Car Insurance

Benefits of Using Car Insurance Premium Calculator

By Admin
Apr 21, 2021

There are many insurance policies available in the market, each better than the next, offering attractive discounts, interesting add-ons, and competitive premium rates. All the information available has only left you confused. It has also left you with a number of questions, mostly regarding the specifics, that you wish to have answered. It is here that the car insurance premium calculator comes in handy and provides you those specifics that you have been looking for all this while to make a conclusive decision.

What is a car insurance calculator?

A car insurance calculator is an excellent tool; a means to get instant information on the quotes of the car insurance that you wish to purchase. These are easily available online on different websites and provide a rather accurate picture of all the crucial information regarding a car insurance policy, offering the insured a chance to get enough leverage while dealing with the car insurer.

Top benefits of using a car insurance calculator:

A car insurance calculator helps a car owner make an informed decision about the insurance policy that he/she will purchase for his/her car. The benefits derived out of using a car insurance calculator is as follows –

  • Know your premium amount: the car insurance calculator gives out the premium amount that insurers will charge for the car specifications that you have provided. One might experiment with different permutations and combinations to understand differences in the premium amount with one slight addition or deletion. For example- Ajay was quite confused about his car insurance premiums hence on the suggestion of his friend, Ajay decided to use an online calculator to know the exact amount of the premium. And, when he used the device online, within a few seconds, he knew the complex calculation of his car insurance premium. Hence, paid his insurance premium easily. 
  • Know how different factors affect the premium price: the premium calculator gives an insight into all the different factors that affect the premium such as Insured Declared Value (IDV), age of the car, make and model of the car, fuel type, capacity of the engine, add-on covers, demographic factors, etc.
  • Learn about the ideal add-ons: the calculator may be used to find out about the add-ons that come within the budget of the insured and the possible add-ons that may be opted for since it makes a very minimal difference to the policy cover.
  • Be it an old or new car, get a quote: the calculator is universal and makes no distinction between old and new cars. Information concerning both can be found using the premium calculator.
  • Cut down the need of the agent and get rid of the commission: a calculator is a simplified tool that empowers the user to make decisions in the absence of insurance agents, who charge hefty commissions. It also frees up the individual from inflexible meetings and mild persuasion to aggressive coercion of the agent. It also ensures that the biases and preferences of the insurance agent does not influence your choice of opting in for a particular policy cover.

How to use these car insurance calculators?

Car insurance calculators work based on the following inputs – Car registration number and year, RTO details, make and model of the car, manufacturer, car variant, fuel type, add-ons required, etc. For old cars, additional details like claim history, depreciation value, details of last policy, NCB, etc. will be asked.

A brief step-by-step guide on using a car insurance calculator

These calculators are easy to use and simplistic in design. A step-by-step guide to using these calculators are as follows –

  • Step 1: Provide details such as the registration number of the car and the concerned mobile number on that calculator.
  • Step 2: Click on the ‘get a quote' button and follow it up with more information such as the RTO under which the car is registered, the date of registration and the year of production of the car.
  • Step 3: Continue on to giving information about the brand of the car, the model and make of the car, and the fuel that the car uses. The calculator will also ask about the variant of the car.
  • Step 4: Questions regarding your claim history will be asked on the page, such as ‘Do you have a claim on your existing policy?’ and ‘If yes, are you eligible for any No Claim Bonus?’ The calculator may further ask you to enter the quantum of NCB that you are eligible to receive.
  • Step 5: After this, you will receive a set of recommended plans along with the premium amounts.
  • Step 6: You can choose to refine your requirements and add specific add-ons and covers, and the calculator will provide results accordingly.

Conclusion

Calculating the premium manually is a time-consuming process and the use of this calculator will save car owners from a lot of hassle. The calculator is impartial and has none of the drawbacks that engaging an insurance agent would have. It also gives the individual an opportunity to try different permutations and combinations before opting for a specific car insurance policy. The use of the calculator is the perfect way to optimise the process and also receive the maximum amount of relevant information. Don’t just take our word for it. Go ahead, give it a try and find out for yourself!

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