Are you looking for the right solution to make a good decision to pick the right car insurance plan for yourself? As you know, there are lots of factors that you should consider while going to get a car insurance policy as per your needs and requirements. As the perfect solution, you can find car insurance calculator tool online that will be very helpful to compare the premium options and various plans of different car insurance providers in the market. This tool is very beneficial if you want to make the right decision to go for the best car insurance plan without any kind of confusion.
Now, it will be better to use car insurance premium calculator tool available online when you are going to compare the various insurance policies with different companies in the market. It will be very effective solution to save up to 55% on the premium of your car insurance plan. If you are able to find the best tool, you will definitely make your decision Better by comparing all the plans according to your budget and requirements. By using online car insurance calculator, you will find the following benefits mobile going to get car insurance plan for your vehicle:
Benefits of Using Car Insurance Premium Calculator
- The car insurance premium calculator tool is helpful to make the complete process very convenient and easy for every buyer while buying any car insurance plan.
- You will be able to compare the premium rate of the various insurance policies available in the market with it.
- You can evaluate the changes in the premium and coverage as per your requirements and needs.
- No need to contact the insurance agents or face inconvenience to make choice for the right insurance plan.
Guide to Use Car Insurance Calculator Tool
Car insurance calculator tool is available online that you can find by visiting the website of Verified Policy.This tool is made to calculate the amount of Premium for the insurance of your vehicle as per the information provided by the customer.
By using a car insurance calculator tool, the customer will be able to make choice from the various kinds of premium rates and plans as per needs. If you want to use this tool, you will need to provide the required details including registration date, vehicle details, policy start date as well as extra coverage options that you want to include in the policy. After that, you will be able to get all the details on a single click of mouse. It is also used to compare different kinds of insurance policies available in the market. It will allow the user to compare the premium rates of different insurance providers without any kind of inconvenience or confusion.
Calculate the premium for new cars: To calculate the premium for new cars, you will add the details including vehicle’s manufacturer, a model of vehicle, manufacture year, state of the registration of vehicle and much more. You will also need to include your personal details in the tool. After that, this calculator will help to find the best deal for car insurance from various companies.
Calculate the premium for used cars: To calculate the premium rate for insurance of used car, you will need to provide the details including car type, registration number, fuel type, details of existing insurance, change in ownership, previous claim reports (if any), personal details and much more. After that, it will provide the information about the best insurance plans that you can get in the market.
Factors to Consider while Determining Car insurance Premium Value
There are lots of factors that you should keep in mind while going to decide the premium rate of your car insurance plan:
- Age and gender:
The amount of premium will depend on your age and gender. If you are below 25 years, the insurance company will increase the amount of premium because of high risk of environment in an accident as compared to more experienced drivers.
- Car manufacturer, model and variant:
The value of premium amount will depend on the car manufacturer and model. You will need to pay higher Premium for the luxury cars of the brands like Audi, BMW and Bentley. On the other hand, you will get a lower amount of Premium for the cars like Alto, Santro and much more.
- Location for the insurance:
As you know, there is higher traffic in urban areas as compared to rural areas. The location is another factor that will affect the value of the premium amount for your car insurance.
- Type of fuel:
The type of fuel in the vehicle is also considered as an important factor to determine the value of premium amount. You will need to pay higher Premium for CNG fitted car as compared to petrol or diesel car.
- Year of manufacture:
If you have an older car, there will be less insured declared value and it will also decrease the amount of Premium for the car. Therefore, it will be an important factor to calculate the amount of Premium for the car insurance.
- Additional discounts:
The insurance providers offer different kinds of discount offers for individuals like defence personnel, employees, doctors and other customers. You may also get an anti-theft discount if you have installed an anti-theft device in your vehicle. All these discounts will be applied to minimize the value of premium that you are going to get.
- No claim bonus:
You can also find No claim bonus benefits if you are completing claim free year with an insurance company. The amount of the no claim bonus discount will differ on the basis of various terms of the company. However, it will be beneficial to decrease the premium amount on the time of renewal of the policy.
