A vehicle insurance policy is a contract between an individual or business and an insurer. It provides coverage for the costs of repairing or replacing the insured's car in the event of damage, theft, vandalism, natural disaster, or other incidents.
The policy may be taken out on a new or used car with a loan that is secured by the car. The most common type of vehicle insurance is comprehensive coverage which covers all risks associated with owning and operating a car.
What is Vehicle Insurance Policy Calculator?
Vehicle insurance is a type of insurance policy that covers the damage and/or loss to a person's vehicle. There are many factors that contribute to the cost of a vehicle insurance policy. The most important factor to consider when calculating your premium is the value of your vehicle.
Vehicle insurance is a type of insurance policy that protects you from the financial consequences of a car accident. It can also protect you from other types of accidents that happen to your cars, such as theft or vandalism.
The best way to find out how much your vehicle insurance premium will cost is by going through an online calculator. This tool will help you find out what the monthly payment would be for different levels of coverage and deductibles.
An online calculator can help you calculate the actual price of your vehicle insurance policy in just a few minutes. Many different factors go into determining how much your policy will cost, so it’s important to take the time to explore all of them when looking for an affordable option for yourself and your family.
Vehicle Insurance Policy Premium Calculator:
The main objective of a vehicle insurance policy is to secure your vehicle against all odds of accidental damage, damage due to natural calamities, and loss caused due to natural and man-made destruction. Availing your vehicle insurance online is an effortless way to get the policy.
An idea is to check vehicle insurance quotes side by side to know the perils involved in each policy. In this way, a policyholder can buy the right motor insurance policy which coincides with his requirement. PolicyBachat is a trusted website approved by IRDA that provides you unbiased quotes from top insurers. Online comparison helps you to avail the best policy within your budget.
Is Vehicle insurance is mandatory?
Are you buying the right vehicle policy? Yea, an insurance policy is mandatory in India, the policyholder should possess Third-party insurance under the law clause. Sometimes instead of having an insurance policy, a policyholder may end up paying a part of the damage cost. This is due to a lack of awareness of the coverages. In such cases, it is mandatory to know the policyholder's requirement whether he needs 100% coverage or comprehensive coverage.
Our assistance team will guide you on the importance of coverage and suggest the right vehicle insurance policy according to your requirement.
Our national vehicle insurance policy is valid to Pan India, a policyholder can get the repairs done with the pan India network garages. Save up to 60% on your vehicle insurance renewal online on Policy Bachat.
Benefits of Vehicle Insurance Calculator :
A vehicle insurance calculator is a very helpful online tool that helps you to calculate and figure out the insurance premium cost for your car/vehicle. It instantly calculates the premium amount considering details such as vehicle make, model, RTO details, Insured Declared Value (IDV), etc.
- Using a vehicle insurance calculator helps save time. It instantly tells the premium amount for your vehicle offered by various insurance providers available in the market.
- It compares the premium rates as well as other variables offered by multiple insurers and helps you choose the policy best suitable for your needs and demands.
- It offers you flexibility as there is no rush to make a decision and no external influence of an agent which may affect your choice.
- It can help you select the right add-on covers for your car insurance which are suitable based on your budget and requirements such as personal accident cover, roadside assistance, etc.
- It allows you to adjust different factors like deductible, IDV, etc., which affect your premium. With this premium calculator, you can try variables till you get a perfect combination for you.
How to Use Vehicle Insurance Premium Calculator Online?
Vehicle insurance can be purchased online from the PolicyBachat portal in two easy steps. In the first step, you need to enter the details of your car such as Make, Model, Date of registration, RTO location, and click on submit to proceed to the next page. In the second step, you can adjust the IDV or add riders to increase the coverage. The third and final step would be the payment where you will be directed to the payment page of the insurance company to complete the payment process.
At PolicyBachat we cater unbiased comparison of quotes, the 24*7 customer assistance team your motive is to give our customers the right quotes by comparing vehicle insurance rates online.
- Go to compare vehicle insurance quotes online at PolicyBachat.com
- Fill in the required details select your Car Model & Variant, RTO Location, Registration date, and Email address.
- Click on the “START SAVING MONEY”.
- Choose between a Third-Party Liability Only or a Standard Package (Comprehensive Insurance).
- Premiums with different insurance companies are displayed with low premiums
- Select required Add-ons/Riders and discounts, or you can Edit Policy Details as per your requirement
- After that fill in the ‘vehicle owner details and personal details.
