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What is a 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 Edelweiss car insurance policy in a single click.
How To Use a Car Insurance Premium Calculator?
Benefits of Using A Car Insurance Premium Calculator
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.
Choose a Cost-Effective Plan: When you use the premium calculator to get quotes from top insurers for your car insurance, you can choose the most cost-effective plan based on your budget and needs. It allows you to get a fantastic deal. With Quickinsure, this process is easier. Our experts can assist you in selecting the best plan for your needs.
Suitable Premium Plans: The main 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.
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!
NCB Transfer: Transfer the No Claim Bonus you have earned to your new vehicle policy to save more on the premium towards your new car’s insurance policy.
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.
Avoid Small Claims: Avoid making claims for minor damages like scratches, dents and other small damages as you will lose your No Claim Bonus. NCB is a reward that the policyholder gets for each claim-free year. Know more about NCB.
Factors That Affect Your Car Insurance Premium
Depreciation: Depreciation is the gradual loss of an asset's value due to normal wear and tear over time. As the car grows older, it’s value decreases and thus premium also decreases.
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 policy's premium calculated?
The insured declared value (IDV), the car's RTO location, the car's age, modifications, no claim bonus (NCB), anti-theft devices, the engine's cubic capacity, add-on coverage, and other factors all influence the cost of a car insurance policy.
2. What is the most highly recommended add-on cover?
The most significant and preferred insurance coverage is zero depreciation. Know more about zero depreciation cover.
3. When is the best time to get your insurance policy renewed?
The best time to renew the car insurance policy is 45 days before the policy expiry date.
4. How is the IDV calculated for new vehicles?
When you buy a new vehicle and insure it, the IDV is computed based on the car's ex-showroom price.