Average car insurance premium cost in India

In order to participate in the program, all policyholders must pay the required premium. You can use a premium calculator on an insurance company's website to determine your monthly rate. A straightforward formula is used to determine the premium.

Learn how your car insurance price is determined with this easy method.

Premium = Own Damage Premium - (No claim bonus + discounts) + Liability Premium as Fixed by the IRDAI + Cost of Add-ons

How to use car insurance calculator online

In addition to estimating your monthly payment, an online vehicle insurance calculator may help you compare policies from different companies. This satisfies the needs of a wide range of consumers by allowing them to compare and contrast the various available plans and settle on one that works best for them. In addition to comparing policies, purchasing auto insurance online only takes a few minutes.

Factors that affect car insurance price

The following elements influence the car insurance policy ,IDV/Insured Declared Value of the car, consider the vehicle's age and make as well as the engine's cubic size, region on the map, how old the driver is, gender they are, type of fuel, profession of the owner, allowable deductions that the customer chooses to forego, payment incentive for no claim bonus(NCB), the putting in of an anti-theft device, credit rating, the owner's driving record, situation insurance, record annual mileage, marital history/ claim history, scope of protection and indication of car ownership.

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