Ways to Calculate Car Insurance Premium Online

Posted on: Nov 1, 2023 | | Written by:

Ways to Calculate Car Insurance Premium Online

Published on November 01, 2023. EST READ TIME: 3 minutes

In today's world, owning a car may represent status and convenience, but it also carries the responsibility of securing car insurance , which is mandatory by law in India. Car insurance not only fulfils a legal obligation but also ensures safety for you and your vehicle. Fortunately, the process of how to calculate car insurance premiums has become more accessible due to online tools.

How to calculate car insurance premiums online?

Car Insurance Premium Calculator

Car insurance premium calculators, readily available on insurance company websites, are valuable tools. They allow you to calculate your premium and compare different options. The premium for used and brand-new cars may differ due to IDV in car insurance . To get accurate results, provide essential information like:

For used cars:

• Registration Number

• Car Type

• Ownership Change Details

• Fuel Type

• Previous Claim Reports

For new cars:

• Vehicle Manufacturer

• State of Registration

• Manufacturing Year

• Vehicle Model

• Personal Information

Simple Formula:

You can also calculate your car insurance premium using a basic formula:

Premium = Liability Premium (fixed by the IRDAI) + Own damage premium - (No claim bonus + discounts) + Cost of Add-on.

Conclusion

Calculating your car insurance premium is a crucial step towards securing your vehicle and ensuring financial protection. Using online tools, such as car insurance calculators, or understanding the premium calculation formula, can make this process more accessible.

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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