• Car Insurance Premium Calculator

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    In recent times, owning a car has not only become a status symbol but also a necessity. A car is an asset that is seen as a milestone in everybody’s life. A prudent choice to make after buying a car is obtaining a car insurance. A comprehensive car insurance cover will act as a financial safeguard against unexpected accidents and minor mishaps on the road. A car insurancepolicy is mandatory in India by law and it will also ensure that you and your vehicle stay safe always.

    Car Insurance Premium Calculator

    What is Car Insurance Premium Calculator?

    • Car insurance premium calculator is a dynamic tool provided, online, by car insurance companies.
    • Almost every reputed motor insurance company has an insurance premium calculator on their official portal.
    • With the help of the car insurance calculator, customers can get a quote for their car insurance policy and the premium amount they need to pay for the same.
    • Just visit the ‘car insurance calculator’ page and fill in some basic information about yourself like the policyholder’s name, contact details and address, followed by some standard details about the insured/to be insured car.
    • These details are – car manufacturer’s name, model number of the car, manufacturing year, car sub-type (if any), fuel type and registration date.
    • Some companies also give you an option of selecting if you want to insure the accessories installed inside the car.
    • After you have filled the details correctly, just click on the ‘calculate premium’ button and you will immediately get the quote.
    • After this, you also get an option to get more information and payment option to buy car insurance of your choice.

    How is the Car Insurance Premium Calculated?

    This simple formula will help you understand the car insurance premium calculation better. Premium = Own Damage Premium – (No claim bonus + discounts) + Liability Premium as Fixed by the IRDAI + Cost of Add-ons

    A sample car insurance calculation is described below for your understanding.

    Year of Manufacture 2012 Comprehensive Policy with NCB (all values in Rupees)
    Ex Showroom Price 4,16,000
    Depreciation Percentage 20% 83,200
    Insured Declared Value (IDV) 3,32,800
    Own Damage Premium 1.970% 6556
    NCB discounts 20% 1311
    Total OD Premium 5425
    Personal Accident Cover 100
    Legal Liability Paid to driver 50
    Compulsory Third Party Cover 1110
    Net Premium 6505
    GST @ 18% 18% 1171
    Total premium 7676

    Factors that affect the Car Insurance Price:

    The premium of car insurance depends on the following factors:

    1. IDV (Insured Declared Value) of the vehicle
    2. Type and age of the vehicle
    3. Cubic capacity of the engine
    4. Geographical zone
    5. Age and gender of the owner-driver
    6. Fuel type
    7. Profession of the owner
    8. Voluntary deductible
    9. No Claim Bonus (NCB)
    10. Anti-theft device installation

    Car Insurance Premium Calculated on the below Mentioned Factors:

    A “Package Policy” has two main components namely ‘own damage premium’ and ‘liability premium’. It is important to note that liability premium is fixed by the insurer. It is the minimum statutory premium to be paid as fixed by IRDAI (Insurance Regulatory and Development Authority of India). The liability premium amount depends on the engine power of your car. More the cubic capacity, more will be the premium.

    The third-party liability premium chart (for private cars) released by the IRDAI for the financial year 2017-18 is as follows:

    Engine Capacity Premium effective from 1 April 2017
    Less than 1,000 cc Rs.2,055
    Between 1,000 cc and 1,500 cc Rs.2,863
    More than 1,500cc Rs.7,890

    Let us look at some important components that influence the premium of a comprehensive/package policy:

