Are you planning to buy car insurance? You will need to determine how much insurance cover would be sufficient and how much premium you can afford. The manual calculation of premium may go wrong at times; it is best to use car insurance calculator. Read further to know why you should use it.
Insurance premium varies depending on the type of policy you purchase. The insurer decides the premium based on several factors, including the type of vehicle you drive, the safety measures in your car, add-ons purchased, etc. Often knowing the exact premium is a challenging task for insurance buyers. This is where an insurance calculator plays an important role.
A car insurance calculator India is an online tool, which enables you to find the right insurance cover and premium rate. With the tool, you can evaluate various insurance quotes and decide upon the best policy cover that meets your expectations.
Step-by-step process to use the Car Insurance Calculator:
- Enter your car’s detail, model, registration date, variant, and city
- Get the quote and choose your plan
- Select between the two: Third-Party or a Comprehensive Car Insurance Policy
- Enter details of your last insurance policy
- You will get information on your premium rate
- If you have selected a comprehensive plan, you can opt for riders
- After adding the riders, you will get the final car insurance premium rate
Benefits of Car Insurance Calculator:
- Premium rates: When you’re comparing different insurance quotes, the tool helps you to find out the exact premium amount you’re required to pay when you select a quote.
- IDV: The Insured Declared Value or IDV is the maximum sum assured the insurer commits to offer you if your car gets stolen or lost. The insurance company compensates by providing the true market value for your vehicle. Using this tool, you can get the right IDV that you can adjust to your car’s age, model and variant.
- Add-ons: In case, you opt for add-ons over and above your comprehensive car insurance cover, it generally increases your premium amount. Use the car insurance calculator to know what would be estimated premium amount by including add-ons
- Informed decision: The online tool will help you make an informed decision. You do not have to rely on agents to ascertain the insurance quote and premium amount. You can make a choice on your own that is right for you and your car
Calculate car insurance premium for new and old/used vehicles:
For old/ used cars
If you own an old used car, you will need to give detail such as car type, registration number, fuel type, change in ownership details, depreciation value, existing car policy details, claim reports to determine car insurance premium rates.
For new cars
For calculating premium amounts for new cars, you will have to fill in details like manufacturer’s name, model type, year of manufacture, registration details, city RTO, fuel type and car variant.
The car insurance calculator India is readily available on your preferred insurance company’s website. It is easy to use, and all you need to do is fill in the details as required by the tool. After providing the details, click on generate premium button and you will find the best quote for your insurance policy.