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.
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.
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Here are some ways which can help you reduce your vehicle/car insurance premium:
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.
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.)]
Please visit our website Coverfox.com & you can get all your queries answered of finding a car insurance calculator
The premium of your car insurance depends on the following steps:
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.
