Premium is one of the main deciding factors when it comes to buying insurance. You will get access to premium calculator online on various websites. The premiums vary according to a number of important factors. You have to enter your motor vehicle details, personal details, locations, demographics, driving habits to get quotes from different vehicle insurance online. According to the government of India, the premiums of your policy will vary according to the cubic capacity your vehicle’s engine is offering now. For a vehicle, not exceeding 1000 cc will have to pay INR 2,055 rupees as premium, above 1000 cc but less than 1500 cc will have to pay around INR 2,863 rupees as premium payment. The vehicle exceeding 1500cc will have to pay the highest premium i.e.INR 7,890.
Along with the cubic capacity of your vehicle, the premium will also vary according to your sum assured, coverage needed, type of plans, a model of your vehicles, performance over the years, insured declared value etc.
Best Plans For Vehicle Insurance Online In India
Some of the best insurance plans available online are offered from Bajaj Allianz, New India assurance car insurance, Universal Sompo car insurance, HDFC Ergo Car insurance, Reliance Car insurance, Bharti Axa car insurance, National Insurance etc.
All of the vehicle insurance online plans offer similar benefits such as up to INR 7.5 lakhs coverage for third party liability, instant policy issue and renewal, 24*7 support, special discounts, no claim bonus for good driving and not claiming the insurances over the years.
How To Calculate Premiums In Vehicle Insurance Online
Vehicle Insurance premium depends on a number of factors. The premium for your vehicle insurance will vary according to the car model, modifications, fuel type. Engine capacity insured the declared value of your car, no claim bonus, add-ons, locations, and demographics.
Car Model – It is believed that safer vehicle possesses less risk for the driver. The car with covers and featured locks has a lower risk of theft. However, a premium car like a sports car would have a high risk of theft along with speed driving. In short, you will have to pay lower premiums for a simple car compared to the premiums of the luxury cars.
Modifications – when you modify your car’s specifications, you need to check for the existing coverages for your plan to ensure that the existing coverages will offer compensation for all the damages to the new modifications. Based on the new modifications, you might have to take add-ons n your plan. The add-ons might increase the premium payments. The more the add-ons are, the higher premiums you pay.
Fuel Type – Some vehicles offer diesel variant vehicles and some other offer petrol variant vehicles. Depending on the fuel types, the performances vary so as the premiums you need to pay for your vehicle insurance online.
Coverage options – There are two types of insurances offered for your vehicles. The comprehensive coverages offer protection for your vehicle and for the liabilities related to the third party. Comprehensive coverages definitely charge more premiums than the only third party insurances, which cover damages only related to the third party.
Engine Capacity-The total capacity offered by your vehicle is measured by cubic capacity. The premiums vary according to the engine capacity. According to the government of India, the premium of the vehicle for engine capacity exceeding 1500 cc is INR 7,890 rupees.
Insured declared value-Insured declared value is determined by the manufacturer’s present value and depreciation based on the vehicle’s age. The greater the IDV, the higher premium is charged. The lower the IDV, the lower premium is charged.
No claim bonus – You are rewarded for driving carefully and safely. If you are confident of your driving skills, you can choose the voluntary deductible amount. You have to pay the deductible amount before your insurer reimburses the entire amount. This ultimately increases the total premiums you pay to the insurer.
Add-ons – The more the add-ons on top of your policy, the more premiums you need to pay. Paying for add-ons ultimately increases your sum assured at the time of the claim.
Locations and demographics –If you are living in an area, which is prone to vandalism, you will be charged more premiums for your insurance. Some areas charge more premiums for the more traffic. Some of the demographic factors also influence the premium payments. Your age, gender, and marital status also play a role in the premium calculations.
You must look through all the factors affecting your vehicle insurance online premiums. Make sure you understand each and every aspect of the insurance plans, compare them online on websites like Coverfox.com and buy a plan fitting all your requirements.