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How to Use Car Insurance Premium Calculator Online ?

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Published on April 25, 2019. EST READ TIME: 3 MIN

There is no doubt that a car insurance calculator can be an extremely helpful tool to help a person in deciding the best insurance plan as per their needs and budget. Something that enables comparisons of various policy providers at the click of a mouse and get an appropriate plan is such an advantage. An online calculator not only helps calculate the insurance for new cars, but also for pre-owned cars as well.

Benefits of online car insurance calculator

• Using an online insurance calculator before buying the insurance makes the process easy and convenient for you

• It lets you make a comparison of premiums charged and lets you choose the best plan.

• It lets you see how changing the variables can change the cost of insurance

• It saves you from getting under the influence of insurance agents and making decision in a hurry

How to use car insurance premium calculator?

It is an online service available on the website of most insurance provider’s website on the basis of information provided by them. For exact insurance calculation, the customer is required to fill in the relevant details which include registration date of the car, car details, model and make, date of insurance and any other extra coverage if required. It also allows you to compare two or more policies to ensure that you get the best one available. Obviously, the more extensive coverage you choose, the higher will be your rates of premium. HDFC ERGO’s car insurance renewal premium calculator is easy and quick.

If you are not sure how to calculate car insurance premium yourself, it is suggested to use one online.

Premium calculation for new cars

To calculate the value of premium, one needs to fill in the relevant details about the vehicle like date of registration, make and model, manufacturers name etc. along with her/his personal details. The premium calculator will find you the best deal by comparing all features available with different insurance providers.

Premium calculation for old cars

To calculate and compare insurance quotes for old or used cars, you need to fill in the relevant details along with details of existing car insurance policy, details of change in ownership and reports of any previously made claims.

Factors that determine car insurance premium in India

Age of the vehicle – This determines the premium and not age of the driver.

Make and model

Another important variable is the type of car you own. High end cars like Audi and BMW will be insured at a higher price as compared to budget cars like Alto. Similarly, sedan and SUVs are insured at a higher price than hatchbacks.

The location your vehicle is registered affects your premium amount.

Engine capacity – CC determines the premium, higher the cc, higher would be the premium.

No claim bonus

For every claim free year, the insurance company provides a discount on the next year renewal premium . This discount is known as no claim bonus which may increase after each subsequent claim free year.

How to renew the policy online?

Policy holders need to renew their insurance policy every year to enjoy the benefits and ensure protection and peace of mind. Fortunately, these policies can be renewed online.

Many buyers consider the premium amounts as the only criteria for choosing their insurance policy, which actually is not the right idea. One needs to look out for other available features and benefits too along with the claim settlement ratio and market standing of the insurance provider.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.

This blog has been written by

Mukesh Kumar| Motor Insurance Expert |36+ years of experience in insurance industry

A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.

Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 7,600+ network garages, you can be assured of help in event of any damage to your vehicle".

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