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Car Insurance Calculator
Makes your car buying process easy and comfortable
Allows you to see the changing variables of coverage
Permits comparison of premium rates
Allows you to take decision without any agent's influence
A Car insurance calculator is a device that is used online to calculate car insurance premiums. This tool allows you as a policy seeker to estimate and modify premium amounts that you need to pay for your car insurance. The tool uses several parameters to estimate the amount of premium depending on the coverage you want for your car.
So, to calculate car insurance premium, you need to submit several details like the model and make of the car, its variant, RTO details where you got the car registration done, year of purchase, etc. to easily calculate the premium amount that you might have to pay for your car insurance. Thus, you can check different policies from different insurers and calculate the premiums by entering the details to know which premium will suit your budget as per requirement. Thus, a car insurance calculator allows insurance seekers to calculate and compare quotes to help choose the right policy.
Benefits of Car Insurance Calculator
Car insurance calculator is an online tool that helps insurance seekers to easily estimate the premium amount that the insured needs to pay. There are several benefits that a car insurance calculator offers:
- It allows the insurance seeker to compare various car insurance policies and buy the best policy that suits your requirement.
- It saves time as it instantly calculates the premium amount as soon as you enter your details.
- You also get flexibility of making a no rush decision without any influence of agents etc.
- It also helps insurance seekers to choose the right add-on cover as per their budget and need.
- It allows policy seekers to adjust factors like IDV, deductible etc. to get the best premium rate.
- Also, the online process makes the buying of insurance smooth and easy.
- It allows individuals to check the changing premium amount as per changing coverage.
What is a Car Insurance Premium Calculator?
A Car Insurance Premium Calculator is a device that is used to estimate the premium amount of a car insurance policy. This tool helps insurance policy seekers to find the actual amount of premium that he/she is supposed to pay to procure a car policy. This way, the vehicle insurance calculator for car insurance helps individuals to choose the best plan as per their budget.
It also allows individuals to compare car insurance plans available with different insurers to allow you to choose a plan that covers most of your insurance requirements. This is a free tool that can be used by seekers of car insurance.
How To Calculate Car Insurance Premium
It is easy to calculate the premium of your car insurance with the help of PayBima premium calculator. All you need is to submit some information to know the amount that you are likely to pay for your car insurance premium.
As you already know the premium of a vehicle insurance is fixed on the basis of the coverage that you seek for your vehicle. Further, there are certain factors that also contribute to the premium calculations using vehicle insurance premium calculators. Some such factors are;
- Manufacturing year of the car
- Model of the car
- Car variant
- Fuel type of the car
- RTO location where you got the car registered etc.
In case of third party insurance policies, the premiums are set by IRDAI. In such cases, the premium is fixed based on the engine capacity of the car. On the other hand, in case of standalone insurance policy for own-damage as well as for comprehensive plans, the premiums are fixed by insurer depending on different factors as well as depending on different insurers.
Process to Use Car Insurance Premium Calculator Online
Car insurance premium calculator is used to calculate premiums for used cars as well as for new cars. There are certain details that you must submit to calculate car insurance premium like model, variant, brand and fuel type of your vehicle, registered location of your car, year of purchase of your car, and information about previous year's claims. Also, you need to submit your name and phone number.
Below details are required for calculating premium of used/old car online with the help of car insurance calculator, India:
- Manufacturer details, model, and variant of car
- Fuel type of car
- Details of existing car policy (if any)
- RTO location of vehicle registration
- Details of NCB or previous claims (if any)
These details help in estimating the premium amount of car insurance with the help of an insurance calculator car.
Vehicle details needed for estimating the premium amount for new car insurance calculator:
- Car Manufacturer details
- Year of manufacturing
- Model of the car
- Variant of car
- State/city of car registration/RTO location
With these details, you can calculate the car insurance premium with the help of a car insurance renewal premium calculator that you need to pay for your vehicle insurance policy.
Frequently Asked Question
The premium of a vehicle insurance is fixed on the basis of the coverage that the vehicle owner seeks. There are certain factors that contribute to the premium calculations using car insurance premium calculator, such as;
- Manufacturing year of the car
- Model of the car
- Car variant
- Fuel type of the car
- RTO location where you got the car registered etc.
In case of third party insurance policies, the premiums are set by IRDAI. In other cases, it is calculated by the insurer depending on different factors and on the insurance companies.
IDV is the Insured Declared Value. The simple formula to calculate IDV on a new car is:
IDV is equal to the original price quoted by the manufacturer minus the depreciation cost.
IDV = Registered price of car maker - depreciation
IDV = (listed price of car – depreciation) + (cost of accessories of the car - accessories' depreciation value)
IDV refers to the maximum claim amount that an insurance policyholder pays to the policyholder if his/her car/vehicle gets damaged beyond repair or if the vehicle is stolen.
The new car insurance is expensive because they have a higher IDV. So, the fraction of premium equivalent to IDV is high as compared to used cars. Further, since new cars have the latest safety devices, they pose low risks of getting stolen. Thus, the premium for such components equivalent to this factor is also low. Also, new cars cost more for repairing and thus insurance charges are higher due to this factor.
To calculate basic premium, you have to multiply the factors of basic premium by the factors of standard premium. The loss that is converted is calculated by multiplying the factor of loss conversion by the total incurred losses. It must be noted that the basic premium is less as compared to standard premium due to the basic premium factor.
Here are some tips to lower basic premium:
- Look for different policies before buying
- Compare policies before buying the best plan
- Look for higher deductibles
- In case of old cars, reduce coverage as much possible
- Seek out for discounts
- Stop claiming small sums
- Transfer bonus
- Install anti-theft aids
