When you buy a car, you need to insure it. Insuring your car is mandatory failing to which you can be charged with heavy fees and fines and even suspension of your driving license. While most of you may think calculating car insurance online may be a tedious task, we bring to you a few steps which will help you to calculate car insurance online.
To calculate your car insurance,you need to provide are the following details:
The Car Manufacturer
- Date and state of registration
- Year of manufacture
- Type of vehicle
- Starting Date of Policy
- Vehicle model
If it is a used car, you have to provide current car insurance policy details, previous car ownership details alongside previous years claim history reports.
Reviewing these details, the online car insurance calculator will suggest you the best deal as per your requirements.
Factors That Decide Car Insurance Premium Value:
The factors that determine car insurance premium rates are:
Age of an Individual:
The age of a person plays a deciding factor for premium rates as individuals below the age of 25 are assumed to be more involved in accidents by the insurance company. So people aged from 18 to 25 are likely to pay for higher premium rates.
Car Model and Variant:
High-end and expensive cars like Audi, BMW, Bentley, etc. are insured at a higher price than the budget cars. Even SUVs get insured at a higher price than the family cars.
You might be asked to pay a higher premium for a car which runs on CNG than the ones that run on other fuel variants like petrol or diesel.
If your car has an ARAI approved anti-theft device, you are likely to get 2.5% discount on the premium.
Doctors, defence personnel and government officers are entitled to get a discount on their premium.
No Claim Bonus:
It is the cumulative discount offered to every individual who has insured his vehicle. It varies from 10% to 50%. You can also transfer No Claim Bonus easily to another car or policy if you want.
Year of Manufacture:
Year of manufacture is an important factor that determines the car premium rate. The older the car, the lesser is the premium.
Valid Membership Concessions:
if you are a member of a registered automobile agency which is powered by IRDAI, you are entitled to get a get a discount on OD premium.
Usually any change done to car affects the premium rates. However, it is advisable to check with your car insurance company to know which changes would affect the premium rates and up to what extent.
Car Fuel Type:
The fuel you use, be it petrol or diesel and the mileage that it provides also affects the premium of a car.
Add on Covers:
Add on covers like Zero Depreciation Cover, and passenger cover have a considerable impact on the premium rates.
Now that you are aware of all details on how to get a car insurance, get your car insured right away if you haven’t!