. Even you can buy car insurance by using car insurance calculator online. All you need is a PC and internet connection.

The Process of Online Comparison

There are insurance aggregator websites that help you getting the right plan through providing various comparison tools online. One such tool is vehicle insurance calculator which helps you make the right choice. In order to ensure a right purchase and decide on a plan, you must know the premium offered by different insurance providers. You prefer going for those whose premiums best suit your budget. Apart from this, knowing the credibility of an insurer, coverage, features etc. are some of the deciding factors at the time of buying. With an insurance calculator, you can avail this information within a few clicks. You just approach an aggregator website online follow the below instructions

  • Visit the website of the insurer or take help from an insurance aggregator
  • Select a plan
  • Provide necessary information
  • Calculate the premium and compare plans
  • Buy online by paying the premiums

Once you provide this information, the website will suggest various plans according to your requirement. Moreover, in order to ensure an effective policy comparison, it is important to know the premiums offered by a particular insurance provider, as it is the main differentiator when it comes to comparing car insurance in India.

Benefits of Vehicle Insurance Calculator

Car insurance calculator for vehicle is very helpful in buying the right kind of insurance policy. The perks of a premium calculator include:

  • Car insurance calculator helps you to determine premium of the insurance policy for your vehicle. It also helps you to understand details and clauses that are a part of automotive insurance policies. These details and clauses are very crucial to understand as they affect the premium of the insurance policy as well. If you have opted for a policy with extensive benefits, it would have cost you a higher premium. With insurance calculator, you can decide whether you need a policy with additional benefits or not.
  • Every customer is not the same as they have their own specific requirements and vehicle insurance premium calculator helps them to evaluate policies as per their requirements. Vehicle insurance calculator helps you to understand the structure of your insurance policy. Similar to private vehicle insurance, car insurance consist of three types of main insurance coverage; Third Party Insurance, Own Damage Cover and Personal Accident Cover. Sometimes, personal accident cover is inbuilt, while at times it comes as an add-on cover with the main policy. With a comparison tool, you can decide whether you need a basic policy or a policy with additional covers.
  • Apart from calculating the premium, it also compares the plans on other parameters such as the claim settlement ratio of the insurer, coverage offered, additional features etc.

Things to Keep Handy at the Time of Using Vehicle Insurance Calculator

At the time of buying car insurance plans with the help of a premium calculator, you should keep the below information handy:

  • Date of Registration: Most of the calculators ask the date of registration of your car.
  • Car Details: This information is also required by the insurance premium calculator. It includes the type of model along with the manufacturer’s name and total cost incurred by you.
  • Additional Coverage details: It also asks for the additional coverage required by you like personal accident cover for you and your family.

By simply providing this information, you can easily compare car insurance policy and get the best policy for the vehicle.

Written By: PolicyBazaar - Updated: 10 June 2020
You May Also Like
  • Best Car Insurance Companies in India

    Best Car Insurance Companies in India Getting motor insurance is essential for all the car/vehicle owners and drivers in India. It is mandatory to have third party car insurance in India under the Motor Vehicle Act, 1...

    read more
  • Insured Declared Value (IDV)

    Insured Declared Value (IDV) Insured Declared Value (IDV) is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle. Basically, IDV is the current market value of the vehicle....

    read more
  • Zero Depreciation Car Insurance

    Zero Depreciation Car Insurance In a zero depreciation policy the insured gets the total cost of the damage or loss that is caused to the insured car. The depreciation value of the replaced or damaged parts is usually...

    read more
  • No Claim Bonus (NCB) in Car Insurance

    No Claim Bonus (NCB) in Car Insurance No Claim Bonus (NCB) is a reward, given by an insurer to a policyholder for making no claims during the policy term. No Claim Bonus can be accumulated as a discount on the premium...

    read more
  • 9 Secrets That Your Motor Insurance Provider Won’t Tell You

    9 Secrets That Your Motor Insurance Provider Won’t Tell You Due to the dangerous driving conditions, it is compulsory to have third party insurance for every vehicle plying on Indian roads. It ensures the overall sa...

    read more
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Calculate your car IDV
IDV of your vehicle
Calculate IDV
Calculate Again

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

Policybazaar lets you compare premium prices from 20+ Insurers!
Compare Prices