Car Insurance Calculator
A calculator is an easy-to-use tool that comes in handy when buying a car insurance plan. A car insurance calculator is an online tool that helps policyholders determine the premium they need to pay towards the policy. The car insurance premium calculator also helps you know the premium quotes from different insurers that will help you choose the right insurance plan for yourself.
What is a Car Insurance Calculator?
Car insurance, or more specifically a third-party car insurance plan, is essential if you want to drive your car on the roads in the country. While buying the plan, the policyholder must pay a premium to get the benefits of the insurance cover. The policy's premium depends on various factors and varies according to the plan that you choose. The car insurance calculator helps you determine the amount you need to pay as a premium.
The car insurance premium calculator is a tool that helps you determine the amount of premium that you must pay for the plan that you choose. With the availability of numerous plans in the market, the car insurance calculator facilitates the easy comparison of various plans and helps you choose the best plan according to your requirements.
Using a car insurance premium calculator, you will know the amount of premiums you need to pay towards the plan of your choice. The calculator is free of cost and effectively helps you know the premium you need to pay. You can customize the information in the calculator as per your conditions.
Benefits of Car Insurance Premium Calculator
A car insurance calculator is what you need if you are seeking the right plan for yourself. It will help you compare different plans to find a plan that suits all your requirements. The benefits of the car plan calculator include:
The calculator also facilitates comparison as you can find the premiums of different policies. You can determine the car insurance policy that fits your budget and requirements. The calculator will help you know the best policy according to your needs, and you can easily buy the policy.
The calculator is free to use, so you do not need to pay money to use the calculator. Moreover, you can know the premiums of different policies from the comfort of your home. Also, you can compare plans and check the insurance companies that are offering discounts on their plans.
The car insurance premium calculator helps you save time as you do not have to submit any hard copies of documents. You simply need to put in all your details and requirements to get the premium quotes. It will take just a few minutes to show you the plans that fit your stated requirements. Once you are sure about the plan you like, you can simply buy it online without hassles.
The car insurance plan premium calculator also helps you determine the add-ons available to you and the premium you will pay if you include those add-ons in your base policy. This will help you know the add-ons you need and the premium you will pay for the policy.
These are some of the benefits of car insurance premium calculators. You can use the calculator so that you can also get these benefits.
Factors that Affect Car Insurance Premium
Some factors influence the amount of premium that you pay towards a policy. These factors include:
Make, Model, Variant
Your vehicle’s type, make, model, cubic capacity of the engine, etc., will impact the car insurance premium that you pay for the insurance policy. For example, you will pay a higher premium for a luxurious sedan as compared to a hatchback.
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
The policy covers the loss or damage to the third party which causes any kind of disability by the insured vehicle. The compensation is different in terms of any partial disability or total disability.
Thus, an old car will have less IDV, which means that the premium for insuring the car would be lesser than the premium for a new car.
Type of Cover
A basic Third-party policy is mandatory under the Motor Vehicles Act. A third-party plan offers cover against third-party liabilities. On the other hand, a comprehensive car insurance policy has an Owner Driver Cover and a third-party liability cover. Also, you can purchase add-ons with the comprehensive policy.
The premium you pay for a third-party policy is lesser than a comprehensive policy as the scope of coverage is less. You can choose the type of cover according to your requirements.
Add-ons enhance the scope of coverage, and they come at an added premium. Including Add-ons such as Zero Depreciation, Passenger Cover, etc., will increase the premium you pay. Thus, you can purchase the add-ons according to your own needs and the coverage you think is necessary.
No Claim Bonus (NCB)
Insurance companies offer a discount on the premium (at the time of renewal) if you have not filed a claim during the previous policy period. If you have not filed a claim in the previous policy period, you will pay a lesser premium at the time of renewal.
If your vehicle has an ARAI certified anti-theft device installed, you might be eligible for a discount on the premium. Do not miss out on this one!
Voluntary Deductibles also help you in reducing your insurance premium. This effectively means that you will pay a part of the claim amount. As a result, the insurer must pay less at the time of claim, reducing the premium you pay for the policy.
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 Use Car Insurance Calculator by D2C Insurance Broking Private Limited (“RenewBuy”)?
RenewBuy offers you an easy and quick car insurance calculator that will help you efficiently calculate the premiums. You only need a few minutes for the whole process, and it will help you determine the premium you need to pay for different plans.
The steps that you need to take to calculate the 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 you can buy and the premiums you need to pay for each plan. You can choose the car insurance plan that suits your requirements and budget. If you have any doubts, the customer service team of RenewBuy will assist you.
How to Calculate Car Insurance Premium?
Buying third-party car insurance is mandatory to drive your car on the roads in India. If you have the plan, then paying the premiums on time is essential so that you can enjoy the policy's benefits. You can pay the policy's premiums through different depending upon what suits you. The car insurance premium calculator helps you determine the premium you need to pay for a plan.
The premium rates are calculated based on the policyholder's chosen plan and the information they provide. If you change the factors that you use to calculate the plan's premium, then the premium rates also change accordingly.
To calculate the premium of a car insurance plan, you must provide the below-mentioned information:
- Car Registration Number
- Car Registration Year
- Car Variant
- Fuel Type
There are other details that you might have to submit along with these details. Once you provide these details, the car insurance premium calculator will determine the premium you pay for the policy.
The car insurance premium calculator is an advanced tool that makes calculating premiums quick and hassle-free. You only need to add your details and other information, and you will get the plans you can choose from. Thus, the calculator makes it easy for the buyer to know each plan and the premium.