Your Guide To A Car Insurance Premium Calculator

By BankBazaar | April 28, 2016

Your Guide To A Car Insurance Premium Calculator

Design Credits: Vishnu Madhav

Looking for Car Insurance but dreading the thought of comparing policies? Well, it needn’t be a task. With the help of a Car Insurance premium calculator all you have to do is punch in a few details and voila, you have a list of offers to choose from, plus you’ll be able to compare policy features and premiums. Here’s what you need to know when using a Car Insurance premium calculator.

What is a Car Insurance Premium Calculator?   

A Car Insurance premium calculator is a handy online tool that will give you an idea about the premium you will need to pay on your Car Insurance policy.  Using a Car Insurance premium calculator makes it simple to find out the exact premium that you need to pay for your Car Insurance. All you need to do is, key in a few details about your vehicle and let the calculator do the rest for you.

What is a Car Insurance premium?

A Car Insurance premium is the total amount that you pay for your Car Insurance policy. The premium for Car Insurance is usually paid annually.

How is a Car Insurance premium calculated?

You can use this formula to understand how your Car Insurance premium is calculated.

Premium =Own Damage Premium – (No Claim Bonus + discounts) + liability premium.

What Factors Affect the Car Insurance Price?

Your Car Insurance premium depends on these factors:

  • Insured Declared Value (IDV) – This is the maximum amount that you can claim for any damage to your vehicle.
  • Type & Age of the Vehicle – Based on the age of your vehicle, the depreciation varies from 5% – 50% of the ex-showroom price.
  • Engine Capacity – The higher the cubic capacity of your car, the higher the premium.
  • Geographical Zone – Which geographical zone was your car purchased in? This has an impact on the insurance premium as well.

Additional Reading: Car Insurance Terms You Must Know

How Does A Car Insurance Premium Calculator Work?

Are you ready to find out your Car Insurance premium?

  • To begin, check out our Car Insurance Premium calculator.
  • Select the type of Car Insurance you are looking for – do you want to renew your Car Insurance or get insurance for a new car?
  • If you are looking to renew your Car Insurance, choose when your existing insurance is due to lapse.
  • Choose the type of car you own.
  • Choose the fuel that powers your car.
  • Select the variant of your vehicle.
  • Tell us where your car was registered. What are the first four letters / numbers of the registration number?
  • Enter your name, mobile number and your e-mail address.

Now you’re ready to check the premium on your Car Insurance. It’s really that simple!

Want to try our Car Insurance premium calculator and get your car insured? Click on the link below.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
Category: Car Insurance Yahoo

About Dheeraj Kapoor

BankBazaar is the world's first neutral online marketplace for instant customised rate quotes on Loans, Credit Cards, Insurance and Investment products. Shop for financial products just like you buy everything else now - online.

2 thoughts on “Your Guide To A Car Insurance Premium Calculator

  1. Satyen

    Some companies also give you an option of selecting if you want to insure the accessories installed inside the car.


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