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  • Benefits of Calculator
  • Types of Car Insurance
  • How Premium Calculated
  • How Premium Calculate Online
  • How to Use Calculator Online
  • Add On
  • Factors Determine Premium
  • IDV Calculations
  • NCB Calculations
  • What Policy Offer
  • Frequently Asked Questions
icon Car Insurance icon Car Insurance Premium Calculator

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Main Things About Car Insurance Premium Calculator

  • Free Tool: Car Insurance Premium Calculator is a free online tool which enables you to calculate your car’s insurance premium in a few minutes.

  • Input Basic info: Simply type in the Make and Model of the Vehicle, Registration Details & Insured Declared Value (IDV) of the car

  • Free Quotes: The tool provides quotes from different insurance companies in India for your car’s insurance.

Benefits of Car Insurance Calculator

  • Time Saving: Car insurance calculator usage saves a lot of time.
  • Instant Free Quotes: It quickly gives info on the insurance premium amount by various insurers.
  • Quotes Comparison: It instantly makes a comparison between different premium rates & offers the best one as per your requirements.
  • Offers Flexibility: It provides flexibility because of which you don’t have to rush through the decision making process.
  • Add-on Covers: It helps you to choose the appropriate add-on rider covers for your vehicle’s insurance as per your needs & budget.
  • Right Education: This tool is an effective way of educating yourself and choosing the best car insurance policy.

Types of Car Insurance Policy

Third Party Car Insurance
Third Party Car Insurance
Own Damage Car Insurance
Own Damage Car Insurance
Comprehensive Car Insurance
Comprehensive Car Insurance

How is Car Insurance Premium Calculated?

Premium Factors

  • Premium is based on coverage, make, model, RTO location, fuel type & variant.

3rd Party Insurance

  • Decided by IRDA.
  • Basis the vehicle's engine capacity.

Own-Damage Insurance

  • Decided by insurance companies.
  • Differs from owner to owner

Comprehensive Car Insurance

  • Decided by insurance companies.
  • Differs from owner to owner

How to Use a Car Insurance Premium Calculator Online?

  • Choose the model, brand, fuel type & car variant
  • Choose the car's registered location
  • Choose the car purchase year
  • Choose Yes or No in case of any previous year claims
  • Enter name & mobile no.
  • Enter OTP sent on mobile
  • Check displayed premium quotes

Add-on Cover for Car Insurance

No Claim Bonus

No Claim Bonus Protection Cover

Engine Protection

Engine Protection Cover

Zero Depreciation Cover

Zero Depreciation Cover

Consumables Cover

Consumables Cover

Key Protection

Key Protection Cover

Personal Accident Cover

Personal Accident Cover

Daily Allowance

Daily Allowance Benefits

Car Accessories Cover

Cover Your Car Accessories

Factors Determining Car Insurance Premium Calculation

  • Vehicle Type: Your vehicle type majorly decides your premium. These factors include the Car Make Model, Motor Transmission type, Car Modification & Car's fuel type

  • Plan Type: Premium is also determined based on whether you have a Third-Party Car Insurance, a Comprehensive Car Insurance or Standalone Car Insurance.

  • Engine's Capacity: The car’s Cubic capacity also determines the premium for the Own Damage cover.

  • Car's IDV: The sum insured of a comprehensive car insurance policy is its current market value which is called Insured Declared Value (IDV). As your car grows older, the IDV decreases.

  • No Claim Bonus: NCB discount is availed during policy renewal for zero claims in the previous year. Other factors include Voluntary Deductible, AAI Membership Concessions & Installation of Anti-Theft Devices.

  • Geographical Location: Insurance providers also rate the premium according to the place where the insured car will be mostly driven. Urban cities have higher premium rates than rural locations.

Best Car Insurance Companies in India 2022

HDFC ERGO Car Insurance
HDFC ERGO Car Insurance
Reliance Car Insurance
Reliance Car Insurance
Oriental Car Insurance
Oriental Car Insurance
Bharti AXA Car Insurance
Bharti AXA Car Insurance
Digit Car Insurance
Digit Car Insurance
Kotak Car Insurance
Kotak Car Insurance
Royal Sundaram Car Insurance
Royal Sundaram Car Insurance
National Car Insurance
National Car Insurance
SBI Car Insurance
SBI Car Insurance
Liberty Car Insurance
Liberty Car Insurance
Magma HDI Car Insurance
Magma HDI Car Insurance
Shriram Car Insurance
Shriram Car Insurance
Universal Sompo Car Insurance
Universal Sompo Car Insurance
ICICI Lombard Car Insurance
ICICI Lombard Car Insurance
Edelweiss Car Insurance
Edelweiss Car Insurance
United India Car Insurance
United India Car Insurance
Bajaj Allianz Car Insurance
Bajaj Allianz Car Insurance
IFFCO TOKIO Car Insurance
IFFCO TOKIO Car Insurance
New India Assurance Car Insurance
New India Assurance Car Insurance
Acko Car Insurance
Acko Car Insurance
Tata Aig Car Insurance
Tata Aig Car Insurance
Cholamandalam MS Car Insurance
Cholamandalam MS Car Insurance
L and T Car Insurance
L and T Car Insurance
Future Generali Insurance
Future Generali Car Insurance

IDV Calculations Deciding Premium Amount

AGE OF VEHICLE % OF DEPRECIATION FOR CALCULATING IDV
Up to 6 Months
5%
6 Months to 1 Year
15%
1 Year to 2 Years
20%
2 Years to 3 Years
30%
3 Years to 4 Years
40%
4 Years to 5 Years
50%

