Bajaj Allianz Car Insurance Premium Calculator

A car insurance premium calculator is a digital device that helps you calculate the correct premium amount for your car insurance plan. The calculator gives the premium amount by factoring in details like your car’s make, model variant and fuel type. The premium calculator also takes into account No Claim Bonus, if applicable on the premium amount of your car insurance plan.

How to Use Car Insurance Premium Calculator?

Step 1: Select your Car’s Make, Model, Variant and Fuel Type.

Step 2: Choose the Car’s Registered City and Purchase Year.

Step 3: Tell us if your previous insurance period was claim-free or not.

Step 4: Click on ‘Calculate’. The correct IDV and car insurance premium will be displayed to you.

Benefits of Car Insurance Premium Calculator

1. Right Insured Declared Value (IDV) - The premium calculator helps you know the correct Insured Declared Value (IDV) of your car. In case of theft or total loss of your car, you get the IDV as the compensation amount.

2. Correct Premium - The premium calculator tells the correct amount which you should pay as your car insurance premium.

3. Helps you Make an Informed Decision - By telling you the correct IDV and insurance premium of your car, the premium calculator helps you make an informed decision.

4. Helps You Choose the Right Plan - After knowing the correct IDV and premium amount for your car, you can compare available insurance plans easily and pick the one which bests suits your requirements and budget.

Third Party Car Insurance Premium Rates

(Source: Insurance Regulatory and Development Authority of India (IRDAI))

Premium for Comprehensive and Standalone Own-Damage Car Insurance Plans

The premium amount for comprehensive and standalone own-damage car insurance plans vary for each policyholder depending on the car’s make, model, variant, and fuel type among many other factors. The Premium Calculator tells you the premium for your car insurance plan by factoring in all these elements instantly.

Factors Which Determine Car Insurance Premium

1. Anti-Theft Devices – The anti-theft devices ensure the safety of your car, which minimize the risk of offering compensation to the insurance company. Hence, insurance providers charge a lesser amount of premium from the cars equipped with anti-theft devices.

2. Insured Declared Value (IDV) – The Insured Declared Value of car denotes its current value. It is also the amount that an insurance company has to provide to its policyholder in the event of theft or total loss. So, higher the IDV will be, higher will be the premium cost.

3. Year of Registration – The year of registration reveals the age of a car. It is a common fact that with every passing year increased depreciation applies on the car that reduces its value. It means insurers have to offer lower compensation for an old car. Therefore, older cars are charged with a lower amount of premium than from the newer cars.

4. No Claim Bonus (NCB) – The NCB is a discount on the premium amount, offered by the insurance company to its policyholders for not requesting any claim in the last policy term. The provided discount increases every claim free year and ranges between 20% to 50%. It means higher NCB will bring down the premium amount of the car.

5. Add-On Options – The add-on options under the cars insurance plans offer additional protection to the cars, which can only be availed by paying an extra amount. Thus, the more the add-on covers will be included in the policy, the higher will be the cost of premium.