Those who have car insurance must pay a predetermined premium to the plan. A straightforward method for calculating your insurance premium is provided here.
Getting a car today may be a status symbol, but getting auto insurance remains one of the most important chores. Everyone who owns a car in India is required by law to get car insurance. Aside from the legal need, insurance safeguards your and your vehicle’s safety. To calculate your insurance premium, you can use an online vehicle insurance premium calculator supplied by auto insurance providers or a simple method.
Online Car Insurance Premium Calculator:
A vehicle insurance calculator is a useful tool that allows you to calculate your car insurance premium and compare it to the rates of other premiums. Customers’ insurance needs vary, and comparing insurance premiums might assist an individual in obtaining the policy they desire.
A auto insurance premium calculator can determine the premium amount for the insured vehicle based on the information provided by the customer. All of the facts required for the calculation, such as automobile details, date of registration, policy start date, and other coverage details, must be provided.
various insurance providers have various premium rates for used and brand new autos.
Calculate Premium for Used Cars – To obtain premium quotations for used cars, provide the following information: registration number, car type, details of ownership change, fuel type, and any prior year claim reports.
Calculate Premium for New Cars – The following information is required to calculate the premium for a brand new car: the vehicle manufacturer’s name, the state where the car is registered, the year the car was made, the vehicle model, and additional personal details of the insured.
A simple method can also be used to calculate your car insurance premium:
Premium = Own damage premium minus (no claim incentive + discounts) + IRDAI-mandated liability premium + cost of add-ons.
The premium value of the insured car is determined by the following factors:
Age of the Insured – Individuals under the age of 25 and over the age of 18 are thought to be more prone to accidents. As a result, the insurance premium for this age group is higher than for older people.
Car Model and Variant – High-end vehicles such as Audi or Mercedes have higher insurance premiums than vehicles such as Alto or Santro. SUVs are much more expensive to insure than hatchbacks or family automobiles.
City where you need insurance – If the city is a metropolis with a high traffic density, the automobile insurance premium will be slightly more than in cities with a low traffic density.
Fuel type – CNG-equipped vehicles command a larger premium than petrol or diesel-powered vehicles.
Year of manufacture – Older cars have a lower Insured Declared Value (IDV), resulting in a lower premium.
Discounts – A few professionals, such as doctors, government employees, and military members, receive an additional premium discount.
No Claim Bonus (NCB) – For each year without a claim, the policyholder receives a cumulative discount ranging from 10% to 50%. NCB can be moved to a different insurance for the same or a different vehicle.
Aside from these considerations, an insurance with comprehensive coverage will have a higher premium cost. However, if a person purchased an auto insurance coverage, he or she must renew the policy in order to reap the benefits. Every policy has an expiry date that must be met before the policy can be renewed. You may also use the vehicle insurance calculator to calculate your car insurance rate online.