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About Car Insurance Premium
Car insurance premium is an amount of money that you pay to maintain your car insurance policy. It is basically a sum total of three different types of covers that are offered under car insurance policies.
Third party cover : Any damage that is incurred by a person or a property by your vehicle, which results in loss of life, injuries, or financial loss is covered under the third party liability cover of your car insurance policy. Under the Motor Vehicles Act of 1988, it is mandatory for every car running on Indian roads to be covered under at least a third party liability cover.As this cover alone does not offer protection againstany repairs that your car might need, it is always prudent to opt for a comprehensive policy to ensure total protection.
Own damage (OD) cover : This cover is optional, but is very beneficial. It reimburses you in case your car is damaged by man-made calamities, external accidents, or natural events like earthquakes, storms, fire, etc. The premium payable for the own damage cover is calculated as a percentage of the IDV (insured declared value) of your car. As a rule of thumb, the more your IDV is, the higher will your premium be; so, as your car gets older, the own damage premium decreases.
Personal accident cover : The personal accident cover is the third and last component of your car insurance premium. This safeguards your finances in case you meet with an accident that renders you permanently disabled. While a compulsory personal accident cover is included in the premium, you may opt to increase your sum insured and get extended personal accident coverage for unnamed passengers as well.
Factors that Determine Your Car Insurance Premium
There are a number of variables that are taken into consideration by an online car insurance calculatorand play an indispensable role in helping decidethe car insurance premium rate. Some of the most important of these factors are mentioned below:
The make, model, and variant of the car : This is a rather obvious factor. High end cars, like Audi or Bentley, are obviously insured at higher pricesas compared to budget carsby different companies.Similarly, SUVs also have higher premiums as compared to smaller family cars.
Where you live and where the car will be driven : It is a well-known fact that the traffic density is higher in urban areas as compared to Tier 2 cities or sub-urban areas. Therefore, cars in urban areas are insured at higher premiums as compared to sub urban areas.
Type of fuel: As compared to a normal petrol or diesel fuel car, CNG fitted cars are liable for higher premiums.
Year of manufacture: Older cars have lower Insured Declared Values (IDVs). And with a lesser IDV, the premium is also lower.
Deductible: The deductible is a predefined amount of money that you are liable to pay in case of a claim, before the insurance company settles the rest of the amount. If you opt for a higher deductible,you will be able to pay a lower premium.
Anti-theft device: You are entitled to a further discount on the premium if your car is fitted with an ARAI approved anti-theft device.
No Claim Bonus : The NCB is offered for every claim free year. This is a cumulative discount and can vary from 10% to 50%.
The Concept of the Online Car Insurance Calculator
You now know about the factors that go into calculating the insurance premium payable, calculating an estimated premium that you will have to pay is still not that simple. After all, there are so many factors that can affect the premium amount that you have to pay. You can use a car insurance calculator to get an estimated premium. You will be needed to fill in a number of details, like your personal details, where you live, information about the car, etc. and the car insurance calculator will be able to provide you with an estimate for the premium payable.
The IFFCO Tokio Car Insurance Calculator
The IFFCO Tokioonline car insurance calculator enables you to compute the premium payable for your car. Everyone is different and they have different,specific requirements from an insurance policy; and with our online car insurance calculator, you are at a better position to evaluate and buy the best policy, based on your requirements.
How to Use the Online Car Insurance Calculator
The car insurance calculator is an online feature offered by IFFCO Tokio to allow customers to calculatethe amount of premium they will have to pay, based on the information provided by them. While the online car insurance calculatorcan provide customers with variations in terms of premium rates, if you wish to get a more accurate amount for the premium, you need to mention specific details,including the date of registration, details of the car, start date of the last policy, as well as other details of the coverage. If you are on the fence about which car insurance policy you need to select, you can use this car insurance calculator to get a better idea of how much you are paying for which coverage. This is the best way to find the most beneficial car insurance policy for your vehicle.
The IFFCO Tokio car insurance calculator is more of a calculator for motor insurance, so the first thing you will have to do is select your vehicle type, whether you have a car or a two-wheeler. The next partinvolves selecting the state of registration, the city, and the date of registration.
Next you need to enter details about the car, including the manufacturer, model, and variant. The next step is to enter your contact details, including your mobile number and email ID. Then, you can simply press the “Quick Quote” button to get a basic idea of the premium you will be liable to pay for insuring your car.