What is Car Insurance Premium Calculator?
Car insurance premium calculator is a dynamic tool provided, online, by car insurance companies. Get started with top 10 car insurance premium calculator online.
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- Almost every reputed motor insurance company has an car insurance premium calculator on their official portal
- With the help of the car insurance premium calculator, customers can get a quote for their car insurance policy and the premium amount they need to pay for the same.
- You have to visit the ‘car insurance calculator’ page and fill in some basic information about yourself like the policyholder’s name, contact details and address, followed by some standard details about the insured/to be insured car. These details are – car manufacturer’s name, model number of the car, manufacturing year, car sub-type (if any), fuel type and registration date.
- Some companies also give you an option of selecting if you want to insure the accessories installed inside the car.
- After you have filled the details correctly, just click on the ‘calculate premium’ button and you will immediately get the quote.
- After this, you also get an option to get more information and payment option to buy car insurance of your choice.
What are the benefits of a Car Insurance Premium Calculator?
Now that we know what a car insurance premium calculator is, let us find out why it is worth a try:
- Using a car insurance calculator helps you evaluate your insurance needs, which makes it easy to select the best policy that covers all the requirements.
- It is an easy and efficient way to compare premium rates of a variety of plans with various features for your vehicle.
- The process of purchasing a policy becomes unbiased as you don’t have to be under the influence of an agent/broker, and are free to make your own choice.
- By using a car insurance calculator, You get accurate information about the premium amount you’ll be paying for a particular policy.
- You can also understand the way premium rates change with a change in variables.
How to use Car Insurance Premium Calculator?
Any online car insurance calculator will ask you for basic details of your car such as the make and model, registration number, manufacture date etc to calculate the premium.
However, you also need to know about the following factors that affect the premium value:
- Insured Declared Value or IDV of the Vehicle This is one of the most important factors that has an impact on the premium for your car. IDV is the sum insured for the vehicle that is finalized by the insurer. In simple terms, it the current value of the vehicle as per market.
- Cubic Capacity (CC) of the Vehicle The engine power of your vehicle is directly proportional to your car insurance premium.
- No Claim bonus (NCB) You can save up to 50% on the Own Damage premium if you have a No Claim Bonus feature in your car policy.
- Additional Discounts Installing anti-theft devices in your car or becoming a member of the Automobile Association of India (AAI) can considerably reduce your automobile insurance premium too.
- Car Accessories Any modifications to the vehicle will add an extra amount to your insurance premium.
So you have understood very well, What is car insurance premium calculator? and the benefits to use car insurance premium calculator, so take 10 Minutes to Get Started With car insurance premium calculator[Top 10 List].
1. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.
Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.
As on 31st March 2017, Bajaj Allianz continues to be one of the most financially robust insurers in the industry by maintaining its growth as well as profitability. The company has made a profit before tax of Rs. 1,078 crore and emerged as the most profitable insurer recording a profit after tax of Rs. 728 crore. The company reported a GWP of Rs. 7,687 crore, which has grown by 30.3% compared to the last fiscal year.
Car Insurance Premium Calculator.
HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company is a 51:49 joint venture between the Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution, and ERGO International AG the primary insurance entity of the Munich Re Group of Germany. The Company marked the first merger in the General Insurance sector in August 2017, with IRDAI’s approval for the merger of HDFC ERGO General Insurance Co. Ltd. with HDFC General Insurance Ltd. (formerly Known as L&T General Insurance Co. Ltd.), and the merged entity, known as HDFC ERGO General Insurance Co. Ltd., is the third largest General Insurance provider in the private sector.
HDFC ERGO offers products like Motor, Health, Travel, Home and Personal Accident Insurance in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space through its vast network of 122 branches which is spread across 106 cities and a wide distribution network.
HDFC ERGO has launched several technologically innovative solutions, offering customers an enhanced service experience, like the Insurance Portfolio Organiser (IPO) App, the IPO App on the Apple Watch, the Overnight Vehicle Repairs service, Motor Self-Inspection App and the HDFC ERGO Community – https://community.hdfcergo.com/. With a paradigm shift in customer engagement because of new technology innovations, the Company has enabled newer platforms for customers to engage and interact with the company like DIA, the AI-enabled chatbot service made available on the Company’s website, Amazon Alexa and Google Assistant.
HDFC ERGO has left no stone unturned in providing customer service, as the Company follows a 30 minute turn-around-time (TAT) for the processing of pre-authorised cashless Health Insurance Claims and a 15 minute TAT to process pre-authorised cashless Motor Insurance claims.
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