    • Insured Declared Value or IDV of the Vehicle
      • At any point, your car is worth some value. Assuming you had insurance for your car, the value will help the insurance company decide on the compensatory amount. IDV will decide the value of your vehicle at any given point of time under a comprehensive car insurance cover.
      • Simply put, IDV is the maximum amount that you can claim for any loss or accident of the vehicle. It is one of the important factors that greatly affect the premium.
      • IDV = Ex-showroom price of your car + cost of accessories (if any) – depreciation value as per IRDAI
      • Depending on the age of the vehicle, the depreciation ranges from 5% to 50% of the ex-showroom price.
    • No Claim Bonus (NCB)
      • In order to reward policyholders for being a responsible driver, insurance companies have come up with the concept of No Claim Bonus. You are entitled for a NCB discount if you have not made a claim the previous year. If you have a NCB component in your policy, you can save up to 50% on the own damage (OD) premium.
    • Discounts
      • There are some additional discounts that are offered under own damage premium. Some of these discounts are as mentioned below:
        • Installation of an anti-theft device like a car alarm can help you get a discount on car insurance premium.
        • Getting a membership in Automobile Association of India (AAI) is a great way to avail a discount in premium.
        • Opting for voluntary deductibles/excesses can lower your premium.
        • Car insurers offer profession-based discounts to defence personnel, government employees, and doctors.
    • Loadings
      • Any electrical or electronic accessory that is fitted in the vehicle like CD/DVD players, CNG or LPG units, but is not included in the manufacturer’s selling price of the car is insured at an extra amount.
    • Age and gender of the car owner
      • Individuals below 25 years of age are considered to be more risky drivers. Hence, insurance providers offer car insurance at a higher premium for people in the age group of 18 years to 25 years.
    • Make and model of the car
      • High-end cars such as Bentley and Audi are insured at a higher cost when compared to more affordable vehicles like Santro and Alto. Similarly, SUVs are charged higher insurance premiums than ordinary family hatchbacks.
    • Geographical location
      • Since the density of traffic is high in cities, you will have to shell out a higher amount to get your car insured there.
      • Moreover, the incidence of thefts and robberies are considered to be high in urban areas. This directly impacts the premium of car insurance.
    • Fuel type
      • A CNG fitted car will be more costly to insure than diesel and petrol models.
      • Also, a diesel car will attract a higher insurance premium than a petrol car. This is due to the following reasons:
        • A diesel car is more expensive than a petrol car of the same model. Since the premium for car insurance is directly proportional to the cost of the car, the premium will be higher for the diesel variant.
        • It is more expensive to get a diesel car repaired post an accident, when compared to a petrol car.
        • Diesel cars have gained a lot of popularity in the recent years. When diesel cars became as attractive as their petrol variants, the insurance premiums for these vehicles also witnessed a hike.
    • Year of manufacture
      • The older the car is, the lesser will be its IDV. This leads to a lower insurance premium as well.

    Use Online Car Insurance Calculator and Make a Prudent Purchase Decision:

    A car insurance calculator, apart from enabling you to calculate the premium online, also helps you compare policies between different car insurance providers. This caters to the varying needs of customers, as it helps them evaluate the options available in the market and narrow down on a plan that suits their needs. You can also buy a car insurance policy online in a few simple steps following policy comparison.

    Benefits of Car Insurance Premium Calculator:

    • The car insurance premium calculator is easy to use and yields results in a few minutes.
    • You can use it at the convenience of your home and benefit from a hassle-free and paperless policy purchase experience.
    • One of the major advantages of a car insurance calculator tool is that you would not be influenced by insurance agents who, after all, are working towards attaining their sales targets.
    • On the calculator tool, you can change the variables of coverage and see how the premium changes accordingly. The tool is a great medium to educate yourself on the nuances of a plan and hence, helps you in making the best decision at the time of buying a policy.

    Premium Calculation for Used and New Cars:

    Every car insurance company uses its own set of parameters to calculate the premium for a policy. However, the factors that are considered by most insurers are listed below:

    • Premium calculator for used cars - The online car insurance calculator tool helps you in procuring the most appropriate auto insurance policy for your vehicle in a transparent and convenient manner. To calculate the premium for used cars, you will have to provide the following details:
      • Type of car
      • Fuel type
      • Details of the existing car insurance policy
      • Registration number of the car
      • Details regarding change in ownership
      • Claims for previous years, if applicable

    The used car insurance calculator tool will show you the premium required to insure the vehicle in a matter of seconds.

    • Premium calculator for new cars - The new car insurance calculator tool provides a listing of top insurers and their car insurance products in a few simple steps. This offers a new car owner the much needed guidance in narrowing down on an appropriate auto insurance policy for his/her prized set of wheels. The details you would have to provide to calculate the premium for insuring a new car are:
      • The name of the car manufacturer
      • The model of the vehicle
      • Year of manufacture
      • Personal details of the owner-driver
      • State of registration of the vehicle

    Tips to Reduce Car Insurance Premium:

    1. No Claim Bonus is an easy way to progressively reduce your premium. For example, consider the following scenario where because of NCB, the premium is being lowered gradually.
    IDV of the Vehicle Premium – with NCB discounts Premium – without NCB
    Year Value in Rs. NCB % Premium Amount in Rs NCB % Premium Amount in Rs
    Year 1 3,60,000 0 11,257 0 11,257
    Year 2 3,00,000 20 9,006 0 11,257
    Year 3 2,50,000 25 7,036 0 9,771
    Year 4 2,00,000 35 5,081 0 9287
    1. Another way through which you can reduce premium is to become a member of the Automobile Association of India (AAI) and by installing anti-theft and locking devices in your car.
    2. Also, you have to ensure that the IDV of your vehicle is judged correctly before the policy is issued. This will not only ensure that you are being charged the right premium but will also guarantee a hassle-free claim process.
    3. Select your vehicle carefully based on your need. Don’t buy an SUV if you are commuting less than 50kms a month. Remember, the showroom price and CC of your car also add to the premium amount.
    4. Drop any unnecessary add-on covers which will otherwise increase your premium costs.
    5. As mentioned above, opting for voluntary deductibles at the time of buying auto insurance is a great way to reduce the premium you pay towards it. If you are a confident driver, you can go ahead with a high voluntary deductible amount. This will bring down the premium by a considerable amount. However, ensure that you will be able to pay the voluntary deductible amount in the unlikely (but possible) situation of a car accident.

