How Vehicle Insurance Premium Calculator is Beneficial?
Third-Party Vehicle Insurance is mandatory in India, however, one should not buy a vehicle insurance policy only due to compulsion. It would be a wise move to know the benefits of a motor vehicle insurance policy to make a prudent decision. Here, you are advised to buy a comprehensive vehicle insurance policy that provides cover against loss/damage caused to a third party & your own vehicle and covers your bodily injury as well.
Now, when you are looking to get vehicle insurance, it is imperative to check out the cost available with different general insurers. The Premium Calculator is the best feasible way to know the exact premium that you need to pay for purchasing the policy.
Benefits of Vehicle Insurance Premium Calculator
You just need to log on to the online portals and fill in the required details such as the registration number of the vehicle, registration year, manufacturer, model & variant, etc. and the vehicle premium calculator will display the insurance policies depending on the inputs you provide.
Premium Calculator is a cost-effective tool, as you don’t have to pay any penny for knowing the premium cost and can compare plans online.
It also saves you time, as you can calculate the vehicle premium in just a few minutes. You can also use a commercial motor vehicle insurance premium calculator to compute the insurance premium for your commercial vehicle.
Parameters on which Vehicle Premium Calculator Works
Vehicle Insurance Insurance Calculator calculates premiums on the basis of the following parameters.
- Registration Number: The registration Number is the first input that you need to provide for calculating the premium for vehicle insurance. for your comfort just click here ? Insurance
- Registration Year: The year of Registration/age of the vehicle plays a key role in determining the premium amount. The older the vehicle, the less the IDV, and the lower the premium. As your vehicle is getting older, the company will put higher depreciation and you can claim vehicle damages for a lesser amount.
- Type of Insurance Cover: The vehicle insurance premium calculator also considers whether you are choosing a third party or a comprehensive insurance cover. Choosing a third-party cover will cost you less, as it covers losses for a third party caused by your fault. However, it is advisable to opt for comprehensive cover, as it covers loss/damage for both third-party and own damage.
- Geographical location: The location where your vehicle is registered, is also considered for calculating the premium amount. If your vehicle has zonal registration A (major metro cities), you have to pay a higher premium than Zone B (rest of India). Zone A cities carrying higher risk due to higher theft incidents and higher traffic that lead to accidents are, therefore, charged with a higher premium.
- Manufacturer, Model & Variant: You also need to provide details for Vehicle Make, Model & Variant. High-end cars such as Audi are insured at a higher price in comparison to budget cars such as Alto and Santro. For ensuring SUVs, you also need to pay higher premiums. When insuring commercial vehicles, you also need to pay higher premiums.
- Fuel Type: While calculating premium, you also need to provide input on whether you are using a petrol, diesel, or CNG/LPG-based vehicle. You have to pay Diesel and CNG/LPG-based vehicles Premium a higher than petrol-based vehicles.
- No Claim Bonus (NCB): If you have a claim-free year, you can receive a No Claim Bonus benefit that can provide you the discounted premium rates in the following year. The accumulated NCB can lower the cost
Vehicle Insurance Premium Calculator helps you know the exact premium amount that you need to pay. You just need to provide some details regarding your vehicle and the premium calculator will display the premium amount within a few seconds. Here, you only need to choose the best policy that suits your need and budget.