Car Insurance Premium Calculator Online

If you own a car, it is important and legally mandatory to get your car insured. Car insurance will financially safeguard you and your car against accidents and other road disasters. If you want to know how much your car insurance will cost, you can use an internet-based car insurance premium calculator. It will help you calculate the insurance premiums. Additionally, you can use this online calculator to compare insurance rates offered by different Indian insurers. In addition to being required by law, car insurance offers financial protection to you and your car against road mishaps and also natural and man-made disasters.

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How to Calculate Car Insurance Premiums?

The main factor that most car owners consider when buying car insurance is the premium they have to pay for the insurance policy. An insurance premium is the amount of money that you pay to the insurance company at regular intervals to keep your insurance policy active. There are multiple ways that car insurance premiums are calculated but the easiest way is through a car insurance premium calculator. In this article, we will take a look at how to calculate car insurance premiums using insurance calculators.  

Car Insurance Calculator: Here’s how to use

Most insurance companies have their own insurance calculators on their websites. You can visit the websites of reputed insurance companies and use their car insurance calculators to determine the premiums that each company offers under their comprehensive car insurance plans. To learn ‘how is car insurance calculated?’, know that some factors are used to determine the car insurance premiums. The list includes the model of the car, previous insurance and claims records, fuel type, location, IDV etc.

To use a car insurance premium calculator, you will have to input details such as the brand and model of your car, registration number, fuel type, year of purchase, location and details regarding your previous insurance, if any. Once you input the necessary data, you will get a quote from the car insurance calculator with information about the premiums. Note that most car insurance calculators will require your phone number and email to deliver the insurance quotes.

How to Calculate Premiums for New Cars?

In order to calculate insurance premiums for new cars, you will have to input the brand and model of your car, year of purchase, registration number, fuel type, and your personal details. The insurance calculator will take your data input and provide you with quotes and details about insurance premiums for the car insurance plans they have available. It is important to provide the correct information in order to get an accurate quote for the premiums.

How to Calculate Premiums for Used/Second Hand Cars?

You can calculate insurance premiums for used or second-hand cars following the similar steps mentioned above. Input information such as the brand and the model of the car, registration number, fuel type, your personal details, year of purchase, previous insurance records, details of the previous owner. Following this, the insurance calculator will provide you with an accurate quote for the insurance premiums for their insurance plans.

How to use Car Insurance Calculator at Bajaj MARKETS?

To calculate your car insurance premiums, you can head to the Car Insurance Calculator page on the Bajaj MARKETS website. Enter all the data that is required on the calculator such as your car number, contact information, date of birth, etc. Once you have input all the data, click on the option that says ‘Get Quote’. You will then receive an approximate insurance premium quote for your car.

Factors that Affect Car Insurance Premiums

How is vehicle insurance calculated? The following are the main factors that influence the same:

  • The Car

The brand and the model of the car are the main factors that determine the insurance premiums. The cubic capacity of your car’s engine determines the third party liability insurance premiums. The price of the car is one of the factors too. For example, a Mercedes or BMW would have significantly higher premiums than a Maruti Suzuki Alto.

  • Age of the Car

A newer car will have a higher insurance value as its IDV (Insured Declared Value) will be typically higher than older cars. As cars get older, their IDV gets lower due to depreciation, resulting in lower premiums.

  • Driving History of the Owner

A driver who has a clean driving record with no accidents or previous insurance claims will have lower premiums. In contrast, a car owner who has a history of multiple accidents and previous insurance claims will have to pay higher premiums.

  • Fuel Type

The type of fuel used by your car is also one of the factors that insurance companies take into consideration when deciding insurance premiums. Petrol cars have the least premiums whereas diesel and CNG cars have higher premiums.

  • Coverage Type

The government has made it mandatory for all vehicle owners to have third party liability insurance. However, there are additional coverage options that car owners can consider under comprehensive car insurance plans such as theft insurance, accidental cover, personal injury cover etc. The more riders that are added to the policy, the more the price of premiums will rise.

  • Location

Your location is also a factor that determines the price of insurance premiums. Car insurance premiums are generally higher for vehicles in urban areas as the risk of accidental damage, theft etc is higher compared to less populated areas.

How to Reduce Car Insurance Premiums?

There are many steps you can follow to reduce the cost of insurance premiums. They are:

  • Compare all available plans

It is a good idea to compare all the available car insurance options before you make the final choice. Once you have information on all options, you can choose the insurance plan that provides you with the best features at lower rates. This will ensure you pay the lowest price possible on the plan that you want.

  • Choose additional riders carefully

When buying comprehensive car insurance for your vehicle, you may be tempted to add many riders for additional coverages. However, be careful while considering which extra riders or covers you really need, so you can save costs on riders you do not require.

  • Avoid filing minor claims

If you claim small damages and repairs on your insurance, there are chances your insurance premiums may go up. Avoid filing insurance claims for minor expenses and your premiums will go down through the No Claim Bonus.

  • Anti Theft Device

If you have an Anti-Theft Device approved by the ARAI for your car, you can get up to 2.5% off on your insurance premiums.

Takeaway

Now that you understand how car insurance premiums are calculated, you can compare and choose the best possible insurance plan for your vehicle. It is important to take a look at all options and consider the additional riders you may want to add to your insurance plan before buying one. You can take a look at various car insurance plans available on Bajaj MARKETS that offer features like cashless claim settlement, 24x7 assistance, add-on covers on comprehensive coverage, hassle-free renewals, and much more.

Check Out Car Insurance Plans Available at Bajaj MARKETS

 

Frequently Asked Questions

  • ✔️How can I reduce my car insurance premiums?

    Here are some steps you can follow to reduce your car insurance premiums:

    1. Avoid claiming small expenses.

    2. Carryover your No Claim Bonus.

    3. Compare all available plans.   

  • ✔️Is insurance premium paid monthly?

    Customers can choose to pay their insurance premium in monthly, quarterly, semi-annually or annual instalments.  

  • ✔️Does car insurance premium decrease every year?

    Yes, car insurance premiums decrease every year as the Insured Declared Value (IDV) of the car goes down due to depreciation.

  • ✔️Should I pay my car insurance premiums monthly or yearly?

    Most insurance companies offer discounts on yearly payments, so you can save some money by paying yearly premiums.  

     

  • ✔️Does insurance premium increase after filing claims?

    Your insurance premium is unlikely to increase if you file one or two small claims. However, multiple claims can result in an increased premium, so it is a good idea to avoid claiming minor damages and expenses.  

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