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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 Go Digit car insurance policy in a single click.
How To Use a Car Insurance Premium Calculator?
Benefits of Using A Car Insurance Premium Calculator
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.
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.
Easy to Use: Customers don’t have to call any insurance agent at home, or talk to an advisor on the phone for hours. The Quickinsure Car Insurance Premium Calculator gives you all the information you need, in just a few clicks.
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
Anti-Theft Equipment: Anti-theft devices in your car reduce the chances of your car being stolen. Thus reducing the insurer’s liability. So, if you have installed anti-theft devices certified by ARAI, you are eligible for a discount on your premiums.
Voluntary Deductibles: Deductibles are the amount paid by the policyholder when making a claim. Increasing your deductibles or opting for voluntary deductibles can help you save money on vehicle insurance. The higher your deductible, the lower your insurance cost will be. If you are confident in your driving abilities or do not drive regularly, a higher deductible may be a smart option for lowering your premiums.
Add-on Covers: There is a wide variety of add-on covers available with insurers. These add-ons come at an added premium. The more the addons, the more the premium. So, make it a point to buy only the ones that fulfill your specific requirements.
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
No Claim Bonus: 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.
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.
1. How can I calculate insurance premiums on my own?
Well, that’s easy. Use Quickinsure Insurance Calculator to calculate your premium for car, two-wheeler, health, travel, and personal accident policy premiums. Just enter a few details and compare quotations from multiple insurers. Calculate now.
2. What is the premium amount based on?
The Insured Declared Value (IDV), RTO location of the Car, age of the car, modifications, No Claim Bonus (NCB), anti-theft devices, engine's cubic capacity, add-on coverage, age of the owner, and other factors all impact the premium for a car insurance policy.
3. When is the ideal time to renew your car insurance policy?
It is not a good idea to let your insurance policy lapse. To avoid losing your previously accumulated insurance benefits, it is always a good idea to renew your car insurance policy at least 45 days before the expiry.
4. What are add-on covers provided by Go Digit?
Go Digit General Insurance provides a variety of add-ons including zero depreciation cover, return to invoice cover, consumables cover, tyre protection cover, and more. Find out more details about Go Digit car insurance add-on covers with a detailed article.