Car Insurance Calculator
Car insurance is not just an insurance policy but it is an essential thing that you all should have for your car even before you take it out of the showroom. To do this you need to buy a car insurance plan from a car insurance company. So, if you are thinking of buying a car, you should also think about what type of car insurance policy you need.
Many car insurance companies are providing various car insurance plans in the market which are providing various coverage benefits. But finding the best car insurance policy for your car can be a daunting task for anyone, with the help of a car insurance calculator, you can find the best possible option in the market for yourself by comparing the benefits and features of different car insurance policies at the same time.
What is Car Insurance Premium Calculator
A car insurance premium calculator is an online tool that allows you to check the estimated premium amount for your car insurance policy. All you need to do is enter the information like age, model, variant, RTO location, and purchase year of the car to calculate the car insurance premium amount. A car insurance premium calculator can help you find out how much you would need to pay for a car insurance policy from different insurance companies.
Car Insurance Premium Calculator allows you to compare different car insurance quotes at the same time and also helps you take an informed decision.
Benefits of Car Insurance Premium Calculator
If you are looking for the right car insurance plan for your car then you need a car insurance premium calculator. This will help you compare different plans to find the one that suits all your needs. The benefits of the car plan calculator include:
Car Insurance Calculator provides the facility to compare different car insurance plans at the same time. You can determine the car insurance policy that best suits your budget and needs. Car Insurance Premium Calculator will help you find and buy the best car insurance policy as per your needs.
Free of Cost
Car Insurance Calculator is a free online tool that can be used to know the premiums of various car insurance policies from the comfort of your home. Also, you can compare different car insurance plans and check the insurance companies that are offering discounts on their plans.
Car Insurance Premium Calculator helps you to save time as you do not need to submit any hard copy of documents. All you need to do is enter all your details and requirements to get premium quotes. It will only take a few minutes to show you the plans that fit your stated needs. Once you are sure of the plan you prefer, you can buy it online without any hassle.
The car insurance plan premium calculator also helps you to know the add-ons available to you. The premium amount you will pay is based on the add-ons you add to your base car insurance policy.
Required Details for Calculating Car Insurance Premium
Using an online car insurance premium calculator is a simple and straightforward process. You can get the car insurance quotes from top car insurance providers by entering some information such as
- Registration number of car
- Year of Manufacturer
- Car registration year
- Car variant
- Fuel type
- State and city of car registration
How To Car Insurance Premium Calculated?
D2C Insurance Broking Private Limited (“RenewBuy”) Car Insurance Premium Calculator makes it easy to determine how much your car insurance will cost. The premium of a car insurance policy depends on the coverage of the policy as well as other features like make, model, variant, fuel type, and RTO location of the car. Third-party car insurance premiums are set by IRDAI and vary on the engine capacity of the vehicle, but standalone self-damage and comprehensive car insurance premiums are determined by car insurance companies and vary from policyholder to policyholder.
Below mentioned are the third-party insurance premium rates as per the IRDAI 1st June 2022
|Vehicles Less than 1000CC||INR 2094|
|Vehicles from 1000CC to 1500CC||INR 3416|
|Vehicles more than 1500CC||INR 7897|
Factors that Affect Car Insurance Premium
Below mentioned are some of the factors that affect the premium amount of your car insurance policy:
Make, Model, Variant
Your car type, make, model, engine capacity, etc will impact your car insurance premium of your car insurance policy. For example, you will pay a higher premium for a luxurious sedan as compared to a hatchback.
Age of the Vehicle
There are two main concepts regarding the age of the vehicle: Depreciation and Insured Declared Value (IDV). Depreciation is the reduction in the car's value due to natural wear and tear over a period. And IDV can be understood as the approximate current market value of the vehicle.
Loss or damage to third-party leading to disability
A car insurance policy covers loss or damage to third parties that cause any kind of disability caused by the insured vehicle. Compensation is different in case of any partial disability or complete disability. Thus, an old car will have a lower IDV, which means that the premium for insuring the car will be less than the premium for the new car.
Type of Cover
A third-party car insurance policy is mandatory under the Motor Vehicles Act. A third-party car insurance plan provides cover against third-party liabilities. On the other hand, a comprehensive car insurance policy covers owner-driver cover and a third-party liability cover. Also, you can buy add-ons along with the comprehensive car policy. The premium you pay for a third-party policy is lower than for a comprehensive policy because the coverage benefits are less. You can choose the type of policy as per your requirement.