    Car Insurance Calculator FAQs:

    1. Do vintage cars receive any discounts on auto insurance premium?
    2. A discount of 50% will be offered on the third-party liability premium of vintage cars. These vehicles should be certified as vintage cars by the ‘Vintage and Classic Car Club of India’ to avail this benefit.

    3. Can I use the online car insurance calculator tool when renewing my auto insurance?
    4. Yes, this is possible. At the time of car insurance renewal, you can compare policies between insurance companies and decide on an appropriate plan using the car insurance premium calculator tool.

    5. What are the benefits of being a member of AAI?
    6. If you are a member of the Automobile Association of India (AAI), you can avail the following benefits:

      • You can get an international driving permit (IDP) issued in your name in a hassle-free manner.
      • The association will guide you through the process of re-registration of vehicles.
      • The automobile association has the power to transfer the ownership of a vehicle. So, if needed, a member can contact the association for the same.
      • The association helps a member in getting his/her address details updated in the driving license.
      • AAI helps you in procuring a duplicate license in case you have lost the original.
      • The association helps you in the renewal of your driving license.
      • You can get a discount on auto insurance premium by being a member of AAI.
    7. How does the IDV of a car reduce with age?
    8. The depreciation of a car increases as the vehicle gets older:

      Age of the car Percentage of depreciation
      Less than 6 months 5%
      Between 6 months and 1 year 15%
      Between 1 and 2 years 20%
      Between 2 and 3 years 30%
      Between 3 and 4 years 40%
      Between 4 and 5 years 50%

      The depreciation of a vehicle is inversely proportional to its Insured Declared Value (IDV). This implies that the IDV decreases as the car ages.

    9. Does the comprehensive auto insurance plan include personal accident cover for the passengers?
    10. No, a comprehensive car insurance policy only offers personal accident cover for the owner-driver. If the passengers also need personal accident protection, you will have to include an add-on cover that provides you this coverage.

    Car Insurance Guide Page

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    • Get The Best Insurance Coverage Through The Use Of A Car Insurance Calculator

      The premium for car insurance is dependent on a variety of factors. The third-party liability premium is a fixed value, whereas the own-damage (OD) premium depends on the age and driving history of the car owner. The area of registration of the vehicle, safety features installed in the car, automobile association membership, and make and model of the vehicle also have a bearing on the OD premium.

      A car insurance premium calculator facility enables users to calculate the premium amount they will have to pay for insuring the vehicle. The car insurance renewal premium calculator tool helps in identifying the renewal premium for car insurance.
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    • The Importance Of Used Car Valuation

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      It is possible to get the valuation of a vehicle through a used car valuation calculator tool. This page looks at the used car valuation process in detail.
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    GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017

