Benefits of Car Insurance Premium Calculator
A car insurance calculator is an extremely helpful tool. You can use it to get instant quotes on your car insurance policy. All you have to do is provide the calculator with some simple details about your vehicle & your coverage needs.
Based on these details, the car insurance calculator will tell you the cost of your plan. Our car insurance calculator will provide you instant quotes on third party insurance, comprehensive insurance & zero-depreciation insurance, all at once!
Why Is It Important To Use a Car Insurance Calculator?
Using a car insurance calculator is extremely important. It will provide you with all the vital information required to make an informed purchase decision. Here are some reasons why you should use online car insurance calculators before buying a motor insurance policy for your vehicle.
1. Price points: This is one of the most important reasons why you should use a car insurance calculator. It will tell you how much your premium amount will be based on the specifications of your car and the coverage you have selected.
2. Mix and match: Online car insurance calculators allow you to adjust numerous factors that affect the premium of your policy. These include IDV, the voluntary deductible, etc. You can try different variables until you find a combination that matches your coverage and fits your budget.
3. Find the right add-ons: A car insurance calculator can help you choose the right add-ons. You can select the add-ons you think are suitable and the calculator will adjust the price based on your choices. You can then try different add-ons to find a price point and coverage level that’s suitable for you.
4. Get quotes for old & new cars: Our car insurance calculator works for old cars and new cars. You don’t have to look for separate a car insurance calculator for new cars or a different car insurance calculator for old cars.
How To Use Online Car Insurance Calculators
Car insurance calculators are designed to be user-friendly. They have a simple process that’s easy to understand and extremely straightforward. To make things even easier, we have highlighted a step-by-step guide on how to use our online car insurance calculator. It will help you get instant car insurance quotes with complete ease!
Step 1: Basic details
The first step is to provide us with the registration number of your car and mobile number. Fill these simple details and click on the ‘get a quote’ button.
Step 2: Registration info
Here you need to enter the RTO under which your car is registered, the date of registration, and production year. Once you enter these details, simply click on the ‘continue’ button.
Step 3: Brand information
All you need to do here is select the brand of your car. Once you do this, the car insurance calculator will automatically proceed to the next step.
Step 4: Select the model
Next, the car insurance calculator will prompt some of the common models under the brand chosen by you. If you find the model of your car, simply click on it and proceed. Else you can type the model name in the search bar.
Step 5: Fuel
The car insurance calculator will then ask you to choose the default kind of fuel that your car uses – petrol or diesel.
Step 6: Variants
Next, you have to choose the variant of your car. There will be some options to choose from and a search bar where you can manually enter the variant of your car.
Step 7: Tell us about your claim history
Here have to answer two simple questions: 1. Do you have a claim on your existing policy? If your answer is yes, then the second question will not apply. 2. Are you eligible for any No Claim Bonus? If your answer is yes then you will have to enter the amount of NCB applicable. Once you enter the required details, you can
Step 8: Get recommended plans
Based on the details you’ve shared, we will put together the premium amounts for third party, comprehensive & zero-depreciation insurance policies. This step is also an opportunity to include add-ons, add voluntary deductible, add CNG cover, etc. and basically fine-tune the quote to match your needs.
Types of Coverage You Can Choose From
1. Third-party insurance:
This is the most basic form of car insurance. It is the minimum amount of coverage required to legally drive your car on Indian roads. Third-party insurance does not cover own-damage and only offers the following coverage:
- It will cover damages and injuries caused to other motorists and/or pedestrians involved in an accident you are part of.
- Third-party insurance offers personal accident cover which will provide a payout of up to Rs. 15 lakh if the policyholders suffers serious injuries or meets with his/her demise in an accident.
Since these plans are so basic in nature, they are the most affordable kinds of insurance you can purchase for your car.
2. Comprehensive plans
As the name suggests, these plans offer comprehensive and all-round protection. They provide both own-damage and third-party coverage. With these plans, you enjoy financial cover from:
- Third-party damages and injuries
- Own damage and total loss of your car due to accidents, theft, acts of nature and man-made calamities
- You can also choose add-ons to enjoy coverage from specific unfortunate events such as windshield damage, roadside assistance, etc.
Since these plans offer more protection than third party plans, they are also cost a lot more.
3. Comprehensive insurance with zero-depreciation cover
Standard comprehensive insurance provide compensation based on the depreciated value of your car and its parts. Therefore, when you make a claim, it will not provide the entire cost for part replacements. You will have to cover the depreciation quotient out of your pocket.