Add-on riders are used to enhance the basic coverage of the policy by paying some additional premium amount. Some common add-ons riders you can choose are zero depreciation, passenger cover, etc. Thus, you can buy add-ons as per your needs and the coverage you feel is necessary.
No Claim Bonus (NCB)
Car insurance companies offer a discount on the premium (at the time of renewal) if you have not filed a claim during the previous policy term. This means you will pay a lower premium amount at the time of renewal of the car insurance policy.
Voluntary deductibles also help you reduce your car insurance premium amount. Voluntary deduction means you have to pay a part of the claim amount. As a result, the insurer charges you a lower premium amount for the car insurance policy.
The policyholders need to pay a higher premium for CNG-fitted cars compared to petrol/diesel cars.
Thus, these are the factors that your car insurance premium will depend upon. You have to take these factors into account when you calculate the premium that you have to pay.
How To Reduce Car Insurance Premium Price?
Below mentioned are some of the ways by which you can reduce your car insurance premium amount:
Avoid Small Claims
The easiest way to reduce your car insurance premium is by avoiding small claims and earning a no claim bonus in one year. Try not to claim minor damages and drive responsibly to avoid accidents.
Use Online Mode to Purchase Car Insurance
The online medium provides us the facility to compare different car insurance policies at a time. Comparing car insurance policies helps us to find the most suitable and affordable car insurance plan as per our requirements.
Renew Your Car Policy Ontime
Always renew your car policy on time, this will avoid the policy lapse of your car insurance plan which will save your car from getting reinspected. This will help you avail of the policy at the same old premium rate.
How To Use Car Insurance Calculator by D2C Insurance Broking Private Limited (“RenewBuy”)?
RenewBuy provides you with an easy and quick car insurance calculator that will help you calculate car insurance premiums efficiently. You only need a few minutes for the whole process, and it will help you determine the premium to be paid for various car insurance plans.
The steps that you need to take to calculate your car insurance premium are:
- Go to the RenewBuy(www.renewbuy.com) car insurance premium calculator page
- Fill in the details in the form provided to you
- The details you need to provide include vehicle model, year of purchase, registered RTO, etc.
- Add the pin code of the city that you belong to
- Hit ‘Instant Quote’ to view the quotes of different policies
- You can also customize the quotes according to riders, plan benefits, and other information
Now, you will see the plans that you can buy and the premium you will have to pay for each plan. You can choose a car insurance plan according to your needs and budget. If you have any doubts, RenewBuy's customer service team will assist you.
Required Details to Calculate Online Insurance Premium for Used Cars?
Required details to calculating the online insurance premium for used/old vehicle:
- Model, make, a variant of the vehicle
- Fuel type of the car
- Details of existing car insurance policy (if any)
- Geographical location of the car
- No Claim Bonus (NCB) details
- Details of previous claim file reports (if any)
The car insurance calculator will provide the estimate premium amount based on the details you have entered so that you can buy an ideal car insurance plan.
Required Details to Calculate Online Insurance Premium For a New Car?
Required details for calculating the premium for new cars:
- Car Manufacturer
- Manufacturing Year
- Model of the car
- Variant of car
- Car registration number
The car insurance premium calculator will provide you the estimate of the premium amount that you need to pay for your car insurance policy.
Car Insurance Online Buying Process
You can buy your car insurance policy from the insurance company’s official website as well as from “RenewBuy.com”. Below mentioned are both the buying process of a car insurance plan:
Buy from the official website of the insurance company
- Visit the insurance company’s official website and click on the “Car Insurance” tab.
- Select the desired plan.
- Fill in all the required information.
- Click on Buy Now button.
- Make payment.
- The insurance company will send the policy documents to your email address.
Buy from “RenewBuy.com”
- Visit the official website of RenewBuy.
- Click on the “Motor Insurance” tab.
- Then, select the “Car Insurance” option.
- Fill out the form that shows on the next page.
- Compare different car insurance plans and select your desired plan.
- Click on the “Buy Now” button
- A pop-up will show you the plan details and the additional riders information.
- Click on the “Proceed to Buy” button.
- Make online payment and the policy documents will be sent to your registered email address.