There are many insurance companies offering car insurance policies at competitive rates. As a smart buyer, you can gather quotes from different insurance companies, judge which policy suits you the best and take an informed decision.
Car Insurance Premium Calculator
The car insurance price is a term you must have come across often. It refers to the premium paid by the policyholder to the insurance company. While insurance companies have their specific car insurance price lists , it is prudent that you make use of online vehicle insurance price calculators to arrive at a ballpark figure for your car insurance. All you need to do is put in basic details of your car such as:
Insured declared value to be chosen
Make and model
While the final car insurance cost would depend on the insurance company, utilising an auto insurance price calculator may still be helpful. For instance, online calculators eliminate the need to speak to agents and middlemen.
How to calculate Car Insurance Cost ?
Broadly speaking, the factors which are considered while fixing the premiums are as follows:
Make, model and age of the car
City of registration
Cubic capacity of the car
Insured declared value
Details of the driver
The formula used to calculate the premium is this: car Insurance Premium = cost for own damage cover – (no-claim bonus + discount (if any)) + liability premium as fixed by IRDAI + cost of add-Ons (if any)
Breakdown of Premium Calculation Formula
The third-party liability cover is mandated by law in India. Over and above, people opt to buy own damage cover as well. In the formula above, it is important to note that the liability premium is fixed by the Insurance Regulatory and Development Authority of India (IRDAI) based on the engine power of the car. Over and above this, the insurance company would calculate the overall premium. basis specifics of the vehicle.
|Engine Capacity||Third Party Liability Premium 2019-2020 ( INR)|
|Not exceeding 1000 CC||2,072|
|Exceeding 1500 CC||3,221|
|Between 1000 CC – 1500 CC||7,890|
Make judicial use of facilities such as online premium calculator to compare different four-wheeler insurance price quotes and choose the one which fits your bill.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.