This can lead to significant out-of-pocket expenses as after 5 years your car and its parts could depreciate by as much as 50%. In which case, you could end up paying for 50% of the repair costs on your own.
To safeguard yourself from this, you can opt for comprehensive insurance with zero-deprecation cover. This type of plan will offer full compensation, even your car has depreciated over time. This ensures your out-of-pocket expenses stay at a minimum. Of course, such coverage comes at a cost, and these plans are generally a little more expensive than a normal comprehensive insurance policy.
4. Long-term plans
You can also purchase long-term third party car insurance. These plans offer up to 3 years of cover at one consolidated, up-front premium amount. This ensures that you are protected from any price hikes on third party premiums during the tenure of the plan.
Long-term third party insurance can also be bundled with a single year of own damage cover to provide comprehensive protection for your vehicle. Of course, the own damage cover would have to be renewed every year for continued protection.
How is the cost of third party insurance calculated?
Our online car insurance calculator will provide you with an instant quote for third party insurance. However, if you are wondering what factors determine the cost of third party insurance, the following table should help you.
Third-party insurance premiums are calculated based on the cubic capacity of your car’s engine. Here are the premium slabs for the various categories of engine capacities with effect from June, 2019.
Third-party car insurance premium rates in India:
Cubic Capacity (cc)
Not exceeding 1000cc
Exceeding 1000cc but less than 1500cc
What Determines The Cost Of Comprehensive Car Insurance?
While third party car insurance premiums depend solely on the cubic capacity of your car, the cost of comprehensive insurance depends on several other factors. Some of these factors include:
- Where you live: Metro cities have more cars & densely congested roads. This increases the chance of an accident. Therefore, car insurance premiums are generally higher in metro cities as compared to Tier-II & Tier-III towns.
- The cost of your car: It’s simple – costlier cars have a higher premium. This is because the insurance company will be liable to large payouts in case of total loss or replacement of parts.
- Age of the vehicle: As the car gets older, its value also decreases. Therefore, the insurance company is liable to lower payouts in case of total loss or replacement of parts. Therefore, the premium will also decrease as the car gets older.
- Add-ons you choose: Every add-on has its own cost. Therefore, the number of add-ons you choose will affect the cost of your insurance policy. You can use our online car insurance calculator to determine the effect each add-on has on the premium of your plan.
- Deductible of the plan: Deductible is the amount you pay towards the total repair costs before the insurance company comes in and pays the rest of the costs. You can choose a higher deductible to lower the premium of your plan. Again, you can adjust the voluntary deductible component in our online car insurance calculator to see how it affects the premium of your plan.
How To Reduce The Premium Of Your Car Insurance Policy?
Used a car insurance calculator online and found the premiums too high? Well, there are some smart tips you can use to lower the premium of your plan. We have listed some of them below:
- Be smart when it comes to claims: One of the best parts about car insurance is that it rewards you for not making claims. This reward is provided to you in the form of a discount on your renewal amount. This discount is known as No Claim Bonus, or NCB. If you maintain a claim-free record for long enough, you could be enjoying discounts of up to 50% on your renewal amount.
However, if you make claims for every small dent, you will never be able to enjoy this benefit. So be smart when it comes to claims and enjoy BIG savings on your car insurance policy. If you have an existing NCB, you can factor that into the car insurance calculator to get a lower quotation.
- Safety brings savings: Adding safety devices to your car gives you more protection from untoward events. However, it also helps reduce the cost of your car insurance policy. You can add things like a burglar alarm or a steering lock to get better deals on your car insurance premium. However, remember that the safety devices you add should be authorised by the Automotive Research Association of India in order to be eligible for discounts.
- Increase your voluntary deductible: You can opt for a higher voluntary deductible to enjoy a lower premium. You can ascertain the effect of a higher voluntary deductible using our online car insurance calculator. Remember that deductible is only payable in case of a claim, which is a very rare occurrence. Therefore, the year on year savings of a high voluntary deductible could easily surpass the amount you pay towards deductible in case of a claim.
However, it is also important to not get too carried away and opt for an extremely high voluntary deductible – this could cause huge expenses in case the need to make a claim does arise.
Why choose IFFCO-Tokio?
We have over 2 crore happy customers and close to 20 years of experience in the insurance industry. When it comes to car insurance, we have settled more than 8 lakh claims in FY19 with a claim settlement ratio of 92.65%.
