As the name suggests, a car insurance calculator helps car owners and prospective car buyers in computing the premium amount while choosing the right car insurance policy. Everyone looks for a suitable car insurance policy based on their specific needs and preferences. For making an informed choice, it’s important to use an online car insurance calculator to buy the most suitable policy.
About Car Insurance Calculator
Since there is a wide range of car insurance policies offered for different variants of the same car, selecting a policy is a challenging task. However, a car insurance premium calculator makes things easier as you can easily compare quotes online in just a few clicks. In simple words, a car insurance price calculator works like a bridge that helps in linking your car insurance needs to the right policy.
A significant advantage of using a car insurance calculator is the ease of comparing insurance quotes for new and used cars. Buy car insurance instantly online and save your hard-earned money.
Three Steps to Use a Car Insurance Cost Calculator
- Fill in your car’s registration number or choose the car brand, make, and model.
- Compare plans.
- Select and buy the one that suits your needs and budget.
Benefits of Car Insurance Calculator
Using a car insurance amount calculator online to check the prices of different policies is beneficial in a variety of ways.
- Ease of Buying Insurance
By comparing car insurance policies at the very start of the insurance buying process, you can avoid possible hassles that may arise later.
- Money Savings
Comparing car insurance quotes tells you about all the inclusions and exclusions related to every policy. This way, you can save money by choosing a basic insurance cover and pick add-ons as per your requirements.
- No Difficulty in Making a Prudent Choice
By using an insurance premium calculator for your new car, you get to know about the factors on which your car insurance premium will depend on. This knowledge helps in making an informed choice.
- No Hassles of Dealing with Agents
With online comparison and purchase of car insurance, you can avoid facing the influence of local insurance agents. You can select a policy by considering every minor or major related aspect.
How to Use Car Insurance Premium Calculator
Online premium calculator allows you to calculate the insurance premium that you need to pay to get your car insured with adequate coverage. The process is simple. Start by filling in information about your car. Here are the steps you need to follow:
- Fill your car’s registration number, and the calculator will fetch your car’s details. In case you do not have this number, you can start by selecting your car’s brand and model.
- Find a car insurance policy that best suits your needs.
- Pay and get it online instantly.
Using a car insurance cost calculator, you can also choose variations of an insurance policy by changing the premium amount according to your budget. The more comprehensive car insurance policy you choose, the higher your premium will be.
Factors That Determine Car Insurance Premium Value
Several factors play an essential role in determining the car insurance premium that you need to pay. These are as follows:
- Your Car’s Cubic Capacity
The total power produced by your car’s engine, also known as its cubic capacity, has its impact on the premium of third-party cover. The higher the cubic capacity of your car’s engine, the costlier its third-party insurance will be.
- No Claim Bonus / NCB
NCB is the reward you get for not filing a claim during your car insurance policy tenure. It comes in the form of a discount in the premium you will pay during policy renewal.
- Your Car’s Brand, Model, and Variants
The total cost you pay for a specific car’s model and variant from a reputable brand determines its insurance premium. In general, the insurance premium for luxury cars is higher than that of hatchbacks and sedans.
- Your Place – Urban or Rural
With a higher traffic density in an area, the risk of accidents is also high. So, the cost of car insurance is higher in urban areas than in rural regions.
- Chosen Fuel Type
The insurance cost of CNG-fitted cars is usually higher than those with standard petrol or diesel engines.
- Your Car’s Age
As your car grows in age, its IDV decreases, which is directly proportional to its insurance premium. That is why new car’s insurance policy is costlier than that of a used car.
- Voluntary Deductible
Voluntary deductible is the amount you accept to pay at the time of claim settlement. The higher deductible you choose, the lower will be the premium.
Premium Calculation for Used and New Cars
For New Cars:
With the help of online car insurance rate calculator, you can calculate the premium by filling in details of your car, including car brand’s name, model, year of manufacture, along with your personal details.
For Used Cars:
Like new cars, you need to fill in details of your used car, such as car brand, car type, fuel type, RC number, existing car insurance policy, change in ownership, if any, and past claim reports.
For new cars - 3 years Third Party only policy is compulsory.
For used Cars – Annual policy can be provided and Long term policy is not provided.
Car Insurance Premium Renewal
Once you have bought a car insurance policy, you need to get it renewed at the end of its tenure to continue getting all its benefits. With the help of a premium calculator for car insurance renewal, you get to know about policy renewal costs and can even increase your coverage by increasing the premium.