On the basis of all these factors, you can find the variations in the amount of your premium when you are going to get insurance for your car.
Car Insurance Policy Renewal
If you are one of the customers who has bought the insurance policy for the car you will need to renew your policy at the given time by the company. All the insurance plans will come with expiry date and you will need to follow the process of renewal after the expiring date of the policy. You can also determine all these factors to save on your premiums when you are going to renew the policy. It will be good to find a good car insurance calculator tool to find proper help in the process of getting a new policy for your new or used car.
Car Insurance Calculator FAQs
What is the car insurance premium calculator tool?
Car insurance premium calculator tool is an online tool that is available to help the insurance buyers to know about the right insurance quote provided by the different companies available in the market. It will also help to compare the several insurance plans available in the market easily.
I want to choose the right insurance plan for my vehicle. Where will I find insurance premium calculator tool?
You do not need to worry to find calculator tool when you want to get help to make the right decision with it. Either you can visit the official website of the insurance provided or you can get it at this website. You will fill out all the required details of your vehicle and your personal details in the tool. After that, you will click at “generate premium” option and you will get the quote of the insurance.
How can I calculate insurance premium with tool?
If you want to understand the process of calculating insurance premium with the tool, you can find help with the given formula:
Premium = Own Damage Premium – (No claim bonus + discounts) + Liability Premium fixed by the Insurance Regulatory and Development Authority of India (IRDA)
You can take a look at the example of car insurance calculation below to understand it easily:
|Manufacturing Year||2012||Comprehensive Policy with No Claim Bonus|
|Ex Showroom Rate||Rs. 4,16,000|
|Insured Declared Value||Rs. 3,32,800|
|Own Damage Premium||1.970%||Rs. 6556|
|No Claim Bonus Discounts||20%||Rs. 1311|
|Total Own Damage Premium||Rs. 5,425|
|Personal Accident Cover||Rs. 100|
|Legal Liability Paid to the driver||Rs. 50|
|Compulsory Third-Party Cover||Rs. 1110|
|Net Premium||Rs. 6505|
|Service Tax||14%||Rs. 911|
|Total premium||Rs. 7416|
What will be the different factors affecting the car insurance premium?
There are lots of factors that can affect the insurance premium value. It will depend on insured declared value of your vehicle, your age and gender, type of the vehicle, engine of the vehicle, geographical location, additional discounts by company and much more.
How can I save my money on insurance premium?
There are lots of useful ways to get an additional discount and save your money while going to get insurance for your vehicle. You can choose the membership of Automobile Association of India and can install the anti-theft device in the car to get an additional discount. Make sure to calculate the insured declared value of the car properly so that you can pay the right amount of premium. You can also get an additional discount by getting no claim bonus when you are going to renew your policy. It is important to make choices for the right insurance company to get the best policy with the minimum premium amount as per your requirements.
What will be the different benefits by getting help with car insurance calculator?
Car insurance calculator will be beneficial for you in various ways as explained below:
- It is effective to make the decision easy and convenient while going to get insurance for your car.
- It will help to compare the policies and premium rates of the different companies to find the best one.
- With the help of this tool, you can know about the changes in the premium amount on the basis of various variables.
- You can save your time and efforts to make the right choice to find the right insurance policy.
What are the details that I will fill in the calculator tool?
You will be able to use premium calculator tool by providing the details given below:
|S no.||Details in the case of New Cars||Details for old or second-hand cars|
|1||Car details and name of the manufacturer||Previous Policy details or owners details incase of used cars|
|2||Date of registration and the state of registration||Claim history of previous year|
|3||Car make and model||Car type and fuel type|
|4||Type of car||Depreciation Value|
|5||Year of manufacture||–|
Is it possible to use insurance premium calculator tool at the time of renewal of policy?
Yes, it is also beneficial to get help with this premium calculator tool when you are going to renew your car insurance policy. Whether you are going to get it for a new car or used car, it will make the process much easier, simple and convenient for the buyer.