What is the car insurance premium calculation formula with or without personal information in online calculator as per the new price list for zero depreciation coverage for yearly, also check what are the factors to consider for car insurance premium calculator…
There is a premium amount set for every Car Insurance brought, and the premium to be paid needs to be calculated and as per your budget plans, you can go ahead to buy a Car Insurance. Buying a car is a status symbol these days and this is a milestone for most in their life, and as you invest a good amount to buy a car, the Car Insurance with a good protection plan needs to be bought to make your investment secure.
In India, as per the law grants it is must to have a Car Insurance for every car running on road, and an insurance plan will save you and your vehicle from any kind of casualties, so make sure you calculate the premium of Car Insurance property to have benefited investment.
What is a Car Insurance Premium Calculator?
Have a look at some points that describe what Car Insurance calculator does and why it is important.
- Car Insurance calculator is a tool that is provided by insurance provider to calculate EMI amount that need to be paid by a policyholder
- Every reputed insurance company does have their own premium calculator
- It helps you get a quote for insurance policy opted and the premium to be paid
- Submit your basic information with insurance plan details to get premium amount
- Can also add accessories into Car Insurance plan and wisely premium will be opted
- Get an insurance cover as per your choice and understanding.
How Car Insurance Premium Calculator works?
The premium to be calculated for your car insurance can be taken from online calculator tools, else you can use this offline formula to calculate, as mentioned, and make sure you calculate the amounts correctly by filling the required details as asked.
Premium = (No claim bonus + Discount) + Liability Premium as Fixed by IRDA + Cost of Add-ons
You can get all these details from your car vehicle papers and insurance provider details, thus which calculate your Car Insurance Premium for that particular year.
Factors of Car Insurance Premium Calculator
These are some basic factors that directly affect a Car Insurance Premium and they must be checked before getting a better insurance plan.
Insured Declared value of Vehicle, Type, Age, Cubic Capacity, Geographical zone, Fuel Type, No Claim Bonus, Anti-Theft Device installation of Vehicle and along with owner details as Age, Gender, Profession, and voluntary deductible.
- How does the IDV of a Car reduce?
The Depreciation value of a car increases by 5% per year up to 5 years of term, and later the Depreciation value needs to be confirmed by an automobile professional to get the correct IDV value.
- Does the Car Insurance Plan Cover Accidents for Passengers?
No, a comprehensive Car Insurance plan will not cover accidental benefits for passengers, and if you do want to add Passenger in the Car Insurance Plan, then extra Add-ons need to be selected for which an amount will be added in your premium.