Car Insurance Premium Calculator
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What is Car Insurance Premium Calculator?
A car insurance premium calculator is an online tool that lets you calculate the car insurance premium cost for your vehicle. The online tool also allows you to customise your car’s Insured Declared Value (IDV) and understand various factors that impact the insurance cost for your vehicle. You can scroll up to the top of this page to get a car insurance quote completely free of charge by providing a few details of your new and old cars.
Share Details
Share a few details such as car model, purchase date, and previous insurance policy details to find various insurance policies and their premium.
Customise Features
ACKO offers many useful add-ones to enhance your car insurance plan and offer wider coverage. Add/delete add-ons as per your requirement.
Enjoy Exciting Discounts
We provide a lot of exciting discounts and offers to help you save more on premium. Check them to make your quote look even better.
How is Car Insurance Premium Calculated?
Factors that have the biggest impact on the calculation of your Car Insurance Premium are listed below. ACKO uses a combination of these factors and its proprietary algorithms to tailor the best insurance rates for your car.
Your Car
Each car has a different cost. Their spare parts are priced differently too. Since insurance covers the cost of damages, theft, etc., the premiums differ for different car make, model and variants.
Coverage of Policy
The type of coverage you choose: Third-party, Own Damage, Comprehensive. ACKO has some unique flavours of these plans to choose from too. Coverage is the biggest factor in premium calculation.
No Claim Bonus (NCB)
As the name suggests, NCB is a discount for not filing a claim in the previous year. NCB is retained even if you switch insurance companies. NCB discount increases for every consecutive claim free year and goes as high as 50% discount on premium.
Insured Declared Value (IDV)
IDV is the current value of your used car. With a comprehensive policy, the insurance company will pay the IDV amount in the event of total damage or theft. Higher IDV leads to higher premiums.
Add-Ons
You can select additional benefits for your policy like Zero Depreciation, Engine Protect, Roadside Assistance and more. These are commonly known as 'add-ons'. They come at an extra cost over your base policy.
Discounts
ACKO offers many types of discounts for good behaviour like driving safely, renewing policy ahead of expiry and much more. You can use them to enhance your coverage or save on your premiums.
Motor Compulsory Personal Accident ( Owner-Driver) Cover
Owning a 'Personal Accident Cover' is a government mandate if you are driving a car in India. It gives you Rs. 15 Lakhs insurance against accidental injuries. Opting to buy this increases your premium.
Goods & Services Tax (GST)
After you have finished customising your Car Insurance Plan, 18% GST will be applied on the final premium. This is applicable on Car Insurance plans of all general insurance companies in India.
Benefits of Using ACKO's Online Calculator for Car Insurance
Using ACKO's online car insurance calculator can help you find the right coverage at an affordable cost. There's some extra savings to be made too!
Transparency
You get to know exactly what you are paying for and the benefits you are getting. No hidden commissions, no hidden costs. We give complete break-up of features for your policy.
Customisation
ACKO has some unique car insurance policies that are available only online. You can also customise them with additional benefits as per your liking. Get your low cost car insurance with handpicked benefits!
Ease of Use
You don't have to call any insurance agent to your home, or talk to any advisor on phone for hours. You can check prices & features online on your mobile. It's that easy!
Discounts
Over and above No Claim Bonus and Zero Commissions, we keep delivering special offers and discounts exclusively on ACKO.com. Be on the lookout for some extra savings!
