An online tool called a four wheeler insurance premium calculator estimates the premium for a car insurance policy. It helps you choose the finest plan within your price range by calculating the actual premium that you would have to pay for various auto insurance plans.
You may evaluate various plans to see if they satisfy your coverage needs and your budget with the use of a car insurance rate calculator.
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How do I use the online premium calculator?
Follow the instructions below to use the online vehicle insurance calculator:
Step 1: Pick the model, make, fuel type, and version of your vehicle.
Step 2: From the provided list, choose the RTO for your vehicle.
Step 3: Determine the year that you bought your car.
Step 4: Choose If you have already made a claim, choose Yes; otherwise, choose No.
Step 5: Next, select “Calculate”
Step 6: The calculator will now show your car’s insured declared value and projected premium.
Calculator for car insurance advantages
You can get quick rates on both third-party and comprehensive insurance coverage using an online vehicle insurance calculator. The following are the advantages of using an online vehicle insurance calculator:
- Premium estimation- It provides an estimate based on the chosen coverage and car specs, making the premium calculating process simple and convenient.
- Works on new and old vehicles- Obtaining quotations for both new and used cars is simple. Both old and new cars can use the same online calculator.
- Find the finest add-ons – You can compare premium costs and pick the best insurance plan with the add-ons that are most affordable.
How are car insurance premiums calculated?
Check out this straightforward method to learn how the cost of auto insurance is determined.
Premiums of comprehensive car insurance for new car are determined by the Insurance Regulatory and Development Authority (IRDAI) of India, and are calculated as Own Damage Premium – (No Claim Bonus + Concessions) + Liability Premium.
Factors that determine the cost of auto insurance
Following is a list of factors that go into determining vehicle insurance premiums when utilising a four-wheeler insurance premium calculator:
- Age and gender of the insured – People below the age of 25 are more likely to be involved in accidents, so those between the ages of 18 and 25 must pay a higher premium.
- Car Make, Model, and Variant – It stands to reason that luxury vehicles like Audi and Bentley will cost more to insure than more affordable vehicles like the Alto and i10.
- Car Fuel Type: A CNG-equipped car will have a higher insurance rate than a standard petrol or diesel vehicle.
- Year of Manufacture – As a car ages, its Insured Declared Value (IDV) decreases, and as IDV decreases, so does the premium.
- Geographical location – Because of the higher traffic density in urban regions, automobile insurance premiums there are a bit higher than for vehicles insured in suburban areas.
- Voluntary Access – The lowest amount that you declare to bear at the time of claim is known as voluntary access. Your premium will be lower, if your chosen deductible is higher.
- Anti-theft Device/Safety Measures: If the covered car is equipped with an ARAI-approved anti-theft device or any other safety features, the insurer will reduce the rate by 2.5%.
- No-Claim Bonus – The insured is given a No-Claim Bonus for each year during which they have not initiated a car accident claim process. The cumulative concessions range between 10% and 50%. * Standard T&C Apply
The online vehicle insurance calculator has to have the following information filled in:
- Vehicle Type
- RTO Vehicle Year of Registration
- Vehicle Variant
- Manufacturer
- Fuel kind
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The topic of the solicitation is insurance. Please carefully read the sales brochure/policy wording before closing a deal for more information on advantages, restrictions, limitations, terms, and conditions.