MAGMA HDI CAR INSURANCE PREMIUM CALCULATOR

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 Magma HDI 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: 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.

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.

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!

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.

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. If your deductible is zero, your insurer will cover the entire claim amount in the event of an accident, but your premium will be higher. 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.

Upgrades and Modifications: If any alterations are done to your car, be it installing a CNG kit or an electronic device, your insurance premium is affected. You need to intimate the insurer about such an alteration as if you don’t inform, your claim may be rejected later. Any modification that increases the risk raises the insurance premium. For example, any change to the engine/mechanics to increase power/ acceleration raises the risk and raises the premium.

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.

Depreciation: Depreciation is the gradual loss of an asset's value due to normal wear and tear over time. As the car grows older, its 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.

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. Can I use a car insurance calculator at the time of renewal of my car insurance policy?

Yes, you can use Quickinsure Car Insurance Premium Calculator for calculating the premium for the renewal of your car insurance policy. You can compare quotations, add or subtract add-on covers and avail your No Claim Bonus discount as well.

2. Does the registration location of the car affect the insurance premium?

Yes, the premium amount is affected by the location. In a big city, rising traffic, congested roads, and other factors are common causes of accidents. ensuring this, liability is more in metro cities. Thus, insuring a car in a tier 1 city will be more expensive than in a tier 3 city.

3.What is the benefit of using a car insurance premium calculator?

Using Quickinsure Car Insurance Premium Calculator helps you understand which factors affect your insurance premium, and how much the policy is going to cost you. It enables you to compare the costs and benefits of various plans available with the insurers.

4. What are add-on covers provided by Magma HDI?

Magma HDI General Insurance provides a variety of add-ons including zero depreciation, return to invoice, key replacement, roadside assistance, and more. Find out more about Magma HDI car insurance add-on covers with a detailed article.