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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 United Indiacar insurance policy in a single click.
How To Use 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.
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.
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 willaffect the premium amount.
Tips To Reduce Car Insurance Premiums
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.
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.
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.
Factors That Affect Your Car Insurance Premium
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.
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, 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.
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 premiumof a car insurance policy.
2. Does United India offer a No Claim Bonus?
Yes, United India car insurance offers a No Claim Bonus on the renewal of the policy. The company offers NCB in the range of 20% to 50%.
3. Do I have to purchase my SAOD car insurance and third-party car insurance from the same insurance company?
No, you can get a stand-alone own-damage (SAOD) car insurance coverage from the same or a different insurance carrier; the choice is yours.
4. Is Personal Accident (CPA) coverage included in stand-alone own damage coverage?
All car owners must have personal accident insurance. You can choose it while purchasing your own damage car insurance, but make sure to check your third-party coverage to see if you previously selected this option.