Car Insurance Premium Calculator
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What is car insurance premium calculator?
A car insurance premium calculator is an online tool that helps estimate how much you need to pay for your car insurance policy before buying or renewing it. It calculates the premium based on vehicle details, coverage type, add-ons, and applicable discounts.
By entering basic information such as your car’s registration details, fuel type, location, and claim history, the calculator provides instant and transparent premium estimates. This allows you to compare options, adjust coverage, and understand pricing clearly before you buy car insurance online or proceed with motor insurance renewal.
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How is Car Insurance Premium Calculated?
Using this simple formula, you can better understand the calculation of car insurance premiums.
Premium = Own Damage Premium - (No claim bonus + discounts) + Liability Premium as Fixed by the IRDAI + Cost of Add-ons
The following is a sample car insurance calculation for your reference
Year of Manufacture | 2012 | Comprehensive Policy with NCB (all values in Rupees) |
|---|---|---|
Ex Showroom Price | 4,16,000 (X) | |
Depreciation Percentage | 20% * X | Rs.83,200 (Y) |
Insured Declared Value (IDV) | 3,32,800 (X - Y) | Rs.3,32,800 (Z) |
Own Damage Premium | 1.970% | Rs.6,556 (A) |
NCB discounts | 20% * A | Rs.1,311 (B) |
Total OD Premium | 5,425 (A - B) | Rs.5,245 (C) |
100 (D) | ||
Legal Liability Paid to driver | 50 (E) | |
Compulsory Third Party Cover | 1,110 (F) | |
Net Premium | 6,505 (C + D + E + F) | Rs.6,505 (G) |
GST @ 18% | 18% * G | Rs.1,171 (H) |
Total premium | 7,676 (G + H) | Rs.7,676 |
Third-Party Liability Premium Rates (1-Year Policy)
Third-party car insurance is mandatory under the Motor Vehicles Act. The premium for a 1-year third-party policy varies based on the engine capacity of the vehicle.
Long-Term Third-Party Liability Premium Rates (3-Year Policy)
For new cars, a long-term third-party car insurance policy (3 years) is compulsory. The premium depends on the car’s engine capacity and is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
By using the car insurance calculator provided by Zurich Kotak General Insurance, you can get a quick and accurate estimate of your car insurance premium, helping you make an informed decision about your vehicle’s protection.
How to Calculate New Car Insurance Premium?
For a new car, the insurance premium is calculated using the vehicle’s invoice value, engine capacity, fuel type, and registration city. The Insured Declared Value (IDV) is set close to the car’s market price, which directly impacts the premium.
You can calculate the premium by entering dealer invoice details, selecting a comprehensive or third-party policy, choosing add-ons such as zero depreciation, and applying any discounts. Online calculators help you view accurate vehicle insurance quotes instantly.
How to Calculate Car Insurance Premium for Old and Used Cars?
For used or older cars, the premium is calculated based on the vehicle's depreciated market value. The car’s age, model, registration location, claim history, and No Claim Bonus (NCB) play a key role.
If the policy has expired, a vehicle inspection may be required before the premium calculation. Online premium calculators factor in depreciation slabs and NCB to give accurate estimates for vehicle insurance renewal or ownership transfer.
How to Reduce Car Insurance Premiums?
You can reduce your car insurance premium by choosing a realistic IDV, retaining NCB through claim-free years, and opting for voluntary deductibles if affordable. Installing approved anti-theft devices also helps lower premiums.
Avoid unnecessary add-ons and raise claims only when financially justified. Renewing your policy on time and using online vehicle insurance platforms often unlocks additional discounts.
Car insurance add-ons available
Car insurance add-ons allow you to enhance protection beyond the standard policy by covering specific costs that are otherwise excluded during claim settlement. Zurich Kotak offers a range of add-ons that can be selected based on your car’s usage, conditi
Depreciation cover
Ensures full claim payout for replaced parts without applying depreciation deductions, helping maximise settlement amounts for approved claims.
Engine Protect
Covers repair or replacement costs for engine and gearbox damage caused by water ingression, oil leakage, or sudden mechanical failures.
