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Car Insurance Premium Calculator

Owning a car is just not enough, you need to keep aside a small premium towards insuring your car. To know what is your car premium you can make use of the premium calculators. Most of the Insurance companies have made available Premium calculators on their websites which are preformulated. 

Owning a car has been very easy in recent times as there are many options given by banks. Owning a car is just not a status anymore, but a necessity.

While you buy a car, it is a must that you obtain an Insurance policy as this will guard you against any unexpected accidents. Owing an insurance policy for your vehicle is mandatory as per the Indian law. 

Car Insurance premium calculator is a tool provided by the car insurance companies to estimate your car premium. To make life easy most of the car Insurance providers have this tool embedded on their portal which helps the customer to derive and the amount which is payable. 

Using the online tool, you can get the quote immediately and get information on the payments for the same. It makes life hassles free and you can do it by just sitting at home. 

Coverage of Car Insurance

Every insurance policy varies in the coverages they provide. Some of the elementary coverages that your Insurance Policy may cover are

1. Injury while driving: Any sort of claim that leads to bodily injury can be claimed and covered under Third-Party Insurance.

2. Damages to Property: Any sort of damages caused by the driver to the property of the third party, are covered under the mandatory Insurance coverage.

3. Hospitalization coverage: The payments are done to the owner of the policy and the passengers included in the car during the accident.

4. Underinsured coverage: In this coverage, one gets protections from careless driving or a driver who does not have insurance coverage.

What is Car Insurance

The Motor Vehicle Act of 1988, states the mandatory ownership of insurance policy. Every owner who has purchased a car or who owns a car needs to be covered by an insurance policy. 

An car insurance policy keeps the owner of the vehicle, legally free from paying any sort of indemnities to the third party tangled in the accident and who has raised a claim. Right Insurance policy will safeguard you, irrespective of the third-party resulting in any sort of bodily injury, damages to once the property of accidental death. 

This gives one the relief to own a vehicle in India and drive cautiously.

Factors Affects in Car Insurance

Buying insurance online is cheaper than through an agent. This exterminates the time required in discussion and becomes light on your pocket.

To make it more comfortable for one to understand, most insurance companies begin their tie-up with the car manufacturers for instant quotes on the vehicle. In away car owners can purchase the type of insurance he is looking for.

As we know that the insurance is a mandatory factor in India one can opt for a Comprehensive Insurance policy to cover up losses to one’s vehicle. The Third Party only covers the third person leaving behind the policy owner from legal hassles.

To make it more suitable the car Premium is carefully calculated based on the market value of the vehicle. One need not worry as the Premium is calculated based on the type of vehicle, location, model and make. 

Premium Calculation

Cars have turn out to be a requirement with their multiple conveniences. Some use it for their routine and some use for business.

The Insurance Companies aspect into the model of your vehicle or car you look to purchase, at the same time terrestrial position, RTO, IDV you plan to declare and the way you drive is also counted.

Another major factor that can affect your Premium is that of claims raised by the other insurance companies.

Buying Insurance is just not enough but what should be the best coverage is always the issue. Taking a wise call and getting the finest probable coverage is a must. Always look around for the best option as there are numerous policies with different pricing and benefits.

There is various factor that determines the cost of the premium in car insurance.

• Car Type:

The most important factor that determines the value of the premium is the Make, model, showroom price and manufacturing year of the car. Lesser value cars will have a lower premium wherein higher value cars will have a higher premium.

• Riders Age and other factors

Most of the Insurance companies comply to observe the age bracket of the owner. The question that they normally raise is if the rider is experienced. On the general term, the younger generation is quoted with a higher premium than the mid-age.

• Coverage limit

In the event one opts to Reduce the IDV then there are chances of premium going lower than the expected rate. It is advisable to have the IDV set as per the current market value

• Registration City

Yes, the city of registration also plays a key role in the premium of an insurance policy. The metro cities will normally charge you and additional premium. One needs to understand and have clarity before opting to register their vehicle.

• Personal Factor

Not to be partial the women are considered a safe driver hence they pay a lesser premium.

• Engine Capacity or Vehicle type

The higher the cubic capacity of the car, will be higher the premium. The manufacturing year, make and model of the car, place of registration, Additional accessories, modification carried out in the bike, showroom price, etc. play an important role in the calculation of the Premium.

• Coverage Type

Choosing the right type of policy may be only a Third-Party Insurance policy or a Comprehensive car Policy that will factor the cost of the premium.

• Security System

In the event, if your vehicle is installed with a security system than your premium is likely to go higher.

• Customization

One who opts to customize their car insurance may end up paying a higher or lower premium. 

When opting for a car insurance policy one should look at the benefits which are important for a driver rather than opting for the cheaper plans.

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