7 deciding factors used in a car insurance calculator

1. 7 deciding factors used in a car insurance calculator

2. Buying a car for the first time is a wonderful experience which is why you should safeguard your car not only with proper care but with proper insurance as well. Insurance protects your car against most kinds of damage, theft and accidents. You want your car to be safe, right? Then you need to buy insurance to protect it against all kinds of harm. And to know the premium you would have to pay for your car, use the car insurance calculator. This article will help you understand the factors based on which the car insurance premium calculator calculates the premium of the car:

3. 1. Age of the vehicle owner • The Insurance premium is more for vehicle owners who fall in the age bracket of 18-25 years than for people above the age of 25 years. It is so because people aged between 18 to 25 years are more prone to accidents. To compensate for less age those people pay a premium value higher than the rest of the people.

4. 2. Fuel on which the car runs The cars running on Compressed Natural Gas (CNG) fuel have more premium value than the cars running on petrol/diesel as fuel. The premium that covers, say a diesel car will be lesser than that of its CNG-based variant.

5. 3. Geographical location of use. • The cars driven in high vehicle-density areas have high premium values due to higher potential risk of accidents that may happen. As a contrast, the premium on cars driven in rural areas is comparatively lower as they are not prone to accidents as much as their urban counterparts.

6. 4. Insured Declared value (IDV) • IDV is the maximum amount of money the insurer pays to the vehicle owner in case of theft or total loss of the car. This value depends on the brand of the car, the selling price of the car, make and model of the car, RTO details etc.

7. 5. Manufacturing year of the car • The IDV of old cars is always lesser than that of new cars. It means the premium amount of the old cars is going to be lesser than that of a new car. • 6. Manufacturing year of the car • NCB is the value deducted from the premium of the car when no claim is filed in that year. It is discounted from the Own damage cover only; not from anything outside it. It is provided for the numbers of years you did not make any claims.

8. 6. ARAI Anti-Theft Discount • The cars that have ARAI approved anti-theft devices installed on them get 2.5% off of their premium rates. This benefit is given to encourage people to ensure the safety of their cars from thieves

9. These are the variables the Car insurance premium calculator uses to calculate your car’s premium. Please note that different car insurance renewal premium calculator use different formulae to calculate the premium based on the insurance company. So compare the insurance provided by different companies for your car and select the company that seems more reliable than the rest. Keep calm and keep your car safe with car insurance.

10. Hope this has been helpful good luck and all the best!

11. To Read More on • car insurance renewal premium calculator • Or • You Can Visit • https://www.iffcotokio.co.in/motor-insurance/car-insurance/benefits-of-car-insurance-premium-calculator Thank You…