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Even before you get your brand new car out of the showroom, you need to get it insured. And for that, you need to buy a car insurance policy from an insurance company. So, when you plan to buy a car, it is also prudent to spend a little time on the kind of insurance policy you would be needing. 

There are plenty of car insurance companies in the market today that offer fantastic car insurance benefits, but going through so many plans, checking the benefits and features, and selecting the one that is right for you can be an overwhelming process. This is where a Car Insurance Premium Calculator can come in very handy.

Car Insurance Premium Calculator

A free online tool, a car insurance premium calculator helps you in getting quotes on your car insurance plan almost instantly. You simply need to enter the basic details of your car, and the calculator will present an estimated premium. Not just that it also caters to factors like - third-party car insurance, comprehensive car insurance, add-on benefits for car insurance, etc.

Features & Benefits of Car Insurance Premium Calculator

A premium calculator is a dynamic and effective tool. Its benefits have made it very popular. Let us take a look at the advantages of using a  Car Insurance Premium Calculator:

  • Make an Estimate
    The calculator would give you a fair idea of the premium that a particular car insurance policy would cost you.
  • Plan as per your Budget
    Planning within the budget becomes very easy with a premium calculator. You can mix and match the factors and customise your plan yourself.
  • Easy Comparison
    You can compare any number of plans by different companies, this helps you in selecting the best plan for yourself.
  • Right Add-ons
    With the calculator, you can select the car insurance add-ons while keeping an eye on the premium. You can adjust the price as per the added benefits.
  • Works for Old and New Cars
    Be it an old or a new car, you can use the car insurance premium calculator for all kinds of cars.
  • Saves Time:
    A premium calculator helps you to calculate the approximate premium for your car insurance plan quickly thus ends up saving a lot of your time.

How does a Car Insurance Premium Calculator Work? 

A Car Insurance Premium Calculator works on the basis of the details that you provide it with. You need to enter the following details and you get your premium amount:

  • MMV-  Make, Model and Variant
  • Registration Details
  • Year of Manufacture
  • Fuel Variant
  • Claim History
  • Type of policy you want
  • Add-ons, if any

How to Use a Car Insurance Premium Calculator Online?

Online calculators are designed in a user-friendly way and the process to use one is very simple. To further help you with the process, given below are the steps you need to follow when using the Car Insurance Premium Calculator:

  • Step 1 - Details
    When you land on the car insurance premium calculator page, you need to enter your contact details - email address, mobile number
  • Step 2 - Registration 
    Enter the registration details - date of registration, year of production
  • Step 3 - MMV
    You would also need to enter the make, model and variant of the car
  • Step 4 -  Fuel Variant
    You would have to choose if your car is petrol or diesel
  • Step 5 - Claim History
    Whether you made a claim previously or are eligible for a No Claim Bonus, enter the details for the same
  • Step 6 - Kind of Plan and Add-ons
    You can now select the kind of plan - third-party car insurance, Comprehensive Insurance, or a zero depreciation car insurance policy. The add-ons can be added if you select a Comprehensive Insurance Plan.
    Based on all the details, now the calculator will calculate the premium and display the same.

Factors Affecting Car Insurance Premium

There are a number of factors that greatly affect the car insurance premium. Before you finalise the plan, take a look at the following elements and customise your plan accordingly:

  • The Type of Policy 
    Needless to say, the kind of policy that you select will affect the premium that you need to pay. A comprehensive policy offers more coverage and thus costs more than a third-party insurance plan.
  • How Old is Your Vehicle?
    As compared to a new car insurance policy, insurance for an old vehicle would be cheaper, as with age the value of the car or the IDV also decreases with time.
  • MMV of the Vehicle
    MMV stands for the Make, Model and Variant of your four-wheeler. These three factors determine the value of your car and thus affect the premium cost too.
  • Add-Ons
    The more coverage a policy offers, the more it would cost. You can choose as many add-ons as you require and pay accordingly.
  • Tenure of the Policy
    As per recent guidelines, car insurance can be done for a period of up to 3 years. With a longer tenure, you pay an aggregate of the premium in a lump sum amount, which may seem to be a little heftier on your pocket.
  • Fuel Variant
    Diesel vehicles cost more than their petrol variants and thus for insurance of a diesel car you will pay a costlier premium.
  • Your Location
    In a metropolitan city, the roads are much more congested and the chances of an accident are more too. Thus the premium rate that you would have to pay in a metro city would be more than as compared to a Tier-II or a Tier-III city.
  • Deductible
    The amount that you opt to pay yourself as a part of the claim is called a deductible. To lower the premium you can choose a higher deductible. The premium calculator helps you adjust the deductible value to bring the premium within your budget.

Best Ways to Save On Your Car Insurance Premium

It may happen that the car insurance plan you select for your car may turn out to be a little out of your budget. In such a scenario, rather than cutting down on coverage, try following these simple ways to save on the premium amount:

  1. Compare before you Buy
    Doing your homework can prove to be a great way to help save on your premium. Surf for insurance companies and the plans that they offer. Don’t simply go for a plan with the lowest premium, but look for a plan that offers maximum coverage at the lowest price.
  2. Be Claim Smart
    It may seem funny, but an insurance company rewards you for not using car insurance. So, when you don’t make a car claim, you receive a No Claim Bonus. Avoid making minor claims for small repairs. By maintaining a long claim-free record, you can avail of discounts of up to 50%.
  3. Savings in Safety
    Being a careful and cautious driver can help you avoid untoward events. Tools like burglar’s alarms, steering locks, etc help in being alert and keeping your car safe. Such tools can also help in getting a better insurance deal.
  4. Increase the Voluntary Deductible
    A voluntary deductible is a sum you agree to pay towards the repair when a claim is raised.  When you opt for a higher deductible, you can avail a lower premium. A car insurance premium calculator can help you manage the proportion of deductible that you would have to pay to keep the premium well within the budget.
  5. Anti-Theft and Safety Devices Can Help Too
    When you put anti-theft devices in your car, you not only safeguard it against burglary but also decrease the insurance premium. The safety features like airbags, Abs, EBD, etc keep your car safe and thus have a positive effect on the insurance company.

Car Insurance Calculator FAQs

  • 1. How to calculate the premium for expired policy?

    Getting caught with invalid car insurance will not only get you in legal trouble but getting in an accident without car insurance will also make you pay a hefty price. It is strongly advised that you get a renewal in time. However, if your policy has expired, you must renew your lapsed car insurance policy as early as possible. Visit the online calculator through your search engine, enter the car details and calculate the premium. 

  • 2. How can I know whether my car insurance premium is affordable or not?

    A car insurance premium calculator would help you in finding the premium of different policies. You can easily compare the coverage being offered by different companies, see which plan fits our budget the most and then finalise the policy. It is recommended that you choose a car insurance plan that offers maximum benefits at the lowest price.

  • 3. Are there any charges applicable to use a car insurance premium calculator?

    No, there are no charges. A car insurance premium calculator is a free online tool and is offered by many websites.

  • 4. What details do I need to insert in the calculator to know my car insurance premium?

    You need to submit details such as the make and model of your four-wheeler, the date of manufacture, the Insured Declared Value, the add-ons you wish to add etc. 

  • 5. Why is it Important to Calculate Your Car Insurance Premium?

    A car insurance premium calculator helps you get a fair idea of the premium you would have to pay when buying a car insurance policy. It helps you assess if the plan will be affordable for you. It also becomes very helpful in comparing the offers by different companies and thus is instrumental in buying the best car insurance plan.

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