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      What is Insurance Premium in Car Insurance?

      Insurance Premium in car insurance is a cost paid to cover a possibly unseen devastating loss, such as theft or accident of the car. It is the actual amount of money charged by insurance companies for offering active insurance coverage. An insurer is a company selling insurance and the insured is the policy owner.

      Read more

      Factors that Affect Car Insurance Premium

      When it comes to car insurance, the insurance company offers a certain level of protection to you and your car in return for some premium amount. Here are the factors that affect a car insurance premium:

      1. Make and Model

        The make and model of your four-wheeler is an essential factor affecting the insurance premium of your car. A high-end luxurious car like Honda City will have a higher premium than a mid-budget car like a Wagon R.

      2. Coverage Opted

        The coverage you are looking to opt for also affects your insurance premium. No matter the type of insurance, the coverage has a direct impact on your premium. More the coverage, the higher will be the premium charged by the insurer.

      3. Safety Features

        Adding a safety feature to your four-wheeler also affects the premium of your car insurance policy. For instance, if you have got an approved anti-theft device installed in your car, you may have to pay a lesser premium.

      4. Modifications to the Car

        In case you have done any modifications to your car, it will have an impact on your motor insurance premium. Changes in appearance or performance or simply adding any extra feature to your car may result in an increased insurance premium.

      5. Deductibles

        Deductibles refer to the amount of money that a policyholder is responsible to pay towards an insured loss. Deductibles can be compulsory and voluntary as well. Opting for deductibles will have an impact on your insurance premium. Since you will be paying a certain percentage of your claim amount, the insurer may have to reduce your premium amount.

      6. Additional Covers

        Add-ons are optional covers that you can add to your insurance policy to increase its coverage. Since these additional covers increase the extent of your policy coverage, they also affect your insurance premium.

      Also read: Tips To Reduce Car Insurance Premiums During Renewal

      How to Calculate Insurance Premiums for my Car?

      To calculate the insurance premium of your car, you can make use of a car insurance premium calculator. This online tool takes a few factors into account and calculates the insurance premium of your four-wheeler. Using a car insurance premium calculator, a policyholder can choose an ideal car insurance plan for his/her four-wheeler.

      Factors like car make, model, variant, registration year, and RTO are taken into account to calculate an accurate comprehensive car insurance premium.

      Insurance companies usually calculate premium using this formula:

      Basic OD Premium (based on your vehicle details) + Third Party Premium (set by IRDAI) - (NCB + Other Discount)+ GST

      Wrapping Up!

      Insurance premiums vary widely among insurance providers, so it is advisable to get several quotes from various car insurance companies before making a final purchase. You can compare plans of multiple insurers on and choose the one that offers you the desired coverage.

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      #Rs 2094/- per annum is the price for third-party motor insurance for private cars (non-commercial) of not more than 1000cc

      *Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB. Actual time for transaction may vary subject to additional data requirements and operational processes.

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