Knowledge Centre

How to Use Car Insurance Premium Calculator?

Car insurance provides financial protection in case your vehicle is stolen or damaged. The policyholder pays a premium for the insurance policy. The premium payment entitles the policyholder to claim benefits during the policy period. The benefits will depend on the policy terms and conditions.

When buying car insurance, one of the key factors to consider is the premium amount. It is now possible to calculate the premium beforehand using online calculators available on the websites of leading insurance companies.

Factors affecting the Premium Rate

There are several factors that determine the value of the car insurance and are as below.

  • Type of insurance – third-party only or comprehensive policy.

  • Model, make, and variant of the car – You need to shell out more by way of premium for high-end cars and SUVs.

  • Insured Declared Value (IDV)

  • Date of registration (to calculate age of the vehicle)

  • Cubic capacity of the car

  • Registration city

  • No claim bonus – a benefit which you get for not claiming under the expiring policy

  • Add-on covers – you need to pay additional premium for each add-on cover you buy.

Calculating the Car’s Premium

It is very easy to calculate your car’s approximate premium. You need to simply visit the website of the insurers you are considering for your car insurance and input the details in the online calculators available there.

For used cars, you may also need to provide details of the existing policy, any past claims and any other relevant details desired by the insurer.

The calculator tool instantly provides the premium amount based on these details (as relevant to every insurer).

Availing the Best Premium Rates

Online calculator tools help consumers make an informed choice about their cars’ insurance. You can use it to compare different plans and then choose the one best suited for you.

Comparing different plans can help you assess the market and the policies available for you. Based on the premium amount generated from online calculators, you can decide the type of policy you want to buy. However, it is always recommended to compare the coverage, terms and conditions before finalising the plan type and should not make the final decision basis lowest premium quotation available.

The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Car insurance provides financial protection in case your vehicle is stolen or damaged. The policyholder pays a premium for the insurance policy. The premium payment entitles the policyholder to claim benefits during the policy period. The benefits will depend on the policy terms and conditions.

When buying car insurance, one of the key factors to consider is the premium amount. It is now possible to calculate the premium beforehand using online calculators available on the websites of leading insurance companies.

Factors affecting the Premium Rate

There are several factors that determine the value of the car insurance and are as below. –

  • Type of insurance – third-party only or comprehensive policy.

  • Model, make, and variant of the car – You need to shell out more by way of premium for high-end cars and SUVs.

  • Insured Declared Value (IDV)

  • Date of registration (to calculate age of the vehicle)

  • Cubic capacity of the car

  • Registration city

  • No claim bonus – a benefit which you get for not claiming under the expiring policy

  • Add-on covers – you need to pay additional premium for each add-on cover you buy.

Calculating the Car’s Premium

It is very easy to calculate your car’s approximate premium. You need to simply visit the website of the insurers you are considering for your car insurance and input the details in the online calculators available there.

For used cars, you may also need to provide details of the existing policy, any past claims and any other relevant details desired by the insurer.

The calculator tool instantly provides the premium amount based on these details (as relevant to every insurer).

Availing the Best Premium Rates

Online calculator tools help consumers make an informed choice about their cars’ insurance. You can use it to compare different plans and then choose the one best suited for you.

Comparing different plans can help you assess the market and the policies available for you. Based on the premium amount generated from online calculators, you can decide the type of policy you want to buy. However, it is always recommended to compare the coverage, terms and conditions before finalising the plan type and should not make the final decision basis lowest premium quotation available.

The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.


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