Car insurance premium calculator is a very helpful online tool offered by insurers and online platforms, helping you determine and derive the insurance premium quote for your car. It also enables you to compare insurance quotes offered by various insurers in India.
Customers have their own set of requirements when it comes to their cars. A car insurance calculator helps find and select the best car insurance policy that meets these requirements. Moreover, this makes it easy to compare different insurance companies in India (including old insurers) and choose a reliable policy through a simple and time-saving process.
All you have to do is enter a few details such as your car’s make and model, registration number, etc., and your free quote is displayed instantly!
With the help of the car insurance premium calculation formula, you can easily understand how the premium rate is estimated. The components required for the calculation consist of the own damage premium, No Claim Bonus, other discounts, third-party liability premium, etc. Here’s how to calculate car insurance premium in India:
Furthermore, the third-party insurance rates are decided by the IRDAI based on the engine capacity of the vehicle as follows:
|Engine Capacity||Existing TP Premium Rates
|Proposed Rates (FY 2020-21)|
|Not more than 1000cc||₹2,072||₹2,182|
|More than 1000cc but not exceeding 1500cc||₹3,221||₹3,386|
|More than 1500cc||₹7,890||₹7,890|
The online car insurance premium calculator is an easy-to-use online tool. All you need to do is, follow some quick steps online, enter the relevant information and the calculator displays the premium amount payable by you. Just follow these 5 simple steps to calculate your car insurance premium:
Step 1: Enter your car’s registration number & mobile number and confirm if your existing policy is expired
Step 2: Fill in your car details such as vehicle number, make & model, fuel type, and other information
Step 3: Pick the plan of your choice!
Step 4: Provide your personal information including date of birth, address, etc.
Step 5: And that’s it! Your car insurance premium will be displayed.
To determine the premium quote for an old and a new car, you need to enter the below-mentioned details in the four-wheeler insurance calculator:
The vehicle insurance premium calculator for an old or used car can be calculated by providing relevant car details. After entering the correct information, the online car insurance price calculator shall display the insurance premium amount that a customer needs to pay for an insurance plan. The details are:
If you choose to purchase comprehensive four-wheeler insurance for your new car, two components make up the premium amount. First is the third-party cover and the second is the Own Damage (OD) cover. As you already know, the third-party insurance rates are determined by the IRDAI. However, to estimate the OD premium amount, you can use the following new car insurance premium calculation formula:
OD cover = [Insured Declared Value (IDV) x insurer’s premium rate] + add on covers - discounts
You can input the below-mentioned details in the vehicle insurance premium calculator:
As car insurance is mandatory in India, customers are becoming keen on ensuring that their car insurance policy is in place. With the entire car insurance premium calculation process made available online, here’s why an online insurance calculator for cars proves beneficial:
Comprehensive car insurance is a well-rounded plan offering extensive coverage to your precious vehicle. Right from third-party cover and own damage to theft and other such perils, a comprehensive policy financially secures you against various risks and mishaps. So, let’s look at the key components that form the comprehensive car insurance premium:
With a third-party car insurance plan, you can opt for the most basic cover to safeguard your four-wheeler which is also mandated by law. The insurance policy covers any loss or damage incurred by the third party and includes a personal accident cover as well. Here are the components of third-party car insurance premium:
Online car insurance price calculators have made it easier for customers to view the premium amount payable, instantly. It is important to keep certain factors in mind, while we compare car insurance quotes online with motor insurance premium calculators. Here’s what you need to consider when comparing car insurance plans:
Do you go for third-party car insurance while selecting car insurance online just to save on premiums? Not anymore! Now you need not compromise on the coverage of your choice, as you can reduce car insurance premiums by taking care of the following aspects:
There are three key components of a regular comprehensive car insurance premium, which include third-party (Liability) cover, Own Damage (OD) cover, and Personal Accident cover.
Yes, the car’s fuel type is one of the key factors affecting the car insurance premium. Usually, diesel cars have a relatively higher insurance premium than petrol cars as the former have a marginally higher risk cover than the latter.
The new car insurance premium calculator in India is an effective tool for buyers during car insurance policy renewal.This is because, you cannot just arrive at the insurance quote instantly, as the vehicle insurance calculator also helps select a suitable insurance plan that suits your requirements.
To drive legally on Indian roads, you must have third-party car insurance without fail. Thus, it is recommended to opt for the right insurance plan with the help of a vehicle insurance premium calculator on buying a new four-wheeler!
You can easily earn an NCB discount by not making any claims throughout the policy period. This way you can avail the No Claim Bonus on your renewal premium. To estimate the premium rate while renewing insurance, you can make use of the car insurance renewal premium calculator online.
The online car insurance renewal premium calculator enables you to lower your insurance premium rate, get the best deal in the market and continue securing your vehicle from unfortunate mishaps.
You can buy add-on covers for extensive coverage with your comprehensive car insurance policy at the time of purchase or renewal. For example, you can opt for add-on covers such as zero depreciation while using car insurance premium calculators online.