Reliance Car Insurance Premium Calculator

A car insurance premium calculator is an online instrument that gives you the correct insurance premium for your car. The calculator tells the premium amount basis the car’s make, model variant and fuel type. The premium calculator also helps you take into account the No Claim Bonus entitled to you for not making any claim in the previous policy period.

How to Use Car Insurance Premium Calculator?

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

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

Step 3: Tell us if you had made any insurance claim in the previous policy period.

Step 4: Click on ‘Calculate’ and know the correct IDV and insurance premium amount for your car.

Benefits of Car Insurance Premium Calculator

Listed below are the benefits of car insurance premium calculator:

1. Right IDV - The premium calculator tells the right Insured Declared Value (IDV) of your car. You receive the IDV as compensation in case of theft or total loss of your car.

2. Correct Premium - As the name suggests, the premium calculator tells the right insurance premium amount for your car.

3. Helps you Make an Informed Decision - The premium calculator helps you make an informed decision by telling you the correct IDV and insurance premium for your car.

4. Helps You Choose the Right Plan: By knowing the right IDV and insurance premium, you can easily compare the available insurance plans and choose the one which is best for you.

Third-Party Car Insurance Premium Rates

(Source:IRDAI)

Premium for Comprehensive and Standalone Own-Damage Car Insurance Plans

The premium amount for comprehensive and standalone own-damage car insurance plans depends on a variety of factors like the car’s make, model, variant, fuel type, RTO location, etc. The Premium Calculator lets you know the right insurance premium amount for your car instantly.

Factors Which Determine Car Insurance Premium

1. Insured Declared Value (IDV) - The IDV refers to the market value of your car after considering depreciation and other related components. For a car with a high IDV, the insurance company will have to pay off a high amount for the claim against any theft or total loss suffered by the car. Hence, higher premiums will be there for cars with higher IDV.

2. Age of the Owner - The experienced riders are less likely to meet an accident as compared to the less experienced one. But the experience and responsibility enhances with age. Hence, insurance companies offer car insurance plans to old age persons at a lower rate compared to young people.

3. No Claim Bonus (NCB) - It is a reward offered by the insurance providers to its policyholders for not making any claim in the last policy year. It is given as a discount on the own-damage premium, which starts from 20% and goes up to 50% with every claim-free year. It means, the more the NCB will be, the lesser the premium will be.

4. Engine’s Cubic Capacity - The cubic capacity of a car denotes its power with which it can run or perform. It will make the consumables of the car get consumed faster and also enhance the risk of a mishap, which increases the risk on insurers too. Therefore, cars with higher cubic capacity are charged with higher premium.

5. Anti-Theft Devices - The anti-theft devices lower the chances of car theft and offer it more protection. The installation of such devices reduces the risk for insurance companies to offer compensation to policyholders. Therefore, owners of the anti-theft device installed cars are charged with a lower premium for their insurance plan.