Consumables Cover
Covers the cost of consumable items such as lubricants, engine oil, brake fluid, nuts, bolts, filters, and similar parts used during claim-related repairs.
Roadside Assistance
Provides 24×7 assistance across India, including towing, battery jump-starts, emergency fuel delivery, flat-tyre support, and minor on-the-spot repairs.
Return to Invoice add-on
Reimburses the difference between the original invoice value and the Insured Declared Value (IDV) in case of total loss or theft.
Loss of Personal Belongings add-on
Provides reimbursement for personal items stolen or damaged from the insured vehicle during a covered incident, subject to policy limits.
Tyre Protect
Covers repair or replacement costs for tyres and tubes damaged due to accidents or road hazards, excluding normal wear and tear.
Clutch Protect
Covers the repair or replacement of the clutch assembly and related components damaged due to clutch burn.
Key Replacement
Covers the cost of replacing lost or stolen car keys, including associated locking system expenses where applicable.
How to use car insurance premium calculator online?
To use the car insurance premium calculator online with Zurich Kotak General Insurance, follow these steps:
Visit the website: Go to the Zurich Kotak General Insurance website and navigate to the Car Insurance Calculator section.
Enter your vehicle details:
a. Input your car's registration number.
b. Select the make, model, and variant of your car.
c. Specify the fuel type (petrol, diesel, or electric).
d. Enter your car's engine capacity in cc.
e. Provide the year your car was manufactured.
Choose the city where your car is registered.
Provide your personal details: Enter your mobile number and email address.
Select add-ons: Choose any additional coverage options like depreciation cover, roadside assistance, or engine protect.
Enter previous insurance details: If applicable, provide details of any no-claim bonus or information about your previous insurer.
Get your quote: After entering all the required information, click on the "Get Quote" button to view your premium estimate.
Benefits of car insurance premium calculator
Estimation of Premium
A car insurance premium calculator provides a precise estimate of your car insurance premium. This eliminates any guesswork and allows you to budget effectively.
New and Old Car Insurance
Whether you are buying a new car insurance policy or renewing an old one, the calculator helps determine the premium for both cases. It ensures you choose the right plan for your new or used vehicle.
Choose the Right Add-Ons
By using a car insurance premium calculator, you can explore various add-ons, such as depreciation cover, roadside assistance, and engine protect, and see how they impact your car insurance premium.
Make an Informed Choice
A car insurance calculator enables you to compare different policies, making it easier to select the best car insurance plan that offers maximum benefits at an affordable cost.
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Details Required for Calculating Insurance Premium For your Car
The car insurance premium is calculated based on several factors, including the type of vehicle, coverage opted for, and additional add-ons.
The car insurance calculator considers elements like Insured Declared Value (IDV), No Claim Bonus (NCB), and policy tenure to provide an accurate estimate. It helps policyholders make informed decisions regarding their car insurance expenses.
To accurately calculate your car insurance premium, the following details are required:
1. Vehicle Information:
Registration number: To identify your vehicle.
Make, model, and variant: To determine the specific details of your car.
Fuel type: Whether your car is petrol, diesel, or electric.
Engine capacity: Measured in cubic centimeters (cc), this helps determine the risk involved.
Year of manufacture: The age of your car can influence the premium.
Registration city: The location of your car’s registration may affect the premium.
2. Personal Information:
Mobile number and email address: These are needed to send you your premium quote.
3. Previous Insurance Details:
No claim bonus (NCB): If you have a claim-free history, you may receive a discount.
Previous policy details: If you have previous insurance, the insurer’s name and policy period may be required.
4. Add-on covers:
If you wish to add additional coverage, such as depreciation cover, roadside assistance, or engine protect, these options will influence your premium calculation.
By providing accurate and complete information, you will receive an accurate premium estimate through the online calculator.
Factors affecting car insurance premium
Understand the key factors that affect your four-wheeler insurance premiums
Tips to reduce car insurance premium
Learn some savvy tips to avoid actions that raise your car insurance costs
Do Not Raise Small Claims: Avoid making small claims to retain your No Claim Bonus (NCB), which helps lower your car insurance premium in the long run.
