What is a Car Insurance Premium Calculator? How Does it Work?

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A car insurance premium calculator is an online tool that can help car owners to ascertain car insurance premiums before purchasing a plan. This calculator can be used for various purposes such as calculating insurance premium for a year, calculating the IDV of your car and comparing plans from multiple car insurance companies.

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      How Does a Car Insurance Calculator Work?

      A car insurance premium calculator takes into account your car’s model, registration year, RTO, and variant to calculate the estimated premium of your four-wheeler. A car insurance premium calculator works based on these factors:

      • Make, Model and Variant: Your car’s make, model and variant are among the topmost factors that are used to calculate the premium of your four-wheeler insurance premium. Luxurious cars like BMW, Mercedes, etc have a higher premium than low-budget cars like Swift, Maruti, etc.
      • Car Fuel Type: Another factor that helps in calculating the premium of your vehicle insurance is the fuel type of your car. A CNG car attracts a higher premium as compared to a petrol or diesel car.
      • Year of Purchase: Based on the year of purchase, a car insurance calculator determines the estimated price of your four-wheeler policy.
      • RTO of the Car: The RTO where your car has been registered is also used to calculate the car insurance price of a four-wheeler.
      • Previous Claim Record: Whether you have previously raised a claim or not is also necessary for determining your car insurance renewal premium. If you haven’t made a claim in the previous year, you will receive a discount on your premium based on your NCB reward.

      Thus, for a car insurance premium calculator to work, you must have the above-mentioned details handy.

      How to Calculate Car Insurance Premium Online?

      Using a car insurance premium calculator is a very easy process. Simply head to the ‘Car Insurance Premium Calculator’ on Policybazaar.com and follow these steps:

      Step 1: Visit the 'Car Insurance Calculator' page

      Step 2: On the given calculator simply enter your car's model, make, fuel type and variant

      Step 3: Select the RTO of your four-wheeler

      Step 4: Select the year in which your car was purchased

      Step 5: Select whether you have made a claim or not

      Step 6: Press the ‘Calculate' button

      Step 7: You will now see the estimated premium and Insured Declared Value of your car.

      Wrapping Up!

      With the help of a car insurance calculator, you cannot only calculate motor insurance premiums online but also compare car insurance premiums of different insurance companies on Policybazaar.com. Moreover, this calculator works for both old and new cars as well. Thus, even if you are considering car insurance renewal, you can make good use of this tool.

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