Third-Party Liability Premium Rates (1 Yr Policy)
| Category | Cubic Capacity (CC) | Insurance Premium |
|---|---|---|
| Private Cars | Not more than 1000cc | Rs. 2,094 |
| Private Cars | Between 1000cc and 1500cc | Rs. 3,416 |
| Private Cars | More than 1500cc | Rs. 7,897 |
| Private Electric Cars | Not more than 30 KW | Rs. 1,780 |
| Private Electric Cars | Between 30 KW and 65 KW | Rs. 2,904 |
| Private Electric Cars | More than 65 KW | Rs. 6,712 |
| Vintage Cars | 50% Discount on certified Vintage Cars by Vintage & Classic Car Club of India | 50% Discount |
Long Term Third-Party Liability Premium Rates (3 Yr Policy)
| Category | Cubic Capacity (CC) | Insurance Premium |
|---|---|---|
| Private Cars | Not more than 1000cc | Rs. 6,521 |
| Private Cars | Between 1000cc and 1500cc | Rs. 10,640 |
| Private Cars | More than 1500cc | Rs. 24,596 |
| Private Electric Cars | Not more than 30 KW | Rs. 5,543 |
| Private Electric Cars | Between 30 KW and 65 KW | Rs. 9,044 |
| Private Electric Cars | More than 65 KW | Rs. 20,907 |
Top 3 reasons to choose ACKO for car insurance
We get that you would want to compare car Insurance policies and get the one that has low price, is easy to use, and provides good coverage. And that's exactly why you should pick ACKO!
Incredibly low premiums
When you buy directly from ACKO, we don't have to pay any commissions to agents. We pass these savings to you by giving low premium rates.
Super easy claims
ACKO provides paperless door-to-door claims. Register your claims through our mobile app or website - we will pick up your car, repair it, and deliver it back to you (in select cities) at no extra cost.
Unique plans & discounts
ACKO has unique plans tailored to your needs. They are not available anywhere else. We also have personalised discounts for our customers.
Compare Popular Plans with the Car Insurance Calculator
ACKO has many plans for Car Insurance. Use the calculator to compare.
Comprehensive Plan
This is a standard policy covering damages to third-party and to your own car. It also covers theft and damages due to natural disasters like flood or cyclone.
Zero Depreciation Plan
It is also called 'Bumper to Bumper cover'. This has all benefits of a comprehensive policy and also covers depreciation cost of parts (rubber, plastic, fibre & more)
Smart Saver Zero Depreciation Plan
[Exclusive to ACKO] This plan gives you all the benefits of Bumper to Bumper cover at a discounted price. The catch? It has a Rs. 5000 deductible at the time of claims.
Third Party Only Plan
Only covers damage caused to someone else's vehicle or property by your car. Theft or damage to your car is not covered.
Car Insurance Prices
Read on to find out how you can calculate Car Insurance Prices.
The car insurance price is commonly called "Car Insurance premium"
Premium is the amount you pay to buy an insurance policy. Once the premium is paid, the insurance company provides coverage for your car as per the terms and conditions mentioned in your car insurance policy.
The premium rates are different for different kinds of plans, features, previous insurance and car details. Which is why an online calculator is the best tool to find out exact premium rates for car insurance.
However, rates for Third-party car insurance are set by the Insurance Regulatory and Development Authority of India (IRDAI). These premium rates are the same across all general insurance companies. They are revised from time to time to keep up with loss ratios of insurance companies and also inflation.
Third-party car insurance premium rates only differ based on type of cars. Below is a comparison of premium rates for Third-Party liability insurance premium for the Financial Year (FY) 2019-20.
Tips to Reduce Car Insurance Premium
We all like to save more. So here are 3 tips to save reduce your Car Insurance premiums.
Easy with the IDV
Go easy with Insured Declared Value (IDV). Higher the IDV, higher the premiums.
Keep IDV as close to what you think your car is truly worth in the second-hand market.
Careful with Claims
You shouldn't claim for very small damages because you lose out on No Claim Bonus (NCB).
For every claim-free year NCB keeps increasing and can get you up to 50% off on premiums.
Smart Add-ons
Use add-ons that can help you reduce premiums.
They might add a deductible during claims, but often a saving 'right now' is better than a 'may-be' spend at the time of claims.
How To Calculate Car Insurance Premium Amount Via Android Or iOS App?
One of the biggest advantages of buying car insurance online is that one can get an idea about the price of their policy in advance. You can calculate the approximate amount of premium easily through your iOS or Android-powered cell phone. The following steps will help you calculate car insurance premiums through your phone.
Step 1: Download ACKO's car insurance calculator app from Play Store for Android and from Apple Store for iOS devices.
Step 2: Log in to your ACKO profile, click on "Car insurance", and enter your car details.
Step 3: Enter details like the car's registration number, and claim history. Set the Insured Declared Value (IDV) and select required add-ons.
