Calculate Commercial Vehicle Insurance Premium

It is mandatory to cover your commercial vehicle with third-party insurance in India as per the Motor Vehicle Act 1988. If you run a business that requires commercial vehicles then it is recommended to purchase a comprehensive plan that can provide you enough coverage to protect you from any unforeseen loss or damage. But the best part of purchasing an insurance plan is that you can calculate the insurance premium of commercial vehicle online.

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How to Use Commercial Vehicle Insurance Premium Calculator?

We live in a digital era and in this era almost everything is done online. Similarly, calculating the premium amount of commercial vehicle insurance is easy. You just have to fill in the required information on the calculator page and choose the one that suits your requirement and is in your budget. Here are the steps that you can follow to calculate the premium:

  • Fill in the car details such as model, variant and fuel type
  • Then enter the ex-showroom price of your car
  • Enter your car’s registration number, city and the year you purchased
  • You will have to mention if you made claim in previous year or not
  • Once you have filled in the details, click on the “Calculate” icon
  • It will show you a list of plans and you can choose the one that suits your needs

It will show you the actual premium amount of your insurance that will be based on your selection be it, comprehensive as well as add-ons.

However, if you have a used car then in order to calculate the premium amount you will have to provide details like car type, registration number, fuel type, existing car insurance details, ownership change details and previous claim record.

If you want to calculate the insurance premium for a new vehicle then you will have to enter details like manufacturer’s name, vehicle model, state it got registered, year it got manufactured as well as your own personal details.

Benefits of Commercial Vehicle Insurance Calculator

Apart from calculating your commercial vehicle insurance online at the comfort of your place, here are other benefits of using the calculator online:

  • You can compare premium rates online
  • You can see how the variable change makes  a change in your premium
  • Your decision will be based on your understanding as not agent will be involved in it
  • Apart from premium calculation, you can compare the plans on based on other things such as claim settlement ratio, additional features, coverage, etc.

How Does Commercial Premium Calculator Works?

The calculation of the commercial vehicle insurance premium is based on a formula. Let us give you the formula that is used to make you understand that how it actually works.

Formula: Premium= Own Damage – (NCB + Discount) + Liability premium that is fixed by the IRDAI.

However, there are a few things that you can take care of in order to keep you commercial vehicle insurance low.

How to Keep Commercial Vehicle Insurance Premium Low?

In order get the coverage benefit of vehicle insurance policy you have to pay yearly premium amount. You can also purchase commercial vehicle insurance for multiple years up to 3 years. The premium amount of the commercial vehicle insurance policy varies from insurer to insurer as well as the kind of coverage you opt for. However, there are certain measures that you can take to keep your insurance premium low.

Purchase Insurance Online

When you plan to purchase commercial vehicle insurance, it is suggested that you make the purchase online because it is cost-effective and you get to learn about the policy in detail as well as include or exclude the coverage based on your requirements.

Transfer NCB

No claim bonus is a kind of benefit that you get when you do not raise a claim. If you are planning to change your commercial vehicle and transfer the old insurance plan to cover your new vehicle then you can as well transfer the NCB to continue and later get the benefits that come along with it.

Install Security Device

However, the manufacturers install the anti-theft devices such as hooter in your car but in case it is not there then you can purchase anti-theft device separately as the insurers provide 5% discount on your yearly premium amount for taking security measure. Also, make sure that the anti-theft device is Automotive Research Association of India (ARAI).

No Need to Pay for Transportation

In order to purchase the insurance plan offline, you will have to go to the insurer’s office. To reach that office you will either go by your own vehicle or go by the public transport. Both ways you will have to spend a certain amount either by burning your fuel or pay for the ticket. If you purchase the insurance plan online, all of these expenses can be saved.

Wrapping It Up

At the end of the day, it depends on you that how would you want to make the purchase. But purchasing insurance online will be in your favour only and it is a smart choice. Online purchase offers you different options such as benefit of online comparison between different plans, learn about the claim settlement ratio, premium calculator as well as cost-effectiveness. You get to do it sitting at the comfort of your home and learn about the plans in details on your finger tip. So make the right choice, make the smart choice.

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