Premiums of car insurance policies depend on the type of policy you choose to buy. If you choose only a third party liability policy, the premiums are determined by the Insurance Regulatory and Development Authority of India (IRDAI). These premium rates are fixed across all insurance companies. However, if you select comprehensive coverage policies, the premiums are calculated by the insurance companies based on their pricing principles. Premiums of comprehensive policies, therefore, vary across different insurers. In such a case, how can you make sure that your car insurance policy’s premium is the best rate?
This can be done through online car insurance calculators. These calculators help you in calculating the premium of your car insurance policy before you buy the policy. As such, you can get an estimate of the premium which is charged by different companies before you decide to buy the policy. Here are some of the salient features of car insurance calculators –
Car insurance calculators are available online on the websites of insurance companies and also on other online platforms which sell insurance. For instance, online brokers and online insurance aggregators have their car insurance premium calculators. You can use any calculator to calculate the premium of your car insurance policy. You should, however, remember that calculators of insurance companies would calculate premiums of the company’s insurance policy only. On the contrary, calculators offered by brokers and aggregators calculate premiums of different companies at once.
- Basis of premium calculation
Online car insurance calculators calculate premiums on the basis of the car’s details which you provide. The third party premium is already fixed and unchangeable. The own damage premium, on the other hand, is influenced by the car’s age, make, mode and variant, Insured Declared Value, the add-ons selected, the place of registration and other relevant details. Only after the details are provided does the calculator calculate the applicable premium rates.
- Facility to buy the policy directly
Online car insurance calculators also provide you the facility of buying the car insurance policy directly after the premium calculation is complete. You just have to click the purchase button, review your policy details, pay the applicable premium online and buy the policy online in an instant. These calculators are, therefore, linked to the car insurance purchase page of the websites on which they are offered.
- The calculators are flexible
The premiums calculated for the car insurance policy are not rigid, they are flexible. You can opt for add-on covers which are required and the premiums increase depending on the add-ons selected. Similarly, you can opt for the applicable discounts and reduce the premium calculated. Thus, online car insurance calculators are customisable and flexible.
Essentials of using car insurance calculators
- Opt for calculators offered by insurance aggregators and online brokers. You would be able to generate premium quotes of different car insurance companies at once. This would help you in comparing the different plans available and then buy the best plan suitable to your coverage requirements and financial affordability.
- Always provide the correct details of your car to know the exact amount of premium which would be charged. The registration number of the car is the most important requirement for the calculator. If you are not sure of the number, find out the number first or provide the registration details to correctly calculate the premium rates.
Easy ways to use car insurance calculators
Here are some tips which would help you to use the online car insurance calculators easily –
- Calculators ask for your personal information. Provide correct information so that the representatives of the online platform might contact you and help you with your car insurance purchases.
- Choose an insurance premium calculator of a reputed and a reliable website. Your premium calculations would be exact and even if you buy the policy through the same website, the online payment gateways would be safe and secured. Coverfox.com is one such online platform which a enjoys good reputation and allows you to calculate the premiums easily before buying the plan. You can, therefore, choose Coverfox for your car insurance purchases.
If you use these tips, the whole process of calculating car insurance premiums and then buying a policy would become quite easy. Understand the features of the calculator as well to know how to use them.