- Purchase best vehicle Insurance Policy using online payment
- If any queries are raised call: 1800–123–4003.
How to Calculate Online Vehicle Insurance Premium for Used Cars?
Essential vehicle details required for calculating the premium online for used/old vehicles:
- Make, model, a variant of the vehicle
- Fuel type
- Existing car insurance policy details (if any)
- State and city of car registration
- No Claim Bonus (NCB) or previous claim file reports and details (if any)
The car insurance premium calculator will then estimate the premium amount based on the details provided so that you opt for the ideal car insurance policy.
Factors Effect Vehicle Insurance Premium Calculation:
Here's a list detailing all the factors that can influence your vehicle insurance premium.
- The Vehicle you drive: The kind of vehicle you drive will majorly decide the premium that you will have to pay. Based on Car Make Model, Motor Transmission type/ Car Modification, and Car's fuel type.
- Coverage Option like Third-Party Car Insurance (Covers only third-party liability), and Comprehensive Car Insurance (Covers you, your car, and third-party liability).
- Engine Capacity: The car’s Cubic capacity also helps determine the premium for the Own Damage cover. Car’s make, model and variant also affect the premium of your car’s insurance coverage.
- Insured Declared Value (IDV) or Age of Your Vehicle: The sum insured of a comprehensive car insurance policy is its current market value. This market value is also called Insured Declared Value (IDV). As your car grows older, the IDV decreases. Here is a schedule of depreciation for arriving at a car's IDV.
- Discounts like NCB, and Geographical Location.
How to Reduce Vehicle Insurance Premium Price?
Here are some ways which can help you reduce your vehicle/car insurance premium:
- Avoid Making Small Claims:
The simplest way to lower your insurance premium is to earn a No Claim Bonus (NCB) by not making any claim in a policy year. To make this happen, you should not make claims for small damages and pay them from your pocket. Also, you need to drive responsibly to avoid any accidents.
- Purchase Car/Vehicle Insurance Online:
Online policy purchase brings a lot of difference in comparison to buying a plan through offline mode. Comparing policy quotes online can help policyholders find an affordable plan easily. Also, insurance companies offer policies at economical prices online due to the absence of any agent, etc.
- Install Anti-Theft Devices in Car:
Installation of anti-theft devices not only ensures security to your car from theft, etc., but can reduce the yearly insurance additional premium by around 5 percent. However, different insurers offer discounts only on anti-theft devices certified by the Automotive Research Association of India (ARAI).
- Renew Your Policy On-Time:
With timely renewal of car insurance policy, you can avoid a lapse in the plan which will ultimately save you from getting your car reinspected. It will allow you to avail of the policy at the old rate and avoid the hike in premium.
- NCB Transfer to the New vehicle:
You should transfer the NCB earned by you to your new car insurance policy. You can do so as the NCB is offered to the policyholder and not the car. Hence, it is prudent to retain the NCB benefit with you as it helps you reduce your car insurance premium rate with the new car insurance policy.
What credentials do in need for an online insurance policy?
You need an existing policy number with a Registration Certificate, engine number, and expiry date.
What are the guidelines should I reconcile while comparing quotes?
Background research is necessary to know the trustworthiness of the company, check for the claim settlement ratio of each company. Cross-check IDV was given by insurance companies, higher IDV with lower premium is ideal to buy a policy to claim in unfortunate cases like theft, accidents, etc.
Is a zero depreciation add-on is mandatory?
For new and luxury commercial vehicles up to 5 years, a zero depreciation add-on is advised. The damage cost for new cars is more, the right policy ensures the optimum claim.
Can I generate quotes now and pay the premium next month for the same quote?
No, this is not possible. Insurance quotes may vary depending on the external market factors this may increase or decrease your premium.
Can I avail discount if I opt for one insurer for all my policies?
Yes, the policyholder will get a discount on the insurance policy. Rebate on the premium is given to existing policyholders.
Can I buy an insurance policy for my brand new car?
Yes, for sure! You can purchase the new policy online on Policy Bachat.
What are the advantages of using a Vehicle insurance premium calculator?
The advantages of using a car insurance premium calculator are as follows:
- The whole process of insurance buying online is made simpler and convenient for the policy proposers.
- It helps in drawing comparisons between different premium rates and thereafter choosing the optimum insurance plan based upon your requirements and budget.
- Now, you are no longer required to make decisions in haste and get manipulated at the hands of some insurance agents.