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How to Calculate Premium Using the Insurance Calculator

Websites providing insurance policies online take special care to provide their consumers with tools like insurance calculators to make their selection easy.

  • 06 Jun 2014
  • min read

Insurance calculators are available for all types of policies including health, home, motor, student, travel etc.

It is very likely that someone looking for an insurance policy begins his search on the internet. Apart from authentic company websites, there are numerous websites that provide insurance policies to potential customers. The reason for this expansion of the internet in the insurance sector is the fact that it is much easier for a person to acquire an insurance policy online as against the conventional means.

Although the convenience is due to the absence of paperwork, the websites providing insurance policies also try to further simplify a potential buyer’s choice. This is done through various support tools that these websites put forth for their consumers. One of the most popular and very successful tools that almost all insurance websites employ is the insurance calculator. For every type of policy, there is a particular type of calculator. The following are examples of some tools that you could use.

The Health Insurance Calculator:

These calculators are primarily used for situations such as calculating the premium in a family floater health insurance plan that includes medical coverage for your whole family. The calculations for such a situation can be quite complicated and time consuming with numerous possibilities of errors. This is why tools such as this one are provided to help you make confident and informed comparisons between policies.

The Home Insurance Calculator:

These are calculators that are used for home insurance policies. These can be used for policies that cover your whole house as well as for policies that only provide coverage for the items in the house. With a home insurance policy, you are also required to declare the total value of belongings in the house. Apart from this, the premiums of home insurance policies also vary on the basis of the validity period which can range from anything between one year to five years and even more.

The Motor Insurance Calculator:

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These are calculators are especially designed for calculating the premiums with respect to vehicle insurance. In addition to evaluating premiums for four wheelers, these can also be used for two wheelers. These calculators often require you to provide various details such as information related to the registration of the vehicle. These are equipped to handle both the renewal of an existing policy and the purchase of a new one.

The Student Travel Insurance Calculator:
These are calculators that have been specifically created for the needs of a student travelling abroad for education. Apart from the destination country, the requirements of students also vary on the basis of the universities that they are going to study in. These calculators can provide the estimate of premiums based on information such as the destination country, the duration of the course, the kind of coverage the universities makes mandatory etc.

As is evident, insurance calculators are created so as to make life easier for you by giving an idea of what you will need to spend to receive sufficient coverage for your requirements.

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