Commercial Vehicle Insurance Premium Calculator
Calculate Commercial Vehicle Insurance Calculator Premium
Calculate Commercial Vehicle Insurance Calculator Premium
Commercial vehicles are great assets to any business as they are a quintessential part of the logistics team. This makes it quite important to secure such indispensable assets by purchasing a commercial vehicle insurance policy.
A commercial vehicle insurance calculator is essentially a digital tool that can help you estimate the premium of your commercial vehicle insurance policy. Understanding your premium is important as it helps you choose the right commercial vehicle insurance policy and instead of calculating the same manually, it is easier to use an online commercial vehicle insurance calculator.
A commercial vehicle insurance policy is essentially a financial cover that the policyholder receives in the event of having their commercial vehicle befall an accident or get damaged due to natural or man-made disasters. While accidents cannot be predicted, it is better to be prepared for them financially. There are two types of commercial vehicle insurance policies, namely, a third-party commercial vehicle insurance policy and a comprehensive commercial vehicle insurance policy.
The third-party commercial vehicle insurance policy covers you against any financial liabilities that you have to bear for the damages that are incurred to the third party in an accident. It does not cover the damages that are incurred to your vehicle or yourself in the said incident.
The comprehensive commercial vehicle insurance policy provides extensive coverage. It not only gives you monetary support against the damages that are incurred to the third party in an accident but also gives financial aid to your and your vehicle.
Having a basic valid insurance policy for your commercial is a must as per the ‘Motor Vehicles Act of 1988’ .Under this Act, having at least a third-party commercial vehicle insurance policy is mandatory. However, a comprehensive insurance policy gives you better coverage and is thus more preferred.
A commercial vehicle insurance calculator is an algorithm that calculates the premium of your insurance policy. It does so by considering the following parameters -
The vehicle’s registration date
Many commercial vehicle insurance premium calculators that are present online ask for your vehicle registration date to ensure it is valid.
The vehicle’s make and model details
The commercial vehicle insurance premium calculator also requires details like the manufacturer name, model type, manufacturing year, and vehicle cost.
Details about any additional covers
You can add personal insurance cover with different add-ons to increase the coverage. On entering these details in the online commercial vehicle insurance premium calculator and pressing enter, the policy premium gets calculated instantaneously.
Apart from the convenience, an online commercial vehicle insurance premium calculator can provide, there are many benefits of using an online commercial vehicle insurance calculator, namely -
It avoids calculation mistakes
If you decide to manually calculate your commercial insurance policy premium on the go, you might make a calculation mistake. The commercial vehicle insurance premium calculator is just an algorithm that is designed to only do one thing: calculate your premium and hence it typically gives you higher accuracy when compared to manual calculations.
It helps you compare
An online commercial vehicle insurance premium calculator displays the premium of suitable insurance policies that are provided by various insurers present in the market today based on the details you enter.
It is free
Using an online commercial vehicle insurance premium calculator is free and you can use it as many times as you wish.
It gives you an idea about your premium
Including the various add-ons that the insurer provides in your insurance policy increases your premium marginally and thus using a calculator before you head to buy your policy is better to understand whether you need any additional services in your insurance policy or not.
It is easy and time-saving
If you have the required information readily available, calculating your premium using an online commercial vehicle insurance calculator is pretty swift. Just enter the required details, press on calculate, and within a matter of seconds, your estimated premium will be displayed on the screen.
Choosing to buy your commercial vehicle insurance policy from IFFCO-Tokio is a smart decision because of the following reasons -
We cover your commercial vehicle against manmade calamities
Riots, theft, and terrorist attacks are unprecedented and highly dangerous events. However, if you buy a comprehensive commercial vehicle insurance policy, we cover you financially for the damages incurred to your vehicle in such situations so you can get complete relief when getting your vehicle repaired.
We cover your commercial vehicle against natural calamities
Your vehicle is covered also against any damage that it incurs due to any natural disaster. This essentially means that if you have bought the commercial vehicle insurance policy, you get complete financial relief when getting your vehicle repaired after such an incident.
We can cover you as well, not just the vehicle
If you buy a comprehensive commercial vehicle insurance policy, you get the option to include an additional cover that provides financial aid when receiving medical treatment for the injuries borne by you in case of an accident.
You can buy/renew your policy in just a few clicks
We, at IFFCO-Tokio, believe in making it easier for our customers to avail themselves of the different policies we offer and thus you can easily buy or renew your commercial vehicle insurance policy online using our intuitively designed website. The insurance copy is also instantly sent to your email after you have made the payment.
Using an online commercial vehicle insurance premium calculator is quite easy and convenient. That being said, to clear away any doubts that you might have, here’s how to use an online commercial vehicle insurance premium calculator -
Visit our website and type ‘commercial vehicle insurance calculator’ in the search bar. Once you press on search, you will be redirected to the commercial vehicle insurance calculator page.
The commercial vehicle insurance premium calculator requires a few details before it can show you the estimated premium for your insurance policy. Input details about your vehicle like its make, model, manufacturing year, etc.
An online commercial vehicle insurance premium calculator will ask you if you need any additional covers included in your insurance policy.
Once you have entered all the required details into the online commercial vehicle insurance premium calculator, click on ‘calculate’. The estimated premium of your commercial vehicle insurance policy will be displayed on the screen instantly.
Though using an online commercial vehicle insurance calculator is easy and does not require much research, there are a few things one must keep in mind when using an online commercial vehicle insurance calculator, namely -
The estimation is different for different insurers
There are many factors that affect the premium of your insurance policy other than the ones mentioned above. The factors that one insurer takes into consideration might not be the same as the parameters the other insurance provider considers. Hence, it is better to contact the insurance provider as well to get the precise premium amount that you need to pay.
The online commercial vehicle insurance premium calculator gives only an estimation
The actual premium that you need to pay for your commercial vehicle insurance policy might be slightly different than what the online commercial vehicle insurance premium calculator estimates. The reason behind this is that there are many more factors that affect the premium of your commercial vehicle insurance policy than what the online commercial vehicle insurance calculator takes into consideration.
Different commercial vehicle insurance premium calculators may require different information
As there are multiple factors affecting the premium you pay for your commercial vehicle insurance, it is highly unlikely that different online commercial vehicle insurance premium calculators would require only one set of information. Different commercial vehicle insurance calculators might require different information and thus the estimated premium is also different from one insurer to another.
● We have over 20,000 branches and agents across the country.
● We have 20+ years of experience in the insurance industry.
● IFFCO-Tokio is trusted by over 1,00,000 individuals across India.
● We are proclaimed as the winners of Asia's Best General Insurance Company' in 2nd Asia's Best & Emerging Insurance Company Awards 2021.
● IFFCO-Tokio has a high claim settlement ratio across various insurance categories.
● We provide you 24/7 claim assistance and customer care services.