You can now see your car insurance quote. Note that you can tweak a few details, for example, the IDV or add-ons to adjust the quote.
Add-ons Available with Car Insurance
Here are some popular add-ons available for Car Insurance
Zero Depreciation
This is by far the most popular add-on and for good reason. The longer you drive your car, its market value depreciates. Metal, fibre, plastic parts all depreciate at a different rate. At the time of claims if any of these parts are replaced, insurance companies only pay for the depreciated cost, and not the cost of new part. Ex: A used fibre part may have depreciated value of Rs. 500 vs a new replacement that costs Rs. 1000. Insurance companies normally pay Rs. 500 for the used part.
If you have opted for Zero Depreciation add-on, insurance companies pay for the complete cost of new part (as long as the claim against it gets approved).
Tip: If your car is less than 5 yrs old, you should definitely opt for Zero Depreciation add-on.
Engine Protect
Cost of engine repair or engine replacement is usually not covered under a Car Insurance policy. There are a lot of expensive parts inside the engine and a full replacement can run in lakhs of rupees. If you have opted for an Engine Protect add-on the repair and replacement cost of car engine will be covered by your insurance policy.
Tip: New car owners often think that engine won't need repairs or replacement for many years, and they are quite right in their thinking. Unless, you live in a flood prone region. In India, heavy rains and floods can damage the engine of a relatively new car too. If you live in a region that sees heavy rains, we recommend you take the Engine Protect add-on.
Consumables
Consumable items such as engine and gearbox oil, nuts and screws, lubricants, washer, and other such items are usually not covered by insurance because overtime their value goes to zero. But if you don't want to pay for them out of your own pocket at the time of claims, you can opt for a Consumables Cover add-on.
Tip: For small repairs cost of consumables is quite low, but for major repairs this can easily go up in thousands of rupees. If you want peace of mind during claims, this is a relatively low cost add-on to opt for.
Roadside Assistance (RSA)
When you are on a long drive, one of the worst things that can happen to you is getting stranded with a broken down car. This is the time you need roadside assistance services like towing of your car, on-spot repairs, battery jumpstart, spare key retrieval, fuel and flat tyre support. A roadside assistance add-on helps you with these services.
Tip: If you frequently go on road-trips on highways, this is an excellent add-on to have and so you can drive worry free.
How much does your car insurance cost per month in India?
Choosing an affordable car insurance policy for your vehicle may be one of your utmost priorities while shopping for a car insurance plan. But, you may be wondering how much car insurance costs you per month. Well, it isn’t challenging to understand the pricing of the car insurance plan. Here are the details of the cost of car insurance per month and what factors influence the price of a car insurance policy in India to make the right choice.
Car insurance cost per month in India
The car insurance premium is typically payable yearly. Hence, there is no fixed rate per month for car owners in India. Insurers use several factors to calculate the car insurance premium for a vehicle. However, to ensure you know the cost to insure your car, it is prudent to use the car insurance premium calculator at the top of this page to determine the per annum cost. You can then calculate the car insurance cost per month.
Primary factors affecting car insurance cost
Unlike Third-party Liability Plan (TP) rates fixed by the industry regulator IRDAI, the Comprehensive Car Insurance rate, which includes Third-party Insurance and Own Damage cover components, is set by the insurer. Here are the factors required to determine the cost of car insurance in India.
1. Insured Declared Value (IDV)
The Insured Declared Value (IDV) of the vehicle will be deemed to be the sum insured.
2. Type of vehicle insurance
Whether you buy the TP plan or the Comprehensive plan.
3. Year of manufacture
The year of manufacture is required to calculate the cost to determine the age of the vehicle.
4. Engine capacity
The engine capacity, also known as “cc”, is essential to determining the cost.
Ways to Save Car Insurance Renewal Cost
However, while renewing car insurance you probably may want to save more money while enjoying the same benefits. So, if you are anything like us and hate to pay more than what is required, here are a few effective (by the way, did we tell you tried and tested before) ways to save the car insurance renewal cost.
