Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

Bharti AXA General Insurance is now part of ICICI Lombard General Insurance.

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What is a car insurance calculator?

A car is more than just a means of transport to us. No wonder, we see so many Sunday afternoons spent on grooming and cleaning this machine that is so close to our hearts. But it doesn’t end with the regular maintenance measures such as checking your engine oil regularly, maintaining tire pressure, etc. The best thing you could do to ensure your car has all-round protection is to buy a car insurance policy. An insurance policy is the ultimate safety net in case your car ends up being damaged by an accident or worse, gets stolen. It allows you to get repairs done for your car without burning a hole in your pocket.



However, like everything in life, you need to understand exactly how much of it you actually need. In this case, you need to know how much coverage your car requires and more importantly, how much premium you should pay for it. To make this decision-making process easier, you can use a car insurance calculator.

Car Insurance Calculator Help
Car Insurance Calculator Help

How does a car insurance calculator help you?

A car insurance calculator is an online tool that gives you an idea of how much you might have to spend on the adequate insurance coverage for your car. The premium is a crucial part of buying car insurance. Failing to understand your insurance coverage and the corresponding premium could mean that you are either underinsured or have too much coverage and paying a lot of money for it. Use a car insurance calculator to get an accurate amount for your policy.

How to use car insurance premium calculator?

1

Enter car details

Enter your car’s make & model, registration no. and date into the calculator correctly.

2

Choose coverage

This helps the calculator in providing you with the current prices of the chosen type of policy. You can also choose add-ons as per your liking, by paying nominal extra premium.

3

Submit and get results

You will get your quote based on the policy information and the specifications of your car.

How to calculate car insurance premium?

A number of parameters are used to calculate the ideal premium for your car insurance. Then there is also the question of whether you are a new policy buyer or you are looking into quotes for insurance renewal. Your car’s age also has an important role to play here. Check the next section for details on the various factors that contribute to your premium.

Major factors which determine car insurance premium

Vehicle’s age

Vehicle’s age

Like any material object, a car’s value decreases over time. Hence, an older car is worth less than a newer car with same configuration. Consequently, as your car’s value depreciates with age so does the premium needed to secure it.

Insured declared value (IDV)

Insured declared value (IDV)

Simply put, insured declared value is the worth that you set for your car. This is the maximum amount that you can claim for, in case of total damage or theft. Depending on the age of your car, you can choose an IDV value from a defined range. Your premium will change proportionately with your coverage.

Car model

Car model

Not every car is same and thus, the coverage for each car will be different. The exact model of the car, its make, etc. determines how valuable the car is in the market. A higher market value would usually translate into a higher premium.

Fuel type

Fuel type

Insurers offer different premiums for vehicles that run on different types of fuel. For example, the same kind of vehicle would have a lower premium if it runs on petrol compared to the diesel or CNG variants.

Location

Location

Some locations are more prone to accidents or theft than others. Hence, if your vehicle is registered at an address in such a location, you are likely to have a higher premium.

No claim bonus

No claim bonus

A no claim bonus is essentially a discount offered on car insurance premium for not making a claim during the policy period. For back-to-back claim-free years your bonus increases up to a maximum of 50%.

Details required to calculate insurance premium

Any calculator you use to get a quote will need inputs from you to do its work. These inputs include your personal details, information about your car and your coverage requirement. Some more details that are required are as follows:

Manufacturer of the car

Registration date

Type of policy you want

Model of the car

Registration number

Add on covers you want, if any

Declared value of the vehicle

After you have given all these details, you can click on the submit/calculate button and get an instant quote.

Benefits of car insurance calculator

A number of factors that go into deciding the premium of a car insurance policy. A car insurance calculator minimizes your work to a great extent by including all factors associated with the process. Here are a few benefits it offers:

Adherence to law

Instant premium calculation

A car insurance calculator provides you with instant results. Just modify your requirement like IDV, add-ons, etc. and check the recalculated premium change instantly. This makes sure that you have enough time to plan other aspects of buying car insurance.

Escape traffic fines

Plan comparison

A car insurance calculator includes a comparison of the premium rates across different policies in its result. This makes sure that you know what kind of price you may have to pay for different types of motor insurance. It helps you make a better decision when it comes to choosing a policy.

Personal accident cover

Right coverage

We recommend that you explore the different parts of the car insurance calculator to find the right coverage based on the premium for you. For example, observe how your premium changes when you change your coverage or select different add-ons (available at additional premium) and then make an informed decision.

