What is a Cholamandalam MS Car Insurance Premium Calculator?

A car insurance premium calculator can help you figure out how much a car insurance policy will cost you. This digital tool enables you to compare different insurance policies offered by various insurers. Just enter a few details about your car and calculate the premium for Cholamandalam MS car insurance policy in a single click.

How To Use a Car Insurance Premium Calculator?

  1. Enter car details such as model, fuel type, and registration details as per the registration certificate (RC)
  2. Enter the previous year’s policy details and claim details (if any)
  3. Select the add-ons of your choice (if applicable)
  4. Car insurance premium calculator will now display quotations from multiple insurers
  5. Compare premiums and benefits of the displayed plans and select the best fit
  6. Calculate Now

Benefits of Using A Car Insurance Premium Calculator

Suitable Premium Plans: Themain aim of buying an insurance policy is to get the best coverage at the most affordable premium. The premium calculator helps you to select the best plan according to your needs with premiums that suit your pockets.

Best IDV- IDV value helps to determine the correct compensation amount for your vehicle, it is essentially the market value of your car which serves as the claim settlement amount in the event of theft or total loss of the vehicle. The premium calculator calculates the correct IDV for your car depending on its make, model, and age. Know more about IDV.

Easy, Quick, and Paperless: Car Insurance Calculator is quick, simple, and requires no math. The tool is fully digital and does not require any paperwork.

Cost of Add-on Covers: Add-ons help to enhance your policy coverage. Selecting the right set of add-ons helps you get added benefits. The premium calculator helps to analyze how the selection of different add-ons will affect the premium amount.

Tips To Reduce Car Insurance Premiums

Compare Plans: Always compare the benefits and premiums offered by multiple insurers before buying insurance. You can compare vehicle insurance premiums from numerous insurers with Quickinsure and choose the best coverage for you. Experts at Quickinsure can help you understand the benefits of all plans and select the best coverage. Get in touch with us today!

Timely Renewals: Renewing your car insurance policy on time saves you a lot of hassle. If you don’t renew on time, you might risk losing your accumulated No Claim Bonus.

Buy Online: When you buy insurance online, you can compare plans from various insurers to choose the most cost-effective plan.The icing on the cake? It is easy, fast, and paperless!

Anti-Theft Equipment: Anti-theft devices in your car reduce the chances of your car being stolen. This reduces the insurer’s liability. So, if you have installed anti-theft devices certified by the Automotive Research Association of India (ARAI), you are eligible for a discount on your premiums.

Factors That Affect Your Car Insurance Premium

No Claim Bonus: If you are purchasing auto insurance for the first time, your driving history will have no bearing. For people who have filed a car insurance claim against their policy, the cost of car insurance will rise. However, if the policyholder has never filed a claim before, he or she will be eligible for a discount known as the No Claim Bonus (NCB). This discount is cumulative, increasing with each claim-free year. NCB can reach and stay up to a 50% discount on the car insurance premium and drops to zero when a claim is raised.

IDV: IDV is the current market value of the car. The value decreases every year due to depreciation. The older the car, the less the value of the car. This means that insuring an old vehicle will be less expensive than insuring a new vehicle.

Model: Premiums towards insuring luxury cars are higher compared to budget cars. This is due to the higher cost of repairing or replacing parts in luxury or high-end vehicles. As a result, car insurance premiums for luxury or high-end vehicles are higher.

Cubic Capacity: The higher the engine’s cubic capacity, the higher the risk to the insurer. So, the premium for cars with higher cubic capacity tends to be on the higher side.

Frequently Asked Questions

1. How is the car insurance policy premium determined?

The Insured Declared Value (IDV), RTO location, age of the car, No Claim Bonus (NCB), anti-theft devices, engine's cubic capacity, and add-on coverage all impact the premium of a car insurance policy.

2. What is NCB in bike insurance?

The term ‘No Claim Bonus’ refers to a bonus rewarded to customers that do not make any claim in the policy term. This acts as a discount on next year’s policy.

3. When is the ideal time to renew your car insurance policy?

To safeguard your interests, it is always a good idea to renew your car insurance policy at least 45 days before the expiry. It is not a good idea to let your insurance policy lapse. This is because if your insurance plan expires, you may lose all of your previously accumulated insurance benefits.

4. What are add-on covers provided by Chola MS?

Cholamandalam MS General Insurance Company provides a range of addons including zero depreciation, EMI cover, consumables cover, hydrostatic lock cover, and more. Find out more details about Cholamandalam MS car insurance add-on covers with a detailed article.


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