1. Know your requirements before renewing your car insurance
Several of us believe, especially those new to car insurance, that we can purchase insurance policies without much analysis about the type of insurance plan that suits our requirements. Before buying a car insurance plan, you need to list your requirements and settle on a plan that suits your needs.
This way, you can avoid buying insurance policies that offer coverage that you actually don’t need. And if you may want to further enhance your plan, consider opting for add-ons. Add-ons are smaller covers that provide financial support against specific damages or losses.
2. Go online
The online or the digital platform lets you renew your car insurance policy within a few minutes. You don’t have to fill in exhaustive forms or submit physical documents to renew the policy. Digital-first insurers such as ACKO offer insurance only through the online platform. Even renewal of the policy can be done without visiting a branch or through an insurance agent.
ACKO follows a direct-to-customer mode; hence, you can buy, renew and raise claims online. With no middlemen and digital infrastructure, we are able to pass on the savings to you in the form of low-cost car insurance policies. This way, you have access to affordable insurance plans along with a hassle-free experience.
3. Make use of NCB
No Claim Bonus (NCB) can go up to 50% if you don’t submit any claims for five consecutive years. Avoid raising claims for minor damages since it impacts the NCB. It is recommended to raise claims for damages where repair costs exceed the NCB discount. You can use the NCB to save money on the car insurance renewal premium.
4. Opt for a multi-year car insurance policy
One of the ideal ways to reduce your car insurance renewal premium rate is to opt for a multi-year insurance policy. You can opt for the 3-year long-term insurance policy with ACKO to enjoy additional discounts on the renewal premium rate.
5. Compare policies
There are several car insurance policies in the market, and each has a unique premium rate. To find the lowest premium rate and reduce the renewal premium, you must compare the policies based on the benefits and features that they bring with them. With the digital revolution, you can compare car insurance policies within a few minutes using the online platform.
You can compare different plans online at your convenience instead of depending on different agents or visiting various insurance company offices. Choose the plan that offers the highest coverage at a lower car insurance renewal premium without compromising on the services.
6. Choose the appropriate Insured Declared Value (IDV)
When you insure your car with a Comprehensive Insurance plan, it is vital that you set the right IDV. It is the approximate market value of your car. This is the maximum amount that is payable during claims.
Hence, choose the correct IDV. Please note that setting a higher IDV leads to a higher premium rate and higher claim settlement amount. On the other hand, setting lower IDV results in a lower premium and claim amount in case of total loss or theft.
7. Don’t let the policy lapse
It is imperative to renew your car insurance policy within the expiry date. If your policy lapses, then the insurer will not offer any discount or additional benefits at the time of renewing the plan. Also, if you don’t renew the plan within 90 days from the date of expiry, you will lose the No Claim Bonus (NCB) that you receive for not filing claims during the policy tenure.
8. Choose a voluntary deductible
Every car insurance plan has a mandatory deductible and an optional (voluntary) deductible. You can opt for the voluntary deductible to reduce the premium rate while renewing your car insurance plan. Since you opt to bear a certain percentage (voluntary deductible) of the claim amount, the claim settlement amount and even the premium amount reduces.
9. Hunt for discounts
Look out for deals that can reduce your car insurance renewal premium. Look out for discounts during festivals or special events. You may have to do some research; however, a discount on renewal premium certainly helps you save money.
10. Secure your car
You can get an additional discount on the car insurance renewal premium if you secure your car with an anti-theft device approved by the Automobile Research Association of India (ARAI). Since you are trying to reduce liabilities such as thefts, you may receive discounts on the renewal premium.
FAQs About Car Insurance Premium Calculator
Does the car model impact or affect the car insurance premium?
Yes, the car model is an important factor while calculating the car insurance premium. The Third-party premium is dependent on the cubic capacity of your car's engine. Make-model also determines the market value or the Insured Declared Value (IDV) of the car. Higher IDV usually results in increasing the premium amount.
How does the car insurance calculator help in determining the car insurance premium?
The calculator lets you select the cover, change the IDV, include add-on covers and NCB, and based on that information lets you know the premium you will have to pay to the insurer. This lets you make an informed choice before you buy the best car insurance policy.
How is the surveyor fee calculated for an expired car insurance policy?
