SBI CAR INSURANCE PREMIUM CALCULATOR

What is a Car Insurance Premium Calculator?

A car insurance premium calculator will help you figure out how much a car insurance policy will cost you. This tool enables you to compare various insurance policies offered by multiple insurers. Just enter a few details about your car and calculate the premium for SBI 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

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.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. 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.

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: 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).

Location: In a big city like Mumbai or Delhi, for example, rising traffic, congested roads, and other factors are common causes of accidents. Insuring a car in a tier 1 city will be more expensive than in a tier 3 city.

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.

Frequently Asked Questions

1. Which addon cover is a must-buy for my new car?

The add-on covers that are highly recommended for brand new and top-end cars are Zero Depreciation cover and Return to Invoice cover. Check premiums for these addons with Quickinsure Premium Calculator today.

2. Why is the SBI General car insurance premium calculator beneficial?

The purpose of a car insurance premium calculator is to help you understand which factors determine your insurance price and how changing these variables affects the calculation of your premium.

3. When is the best time to get my car insurance policy renewed?

The best time to renew the car insurance policy is 45 days before the policy expiry date. It’s not a good idea to let the policy lapse as it might result in increased premiums or loss of previously accumulated insurance benefits.

4. What are add-on covers provided by SBI General Insurance Company?

SBI General Insurance Company provides a variety of add-ons including nil depreciation cover, return to invoice cover, and more. Find out more details about SBI car insurance add-on covers with a detailed article.