A car in today’s times is certainly a necessity if you want to have control over your schedule. You might also feel like it’s your second home, considering the amount of time you spend in it.
While investing in a good car is essential, so is investing in a comprehensive Car Insurance Policy. Not only does it financially safeguard you and your car from accidents and other mishaps on the road, but also a statutory requirement.
We know that making the important decision of buying a Car Insurance Policy can seem confusing and daunting when there are so many factors to consider. Premium, however, is one of the most important ones, besides the kind of coverage the policy provides.
Our Car Insurance Premium Calculator gives you an estimate of the amount of premium you would have to pay considering all the important factors.
The very reason behind the existence of our Car Insurance Premium Calculator is to help you take control of your insurance premiums. We’ve designed the calculator with the aim to make the decision-making process of buying a Car Insurance Policy super easy. Some of the benefits of the calculator are as follows:
✓ Gives you an instant estimate of the premium amount
✓ Gives you an idea about how changing coverage and other variables affect the premium outgoes
✓ Preps you with every document that you would need at the time of purchase
✓ You don’t need to choose any plan in haste
✓ And most importantly, it takes the pressure off you to become the mathematician while trying to calculate premiums.
For you to get the right output from your Car Insurance Premium Calculator, you’ll need to understand what exactly goes into deciding the amount of premium that needs to be paid and we’ve shortlisted some of the most important variables. These are:
This is one of the most basic factors that plays a role in determining the Car Insurance Premium.
✓ Make of the car
The rule here is simple; the safer the vehicle, lesser the risks and lower the premiums.
Easy, isn’t it?
For example, suppose you choose a car that’s equipped with the best locking features that are difficult to break open. This automatically involves lesser risks of it being stolen. However, with a sports car, the risks are inherently more, not to forget the risks stemming from speed driving and accidents.
✓ Any modification to the car
Any modifications made to your car can affect the amount of premium you have to make. For instance, if your car is fitted with manual transmission right from the beginning but you want to go for the automatic one now, that will affect the premium.
✓ Fuel type
While you could take to petrol because of its increased fuel efficiency, diesel can ramp up your car’s performance over a period of time. The fuel you feed your car would also determine the premium outgoes.
Simply put, Insured Declared Value refers to the value your car would fetch currently in the market. It is also the maximum amount that you could claim, should there be theft or damages caused to the car. It is arrived at with the following simple calculation:
IDV = Ex-showroom price + Value of fittings (if any) – value written off in the form of depreciation
Therefore, you could be tricked into believing that more the IDV, higher the premium outgoes. While this is true, remember that a lesser IDV can also mean a compromised coverage. IDV that’s nearest to your car’s market value is certainly the ideal here. Also, the IDV would reduce as the car ages.
In short, a No Claim Bonus (NCB) is a token for you having been a responsible driver the entire year. You become eligible for this bonus for every year that rolls by, which is free of any claim. With the option of NCB, you could be saving up to as much as 50% on Own Damage premiums (fixed according to the IDV).
Sounds like a jargon? Basically, voluntary excess constitutes the money you’d be ready to shell out from your own pocket, before the insurance provider proceeds with a claim settlement (in the event of a claim, of course). Hence, higher the voluntary excess, lower the premium outgoes.
Add-on covers might spike up the premiums, but because of the benefits they offer, you’re likely to feel glad that you got them at the time of making a claim.
Some of the more useful add-on covers include zero depreciation cover (provides comprehensive coverage without factoring in depreciation), on-road assistance cover (helps in case your car gives up on you in the middle of nowhere) and engine protection cover and among others.
If you are registered with a valid automobile agency, such as the Automobile Association of India, you could be in luck. Few car insurance companies offer additional discounts on your Own Damage premium with such a membership.
Moreover, anti-theft equipment and devices, approved by the Automotive Research Association of India (ARAI), can secure up to 2.5% discount on the premium outgoes.
Usually, the traffic in urban India is harrowing, and significantly more as compared to its sub-urban counterparts. More traffic ramps up the chances of accidents. Therefore, you might have to shell out a higher premium if your purpose is confined within the city’s contours.
Considering you’re a resident of Delhi (or any other city that falls within Zone A as accorded by the IRDA), the next time your friend from Ranchi says he is shelling out fewer premiums for the same car, don’t think you’re being cheated on. Sometimes, it is just the location that matters.
The output you get from our Car insurance premium calculator depends on the inputs you enter. For example, if you need to know how much it will cost to renew your plan, it depends on a number of factors.
✓ For a Used Car
You will need to supply the following details should you want to calculate the premium for a car that you have been using for a while now:
● Type of the car
● Type of fuel
● Car insurance plan details
● Registration number
● Details of change in ownership, if any
● Past history of claims (claims made in previous year/s)
✓ For a New Car
You will need to supply the following details should you want to calculate premiums for a new car:
● Name of manufacturer
● Car model
● State of car registration
● Year of manufacture
● Your personal details (car owner details)
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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