Customers can determine the premium amount due on motor insurance using an online application called a motor insurance premium calculator. Additionally, it facilitates client comparison of insurance policies.
Using a motor insurance premium calculator is a highly effective way to get your vehicle’s best motor insurance policy. You can easily compare the premium costs of several insurance companies with a single click.
Knowing the anticipated premium makes it simple to assess your needs and select the best coverage. Using a motor insurance premium calculator provides the following advantages:
- The insurance process is simplified and clear with the use of an insurance premium calculator.
- You can evaluate competitor premium costs and select the top insurance policy.
- You can see how each factor affects the cost of motor insurance and how adjusting a factor alters the cost of insurance.
- Fraudulent agents that manipulate you into paying a higher premium can be avoided. You may compute the premium and view it for yourself.
Factors That Influence The Cost Of Motor Insurance
The factors listed below have an impact on the cost of motor insurance:
It is a popular belief that those under the age of 25 are more likely to be involved in collisions since most of them lack the self-control to adhere to traffic safety regulations. As a result, insurance companies typically provide policies to clients in this age group at higher premiums.
- Brand and Model
Owners of luxury vehicles must pay a more significant premium for motor insurance than those of more affordable vehicles. In addition, if you drive an SUV instead of a standard car, you may have to pay a higher premium. *
- Location of Residency
Although it may seem unusual, the premium amount changes depending on where you live. Traffic and accidents are common in urban settings. As a result, insurers charge a greater premium for metropolitan areas than semi-urban areas.
- Fuel Source
The premium amount is also based on the fuel your automobile uses. A diesel vehicle has a higher insurance premium than a CNG or petrol car.
A concession on the premium is allowed for car owners who are in the military, work for the government, or are doctors.
As used in insurance terminology, the deductible refers to the cost that the insured will pay out of pocket. The premium is lower, and vice versa if the deductible is higher. *
How Should I Use The Calculator For Motor Insurance Rates?
A premium calculator is an online tool for two-wheeler and motor insurance premiums. You can also use it to determine the motor insurance renewal amount.
You can observe significant disparities in premium prices according to the information you provided. You must provide information about the vehicle’s model, its manufacture and registration dates, its city of residence, any optional coverage you want, and the anticipated start date of the policy for the premium amount to be calculated.
If the vehicle is used, you would need to provide further information, including the fuel type, registration number, current information on your motor insurance policy, and information about a change in ownership.
The motor insurance calculator instantly provides you with the anticipated premium when you enter all of these parameters and click calculate.
Although you can compare different policies using the motor insurance premium calculator, premium is not the only deciding element. When you purchase vehicle insurance, you should also consider the automobile insurance policy’s additional features and advantages. The premium must be in line with the level of protection offered by the policy.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.