Buying a car is like a dream come true for many of us but there are a lot of recursive expenses involved with any kind of vehicle, whether it is a two-wheeler or a four-wheeler. The owner has to look after the well-being of the car by ensuring that timely servicing is done. As a car owner, you might prefer to get servicing done only when there is a problem but that is not a good solution.
You will have to ensure that your four-wheeler is insured under a particular insurance policy. If you are not satisfied with your insurance provider, you can even switch the insurance policy and choose a policy that takes into account the various factors about your vehicle – Age of the car, Details about the car, Engine size, etc. This is where Car Insurance Premium Calculator can come handy as it helps us take important ‘insurance-buying/insurance renewal’ decision on the click of a button.
Below are the five comprehensive reasons to use a car insurance premium calculator:
- Making informed insurance decisions
You may own an SUV, sedan, luxury cars, or some other category of four-wheelers but the rules of buying a car insurance policy cannot be uniform for all of them. Below are some of the important factors that have to be considered when buying or renewing a car insurance policy:
- Variant and model of the car
- Year of manufacturing
- Fuel type (Petrol/Diesel)
- NCB (No Claim Bonus)
- Voluntary Access
Even if you own multiple cars, still you might get confused when choosing the right insurance for car. Car insurance premium calculator easies that job since it considers all these parameters and suggests you with the best insurance policy/insurance premium that suits your requirements.
- Free and Easy to use!
The car insurance premium calculator is risk-free and user-friendly. You plug in a few figures, and it does the rest for you. You need not visit the insurance company’s office since these details can suffice all your car insurance requirements.
- Learn a Bit!
Many car owners rarely look into the insurance policies of their vehicle hence they are not aware of the reason they chose third party insurance cover or why a certain add-on is included as a part of the policy. A car insurance premium is assessed using the following formula
(Own Damage Premium – No Claim Bonus) + Liability Premium
Own Damage cover – Expenditure is reimbursed if the car is damaged due to natural calamities like earthquakes, storms, tsunami, etc.
Third-party cover – Insurance cover that is more effective when your car causes damage to some other vehicle/person/property.
Personal accident cover – Insurance cover that is instrumental in providing financial assistance if there is an accident that may lead to serious injury or death.
Since a car owner has to key in the necessary information in the car insurance premium calculator, it provides an opportunity for the owner to learn more about the insurance policy and premium being paid.
- Ease premium calculation of used cars
As per a report, the second-hand car market is growing at a phenomenal rate but first-time car owners still have a lot of confusion in their minds. A major confusion is evaluating the insurance policy of the previous car owner.
Some of the factors that are considered during the calculation of used cars are – Details of the previous owner, claim history of the previous year, and details of the current insurance policy. The car insurance premium calculator also factors in all these details in the insurance premium calculation and can be a boon for owners of used cars.
To summarize, you should choose an insurance policy from a company that has a good reputation and lower turn-around time for insurance claims. Insurance companies like Royal Sundaram General Insurance have policies that even provide free road-side assistance during an emergency with a range of other benefits.
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