ACKO doesn't charge you any surveyor fee for an expired car insurance.
Can I pay car insurance premiums in instalments?
Yes, there are EMI options available for some insurance plans. They will be available to you on the payment page online. You can always talk to one of our advisors if you need additional help.
Does the location of the car impact the car insurance premium rate?
Yes. The location of the car is an important factor for calculating the insurance premium. The cost of the car varies in different states and cities. This has a direct impact on IDV and in-turn the insurance premiums.
Why should you look beyond premium while buying car insurance?
When it comes to protecting your car against accidental damages or losses, you need to look beyond the premium of the insurance plan. Apart from the cost, it would be best to consider other vital factors such as the insurer's services, ease of insuring your vehicle, claim settlement process and customer service for a holistic insurance plan. Consider these factors while shopping for car insurance for wide-ranging benefits apart from the affordability of the insurance plan.
What is the ideal time to renew car insurance?
It is a good practice to renew your car insurance plan 15 to 20 days before the policy renewal date. This way, you ensure the continuity of the coverage and enjoy the benefits of any additional discounts.
Can I switch to a new insurer while renewing my car insurance?
Yes, you can switch to a new insurer while renewing the insurance policy for your car. You may get better or low-cost insurance renewal premium rates from the new insurer, and it is not mandatory that you need to stay with your existing insurer.
Will modifications to my car affect my car insurance renewal premium?
Avoid modifying your car that may hamper the use of safety features such as airbags. All banned or unauthorised modifications to your car may result in the rejection of your claims. Additionally, your car insurance renewal premium rate may increase since the cost of repairing such parts is higher.
Is it advisable to raise claims for minor damages?
One of the most significant setbacks of raising a claim during the policy period is the loss of the No Claim Bonus. If you wish to save on the renewal cost, you must avoid raising claims for minor damages to prevent the loss of the NCB discount.
Is renewing car insurance online safe?
Yes, it is completely safe. Insurers such as ACKO are licenced by the Insurance Regulatory and Development Authority of India (IRDAI), to sell car insurance policies in India.
How is car insurance renewal premium calculated?
Your car insurance premium rate is primarily based on the IDV, model, engine cubic capacity, year of manufacture and location. You can use the car insurance premium calculator to understand the renewal cost of your car insurance.
Are there any discounts that can help reduce the car insurance premium quote?
Yes. By ensuring a claim-free year, you get to enjoy the benefits of No Claim Bonus (NCB), which acts as a discount while renewing the policy. We (ACKO) often provide personalised discounts to our customers that can help you save over and above NCB.
What is a mandatory excess in car insurance?
This is also referred to as Voluntary Deductible. This is a part of the claim amount that you will need to pay on your own. Voluntary Deductible is usually taken to reduce insurance premium without compromising on benefits as it still protects you from a major financial loss.
Do I need to complete paperwork/documentation to avail car insurance online?
Not with digital-first insurance companies like ACKO. You can buy car insurance online on ACKO with zero paperwork involved. It only takes a few minutes to get a policy online.
How fast can I get my car insurance policy document?
Instantly. Once you have completed your payment online, the policy document will be available for download immediately and a copy will also be emailed to you on your registered email id.
How do I find out the payable car insurance premium?
Use the car insurance premium calculator right at the top of this page. It is a highly effective tool to know the payable premium.
Can I use the insurance premium calculator while renewing the car insurance?
Yes, you can use the calculator above to renew your car insurance. Even if you bought your previous policy with a different insurer, you can still renew it this year with ACKO.
What are the factors that affect or reduce the insurance premium or the quote of the car?
A lot of factors are involved in the calculation of your car insurance premium. Some of the important ones are the make-model of your car, your current city, previous claims history, choice of coverage, add-ons and any redeemable offers or discounts. You can explore them all by using the calculator at the beginning of this page.
What are the details that I need to enter in the car insurance calculator? And is there a different car insurance calculator for a used car?
You are required to enter the car’s registration number, manufacturing date, Insured Declared Value (IDV), model, number of Add-on covers, deductibles, etc. This car calculator is effective in checking used car insurance quotes as well.
