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Benefits of Using a Car Insurance Calculator

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There are several benefits of using a car insurance calculator and estimating the cost of the policy is one of its main advantages. From being able to choose the perfect coverage to making a budget, the premium calculator proves to be very helpful. Take a look at this article to learn more about the features, uses and benefits of this handy online tool and understand why you must use it each time you buy or renew your car insurance policy.

Understand a car insurance calculator

Let us begin by understanding a car insurance calculator. A car insurance calculator is a free, online tool that enables you to check the car insurance price before you buy the plan. This is helpful as you get to see whether or not the expense is suitable. If you feel the policy is too expensive, you can look for a different coverage, and if you feel it is appropriate, you can make a purchase right away. You can find the car insurance calculator on your insurer’s website. Leading motor insurance providers in India like HDFC Ergo have highly advanced websites that have all the relevant resources, including the all-important car insurance calculators.

Benefits of car insurance calculators

Now, let us move on to the benefits of using the free, online calculator to understand your motor insurance liability:

1. Money allotment

As mentioned above, the most common reason for using a car insurance calculator is to find out the cost of the chosen motor insurance plan. This is helpful as you can make a budget and allot the required sum of money for motor insurance. It helps to have a proper budget in place, as then you will know what to pay and when. Not only will this prevent you from missing your premium payments, but it will also keep your vehicle safe and protected at all times, which is highly beneficial.

2. Quick and easy

Online calculators and very convenient and totally hassle-free. This makes them highly beneficial. All you have to do is visit your insurer’s website, locate the car insurance calculator and enter your details such as your name, phone number, vehicle details, insurance details and so on. Once that is done, you will see the coverage options. You can choose the plan that matches your needs and also make a purchase then and there. You do not need to pay any extra money for using this tool and it is available at the click of a button, 24/7. Use it at your convenience and experience many cool and advanced benefits.

3. Easy to customise

Often, comprehensive car insurance policies are customised. From adding riders such as the engine protection rider and the roadside assistance rider, to altering the policy term, you can do many things to have a tailor-made policy, perfectly suitable for your needs. However, the tweaks to the basic policy can alter its price. Using a car insurance calculator can help you to understand the impact of these changes on your finances. You can use the calculator to add or subtract features and see how each change is impacting the cost. This is an excellent way to decide upon the perfect coverage, before making a financial commitment.

As you can see, there are some very handy benefits of using a car insurance calculator. So, the next time you buy or renew motor insurance, do not forget to give this useful online tool a quick try.

Points to remember when using a car insurance calculator

While modern-day tools such as car insurance calculators prove to be handy, there are some limitations that you must be aware of when using them. These include:

1. Only for comprehensive plans

A very important point to remember when using a car insurance calculator is that this tool only works for comprehensive motor insurance plans. As you know, the third-party insurance prices are fixed by the IRDAI authorities. Third-party motor insurance is a standard coverage that offers only basic protection. You cannot customise a third-party plan, hence the price is always fixed. You can, however, customise a comprehensive plan. When you do so, the cost changes so using a car insurance calculator proves to be very helpful.

2. Not for purchasing

A car insurance calculator is not a purchasing platform. It is only used to calculate the cost of the policy. Once that is done, you have to proceed to the next step, which includes making the payment. Advanced websites such as the HDFC Ergo website make it easy for you to proceed from the calculator to the purchasing platform and you can do so effortlessly.

3. Don't just see the price

Last but not least, do not make your judgement of buying car insurance solely based on the prices you find on a car insurance calculator. Remember, the least expensive plan may not be the best one. To find perfect coverage, do your research about the insurance provider as well. Get your plan from an insurer like HDFC Ergo that offers healthy claim settlements, has a good customer support team and also enjoys a positive reputation in the industry. You must try to get a plan that is pocket-friendly, but will also deliver when you need it to do so.

Keep these logical points in mind when you use a car insurance calculator to find your ideal policy and you will surely find the best option.

Conclusion

Now that you know more about a car insurance calculator, go ahead and use it to understand your motor insurance liabilities. Always remember to choose a plan that’s comprehensive, yet affordable. Unless you can comfortably pay the premium on time, the plan won't deliver for you. If you choose a cover that is too expensive, you may struggle to clear the dues and lose your entire coverage. Hence, use the calculator to find a reasonable car insurance price that would give you the protection you need and also keep your finances in check. Thankfully, there are plenty of these tools available for use online, so make the most of the facility.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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