    Car Insurance Calculator Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Ergo Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with HDFC ERGO from last 1 year, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance and i pay a premium of Rs 9900 for this insurance. They cover only thirds party damages in this insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 13, 2018
    • ICICI Lombard Car Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My car is insured with the ICICI Lombard general Insurance. I pay a premium of 5000 Per year, The IDV value is good. There is cashless garage facility. Overall I am happy with the features and benefits of the policy even though I never had any claim experience with the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2018
    • New India Car Insurance
      "Okay "
      0.5 3.0/5 "Satisfactory"
      I have insured my four wheeler with New India Assurance company. Customer service is okay one with them. Response is also okay one with the New India Assurance company. Plan benefits are fine one with the New India Assurance company.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • Reliance General Car Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a car isnurance policy with the Reliance General Insurance Company . I pay a premium of 10000 Per year . The IDV value is fair. I do not have any claim experience with the policy and they offers cashless garage facility as a part of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 11, 2018
    • New India Car Insurance
      "Good discount "
      0.5 5.0/5 "Blown Away!"
      Recently I took a insurance policy for my car .The service provided by the company is good and the discount which we can avail is high which is a great initiative and helpful for the customers .I recommend to take policy with new India .thank you
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jun 09, 2018
    • Royal Sundaram Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with Sundaram general insurance from last 1 year, i am happy with the coverage value of this insurance policy. My claim experience was good with this insurance and they gave road side assistance for this insurance. A premium of Rs 14500 has to be paid for this insurance and the coverage value is good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jun 08, 2018
    • National Insurance Car Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I have insured my car with the National Insurance company. I would like to say that the customer service is good one with them and the premium value is also good too. Coverage value is nominal one for me with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 08, 2018
    • Iffco Tokio Car Insurance
      "Okay to buy"
      0.5 3.0/5 "Satisfactory"
      I had four wheeler insurance policy with the IFFCO TOKIO General insurance company. I felt like that the customer service is good one and the response is also better one too. Everything is better one with the IFFCO TOKIO General insurance company.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 07, 2018
    • United India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my car insured with United India Insurance from last 7 years and it is a good policy to use. I have not claimed anything so far from this insurance policy. They cover bumper to bumper damages and i pay a premium of Rs 10000 for this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 06, 2018
    • Tata AIG Car Insurance
      "Have to Improve the Services"
      0.5 5.0/5 "Blown Away!"
      I used to pay the premium of Rs. 2000. Actually my car got damaged to Rs. 50 K but they have given only Rs. 20000 for the claim amount. I have called to the customer care for my policy documents. I used to make the payment through online. I don't receive a hard copy and soft copy to my home. For that i have to reminded them for 2 to 3 times. After the follow up of 3 week they sent my hard copy to my residence. The claim experience is very bad. Their is no proper response from them when i approached the claim.
      Was this review helpful? 0
      , madurai
      Reviewed on Jun 06, 2018
    • review Car Insurance
      "Trust worthy policy"
      0.5 4.0/5 "Great!"
      It is a tax benefitable. It has easy claim policy. The showroom people of Hyundai recommended the Bharati Axa insurance. I used to pay the premium of Rs. 6400 every years. They are not providing any road assistance. I never had any claim experience so far.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 06, 2018
    • United India Car Insurance
      "Good Car Insurance"
      0.5 3.5/5 "Pretty good"
      So far i don't have any kind of difficulties with them. I have never called to their customer since i don't need it. Cashless garages are available. Roadside assistance is not available. I used to make the premium of Rs less than 5000. It is a tax benefitable policy. I have never had a claim experience with united India car insurance.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 03, 2018
    • ICICI Lombard Car Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the car insurance policy from the ICICI LOMBARD GENERAL INSURANCE company. I have got the insurance policy around 4 months ago. I have paid Rs,23,000 to get this policy ans it is valid only for one year. The cashless garages options is available here. The coverage is good here.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 01, 2018
    • New India Car Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      Recently I have got the car insurance policy from the NEW INDIA ASSURANCE . I have paid Rs,24000 to get this policy, it has the tenure of one year. The customer support service and the response is good from the New India assurance . I have never got any claim experience from the NEW INDIA ASSURANCE car insurance policy..
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 01, 2018
    • ICICI Lombard Car Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I hold a car insurance with ICICI lombard from last 2 years and it is a good policy to use. They give full coverage like bumper to bumper damages and third party. I pay a premium of Rs 28000 for this insurance policy and i have not claimed anything so far from this insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 01, 2018
    • National Insurance Car Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a car insurance from NATIONAL INSURANCE. The policy premium was nearly 25000. The customer service with the policy was good. They provides the benefits includes cashless garage, road assistance, bumber to bumber. Till now there is no claim experience.
      Was this review helpful? 0
      , aligarh
      Reviewed on May 31, 2018
    • HDFC Ergo Car Insurance
      "HDFC car insurance"
      0.5 4.0/5 "Great!"
      I have taken a car insurance from HDFC ERGO and the policy benefits include bumber to bumber,road assistance and cashless garage.Its a Good policy as this policy cover all the benefits.I have to renew the policy every year.
      Was this review helpful? 0
      , noida
      Reviewed on May 31, 2018
    • United India Car Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      From UNITED INDIA INSURANCE i have taken a health insurance and the premium is 13000 which i have for the vehicle.Its includes the complete package.I have no prior claim experience with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 31, 2018
    • New India Car Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a car insurance with New India Assurance from last 5-6 years, i am happy with the coverage value of this insurance policy. They cover bumper to bumper damage for this insurance. My claim experience was good with this insurance and they gave road side assistance.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 30, 2018
    • National Insurance Car Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      National Insurance is my car insurance provider. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in the future. Overall it is a useful policy to have.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 30, 2018
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