Our car insurance plans are designed to make things as easy as possible for you. You can buy a plan online and make a claim through your phone. We provide compensation up to Rs. 50,000 transferred directly to your account within a few minutes through our Quick Claim Settlement App. We have even been awarded as the 2019 IDC Digital Transformer in India for AI-based claim assessment of damaged vehicles.
Our pan India presence ensures that our policies can be brought from more than 20,000 agents and branches across the country. We also have more than 4300 garages evenly spread across the country with cashless services and prompt roadside assistance in case of a breakdown. With IFFCO-Tokio, you get complete protection, wherever the road might take you.
Car insurance terms you need to know before using a car insurance calculator.
- Own damage: Own damage (OD) is the component of a comprehensive insurance policy that covers the damage caused to your vehicle in an accident or due to unfortunate events like fire, theft, etc.
With our online car insurance calculator, you can opt for ‘own damage only’ coverage. This would mean excluding third party insurance from your policy. This is usually done in case you already have third-party cover and you just want coverage for your vehicle.
- Voluntary deductible: In case of a claim, you need to pay a tiny fraction of the costs before your insurance plan steps in and covers the rest. This amount that you pay is known as the deductible of your plan. There are two kinds of deductible, compulsory and voluntary.
Every plan has a fixed amount of compulsory deductible. However, you can opt to pay a certain amount on top of the compulsory deductible in order to enjoy lower premiums. You can check what effect of a higher voluntary deductible can have on your premium through our online car insurance calculator.
- IDV: IDV stands of Insurer Declared Value. It is the maximum compensation your insurance provider will offer in case of total loss of your vehicle due to an accident or any other unfortunate event. Generally speaking, the higher your IDV, the higher your car insurance premium is.
However, with our online car insurance calculator, you can increase or decrease the IDV of your car to avail of higher or lower premium amounts. In this case, opting for an extremely low IDV can seem tempting, but remember that, in case of a total loss, you will get compensation equal to your IDV.
- No claim bonus: This is a discount you receive for not making a claim against your car insurance policy. The longer you go without making a claim, the higher your NCB. The maximum NCB you can receive is 50%.
If you have an existing NCB, you can factor that into our car insurance calculator and it will provide instant quotes with lower premium amounts.
Commonly asked about our online car insurance calculator.
What if I have a CNG kit fitted in my car?
Our online insurance calculator will ask you for the default fuel required by your car – this is to calculate the base premium of your car. When you receive our recommendation of plans, you can click on the ‘Add-on + CNG Cover’ option to factor in the CNG kit to your quotation. Just change the ‘Is Your Vehicle driven by CNG/LPG?’ to ‘Yes’. Then you can also choose between ‘Yes’ & ‘No’ on the ‘Is CNG/LPG company fitted’? And finally, you will have to enter the value of your CNG kit. Then just click on the ‘continue’ button and the quotation will be updated.
Do I need to use separate car insurance calculators for old & new cars?
No, to make things convenient for you, we have one calculator that provides quotes for old and new cars. You do not have to go looking for a specific car insurance calculator for new cars or old cars. We believe insurance protection shouldn’t depend on whether your car is old or new, but rather on what your coverage needs are.
Does my place of residence affect my quote?
Yes, place of residence does play a role in deciding your insurance premium. That’s why the second step of our car insurance calculator will ask you for the RTO under which your car is registered. If you live in a metro city, you might receive a higher premium amount.
This is because metro cities have congested roads and many more vehicles than Tier-I &II towns. Therefore there is a higher risk of accidents. Since the basic concept of car insurance is based on risk-sharing, your car insurance could be higher based on where you reside.
What to do if I’m happy with my quote & wish to proceed?
Simple, all you have to do is click on the ‘choose’ option under the quotation you wish to proceed with. You will be redirected to another page where you will fill in some simple details such as your engine number, chassis number, previous car insurance policy number, previous insurer, etc. Once you enter these details, click on the ‘Continue to Owner Details’ button.
Here you will have to enter all your personal details. Once you’re done with that, you can simply make the payment and the policy document will be sent to you via email. Simple, isn’t it?
Can I retrieve a quote from a few days ago?
Yes, our car insurance calculator will provide you with a unique code ID when you reach the final stage, i.e. the plan recommendations. You need to copy this code. If you wish to retrieve this code, all you have to do is type hit the ‘Retrieve Quote’ under the ‘Get a Quote’ forms. This ensures you do not have to re-enter all the details if you wish to view your quote once again.