NCB Calculations Deciding Premium Amount

CLAIM FREE YEAR BONUS (%)
1 Year
20%
2 Years
25%
3 Years
35%
4 Years
45%
5 Years
50%

Details Required for Calculating New Car Insurance Premium

  • Car details
  • Manufacturer details
  • Date of registration
  • State of registration
  • Policy start date
  • Car make & model
  • Manufacturing year
  • Vehicle type

Top Car Manufacturers in India September 2022

Mahindra Insurance
Mahindra
Maruti Suzuki Insurance
Maruti Suzuki
Hyundai Car Insurance
Hyundai
Tata Car Insurance
Tata
Audi Car Insurance
Audi
Skoda Car Insurance
Skoda
Mercedes-Benz Car Insurance
Mercedes-Benz
BMW Car Insurance
BMW
Fiat Car Insurance
Fiat
Nissan Car Insurance
Nissan
Volkswagen Car Insurance
Volkswagen
Toyota Car Insurance
Toyota
Honda Car Insurance
Honda
Renault Car Insurance
Renault
Chevrolet Car Insurance
Chevrolet
Ford Car Insurance
Ford
Abarth Car Insurance
Abarth
Ashok Leyland Car Insurance
Ashok Leyland
Aston Martin Car Insurance
Aston Martin
Bentley Car Insurance
Bentley
Datsun Car Insurance
Datsun
DC Car Insurance
DC
Ferrari Car Insurance
Ferrari
Force Car Insurance
Force Motors
ICML Car Insurance
ICML
Jaguar Car Insurance
Jaguar
Isuzu Car Insurance
Isuzu
Jeep Insurance
Jeep
Kia Car Insurance
Kia
Lamborghini Car Insurance
Lamborghini
Land-Rover Insurance
Land-Rover
Lexus Car Insurance
Lexus
Mitsubishi Car Insurance
Mitsubishi
Rolls Royce Car Insurance
Rolls Royce
Maserati Car Insurance
Maserati

Details Required for Calculating Used Car Insurance Premium

  • Current car insurance policy details
  • Previous car ownership details
  • Previous year claim history reports
  • All documents mentioned in new car insurance

How To Reduce Car Insurance Premium Price?

Here are some ways which can help you reduce your vehicle/car insurance premium:

1. Avoid Making Small Claims

  • The simplest way to lower your insurance premium is to earn No Claim Bonus (NCB) by not making any claim in a policy year. In order to accomplish this, you should avoid filing claims for minor damages. Instead, pay for these damages out of your own pocket. Also, you need to drive responsibly to avoid any accidents.

2. Purchase Car Insurance Online

  • Online policy purchase brings a lot of difference in comparison to buying a plan through offline mode. Making an online comparison of policy premium quotes can help a person to find a reasonable policy easily. Also, insurance companies offer policies at economical prices online due to the absence of any agent, etc.

3. Install Anti-Theft Devices in Car

  • Installation of anti-theft devices not only ensures security to your car from theft, etc., but can reduce the yearly insurance premium by around 5 percent. However, different insurers offer discounts only on anti-theft devices certified by the Automotive Research Association of India (ARAI).

4. Renew Your Policy On Time

  • With timely renewal of a car insurance policy, you can avoid a lapse in the plan which will ultimately save you from getting your car re-inspected. It will also permit you to get the policy at the previous rate thereby avoiding any hike in the premium amount.

5. NCB Transfer to the New Car

  • You should get the earned NCB transferred to your respective new car insurance plan. It is prudent to retain the NCB benefit with you as it helps you reduce your car insurance premium rate with the new car insurance policy.
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Frequently Asked Questions

  • Q. What is the average insurance cost for a car?
    • It depends on a number of factors. Depending on the make of your car, the insurer, and the benefits offered, the cost of auto insurance could range from around Rs. 2,000 to well over Rs. 10,000 or more.

  • Q. How is insurance percentage calculated?
    • The premium for OD cover is calculated as a percentage of IDV as decided by the Indian Motor Tariff. Thus, formula to calculate OD premium amount is: Own Damage premium = IDV X [Premium Rate (decided by insurer)] + [Add-Ons (eg. bonus coverage)] – [Discount & benefits (no claim bonus, theft discount, etc.)]

  • Q. I want to obtain an insurance quote for my car, where can I find a car insurance premium calculator?
    • Please visit our website Coverfox.com & you can get all your queries answered of finding a car insurance calculator

  • Q. What are the factors that affect the car insurance premium?
    • The premium of your car insurance depends on the following steps:

      • Insurance Location Geography. It is one of the impressive factors that decide your car insurance premium. ...
      • Personal Factors. ...
      • Types of Engine. ...
      • Types of coverage. ...
      • Security System installed. ...
      • Customized Car Insurance Plan.
  • Q. What are the tips to reduce car insurance premiums?
      • Compare Car Insurance Online. Comparing car insurances online is something that all car insurance policy buyers must undertake without fail. ...
      • Get Anti-Theft Devices. ...
      • Don't Make Small Claims. ...
      • Don't Let Your Car Insurance Policy Lapse. ...
      • Understand How Deductibles Work.
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Top Car Insurance Plans Available on Coverfox

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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs

Disclaimer - Above mentioned prices are for a 2 years old Maruti Wagon R, 1.2 VXI AMT OPT (1197 CC) registered in Mumbai & previous policy has expired.

Written By: Coverfox - Updated: September, 2022.
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