Car Insurance Premium Calculator
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Note: The above data is till 30th Sep, 2024
What is car insurance premium calculator?
A car insurance premium calculator is an online tool that helps you estimate the cost of your car insurance policy. This calculator enables you to determine the premium amount for different types of car insurance plans, including third-party and comprehensive policies. By using the car insurance premium calculator, you can compare multiple car insurance options offered by Zurich Kotak General Insurance and select the best car insurance policy that fits your needs.
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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) |
Personal Accident Cover | 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 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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How is car insurance premium calculated?
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.
Details Required for Calculating Insurance Premium For your Car
To accurately calculate your car insurance premium, the following details are required:
1. Vehicle Information:
a. Registration number: To identify your vehicle.
b. Make, model, and variant: To determine the specific details of your car.
c. Fuel type: Whether your car is petrol, diesel, or electric.
d. Engine capacity: Measured in cubic centimeters (cc), this helps determine the risk involved.
e. Year of manufacture: The age of your car can influence the premium.
f. Registration city: The location of your car’s registration may affect the premium.
2. Personal Information:
a. Mobile number and email address: These are needed to send you your premium quote.
3. Previous Insurance Details:
a. No claim bonus (NCB): If you have a claim-free history, you may receive a discount.
b. Previous policy details: If you have previous insurance, the insurer’s name and policy period may be required.
4. Add-on covers:
a. 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)
A car insurance calculator is an online tool that helps you estimate the premium for your vehicle's car insurance policy based on factors like coverage type, vehicle details, and add-ons.
The car insurance premium calculator takes inputs such as your car's make, model, age, and coverage preferences to generate an estimated premium amount instantly.
Yes, most car insurance calculators, including the one offered by Zurich Kotak General Insurance, are free to use.
Yes, the car insurance calculator can be used to estimate premiums for both new and used cars.
Yes, if you have a No Claim Bonus, the car insurance calculator will factor it in to give you a lower premium estimate.
The premium estimated by the car insurance calculator is an approximation. The final premium may vary based on the insurer’s assessment and additional policy terms.
You can reduce your car insurance premium by maintaining a No Claim Bonus (NCB), installing an anti-theft device, opting for voluntary deductibles, and purchasing your policy online.
Key factors include the car’s make and model, Insured Declared Value (IDV), policy coverage, No Claim Bonus (NCB), and add-ons selected.
Yes, after using the car insurance calculator to determine your premium, you can proceed to purchase the policy online seamlessly.
It is recommended to use a car insurance calculator whenever you buy or renew a policy to find the best premium rates.