Transfer Your No-Claim Bonus (NCB): If you are switching insurers, ensure your NCB is transferred to reduce the car insurance premium on your new policy.
Renew Your Policy on Time: Timely renewal of your car insurance policy prevents policy lapse and helps maintain lower premiums.
Install an Anti-Theft Device: Installing an anti-theft device approved by the Automotive Research Association of India (ARAI) qualifies you for a discount on your car insurance premium.
Avoid Modifying Your Car: Modifications can increase the car insurance premium. Stick to the original specifications to keep your policy cost down.
Buy Car Insurance Online: Purchasing car insurance online allows you to avail discounts, and save on policy costs.
Zurich Kotak General Insurance cashless network garages
Our cashless network garages makes roadside assistance a sleek experience at the time of uncertainty
Buying a car insurance gives access to cashless network garages which provides convenience and hassle-free car repairs covered by Zurich Kotak General Insurance without the need for upfront payment.
Important Car Insurance Terminologies
There's always more to know about Car Insurance
The Insured Declared Value (IDV) is the insurer's maximum coverage for a vehicle during a policy period. It is calculated using the vehicle's selling price and depreciation, and serves as compensation in case of total loss.
The No Claim Bonus is the discount on the own damage portion on the premium offered to the policyholder from the car insurance company for responsible driving and not filing damage claims during the preceding policy year.
Zero Depreciation Cover is an add-on wherein the entire claim amount is settled by the car insurance company without factoring in depreciation value of the parts of the insured car, in case of a partial loss. This cover is applicable to vehicles that are less than 5 years old.
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Car insurance calculator - Frequently Asked Questions (FAQs)
Vehicle insurance is calculated based on factors such as IDV, vehicle age, location, fuel type, policy type, add-ons, and NCB. Online premium calculators combine these inputs to generate accurate quotes instantly.
Insurance for an INR 14 lakh car depends on the policy type and add-ons. A comprehensive policy may cost more due to a higher IDV, while third-party insurance remains fixed at IRDAI rates.
The basic premium includes third-party liability charges and own-damage premium before add-ons, GST, and discounts such as NCB or voluntary deductible benefits.
Yes. Premiums vary based on car model, engine capacity, fuel type, and repair costs. High-end or premium models usually attract higher insurance rates.
The calculator provides instant premium estimates by factoring in vehicle details, location, coverage type, add-ons, and discounts, helping you make informed decisions.
Pre-inspection fees are not fixed nationwide and may vary by insurer. Inspections are usually required when renewing an expired motor insurance policy.
Most insurers require full payment of the premium upfront. Instalment options may be available through third-party payment partners or credit card EMI facilities.
Yes. Cars registered in metro cities like Mumbai attract higher premiums due to increased accident and theft risk.
Coverage scope, claim support, cashless garages, and add-on availability are equally important. A cheaper policy may lead to higher expenses during claims.
The best time is before expiry. Timely motor insurance online renewal helps retain NCB and avoids inspection or higher premiums.
Yes. You can switch insurers during renewal and transfer your NCB, provided there is no break in coverage.
Yes. Non-declared modifications can increase premiums or lead to claim rejection. Always inform the insurer about changes.
For small repairs, it may be better to pay out of pocket to protect your NCB and reduce future premiums.
Renewal premiums depend on updated IDV, claim history, NCB eligibility, add-ons, and vehicle age
Yes. NCB, voluntary deductibles, anti-theft devices, and online purchase discounts help reduce premiums.
A voluntary excess is the amount you agree to pay during claims. Choosing a higher excess lowers the premium.
Use an online car insurance premium calculator to view exact payable amounts before purchase or renewal.
Yes. Premium calculators can be used for both motor insurance renewal and new policy purchases.
IDV, NCB, vehicle age, add-ons, deductibles, location, and claim history influence premiums.
You need the registration number, car model, fuel type, location, previous insurer details, and claim history. The same calculator can be used for both new and used cars.