Coverage against loss or damage

Free quote

You can use a car insurance calculator free of cost and get an accurate result of your ideal car insurance premium. Hence, you do not need to hesitate to visit this link, use the car insurance calculator, and get your quote.

Why use a car insurance premium calculator?

Importance of car insurance for any car owner cannot be overstated. It’s not just mandatory by law, a car insurance policy is extremely helpful in the case your car is damaged, stolen or vandalised. So, when you buy car insurance, you have to do it right. This means you have to buy the right amount of coverage for the right price.

The right coverage and price depend on you and your car’s unique information. Based on your inputs the calculator will tell you the amount of coverage you can have at what price. This way you can have a sense of security knowing that your car has adequate coverage.

How do you calculate the premium for new & old cars?

Old car

While calculating insurance premium for both used and new cars, the details you need to provide are almost the same. These details include registration date, manufacturer, car model, location of registration, current market value of the vehicle, etc. The only difference that occurs is in the depreciation value of the car.

New car

Since new cars are bought directly from the manufacturer, they don’t have depreciation at all. This means they have higher coverage for a higher price. On the other hand, older cars are offered lower coverage for a lower price. Hence, one of the key thing to know while using a car insurance premium calculator is your car’s depreciation value.

How to reduce car insurance premium?

Here are a few steps you can take to reduce your car insurance premium. They include:

Compare plans

The best way of buying insurance is to have more coverage for the most affordable price. Now, the first plan you see may not be the most affordable one. Hence, to find the one that fits your budget, you need to compare plans and their premiums. Strike a balance between adequate coverage and the affordable price.

Buy online

Buying car insurance online puts every piece of information you need on one screen. That is only one of the benefits of buying car insurance online. Comparing plans becomes easier and the process of buying the policy becomes hassle-free and less time-consuming. Moreover, you are likely to get additional discounts on the website you buy insurance from.

Anti-theft devices

A car insurance policy covers you if your vehicle is stolen. Moreover, it rewards you if you take measures to protect your car from being stolen at all. You can install anti-theft devices like a central locking mechanism, anti-theft alarms etc. and get a 2.5% discount* on your premium.

Drive safe and have NCB

While you may have car insurance, it is best to avoid getting into accidents altogether. This way, your safe and careful driving can earn you a discount on your premium for every claim-free year. You can accumulate maximum up to 50% NCB for back-to-back claim-free years.

Frequently asked questions on car insurance calculation

What is a car insurance premium calculator?

Where can I find a helpful car insurance premium calculator?

You can use the car insurance calculator available at the ICICI Lombard website. It is sound and reliable and is surely going to be beneficial in your search for an affordable policy.

What are the benefits of using a car insurance calculator?

A car insurance calculator can provide you with all the information you need to make a smart purchase. Here are few reasons why you should use a car insurance premium calculator while buying a policy:
  • Free
  • Instant results
  • Potential premiums for new and old cars
  • Premium quotes based on your requirement
  • Helps in filtering the right add-ons

Can I use car insurance premium calculator at the time of insurance renewal?

Yes, you can use a car insurance renewal premium calculator to get a potential premium at the time of policy renewal. (pls share the flow & calculator)

What is the importance of car insurance renewal premium calculator?

A car insurance policy generally has a tenure of one year. After a year, you have to renew the policy to make sure your vehicle is covered. However, there are a lot of factors that go into determining the premium of your policy. These factors change at the time of renewal. Hence, your premium after renewal is likely to be a different one. Using a calculator helps in preparing you for what your next premium may be.

How does a car insurance premium calculator arrive at the premium amount?

Every person has to pay a different premium for an insurance policy. This means there are factors that decide the right premium for a particular individual, and they are subject to change. A car insurance calculator takes these factors into account to give you a near-accurate premium. These price points often include type of policy, voluntary deductible, IDV, among many more. Using your details and that of your car’s, it can tell you what your ideal premium should be. This, in turn, helps at the time of comparing plans. Since, you know what the right price is, you have to only focus on the coverage.

Does place of registration affect car insurance premium amount?

Yes, the place you have registered your car has an effect on the insurance premium. Where you drive is where your car is going to be. Hence, if you drive in a region where traffic is lower, there is a lesser chance of any accident. This, in turn, translates into a lower premium.

What are the factors that affect the car insurance premium?

Insurance premium is essentially the fee you pay for coverage against damages, thefts, and liabilities. However, car insurance focuses on factors related to the car more to decide on the premium. These factors include:

  • Car’s make and model
  • Vehicle’s age
  • Registration location
  • Coverage
  • Add-Ons
  • Security measures for car damage or theft

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