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Car Insurance Calculator

Car Insurance Calculator

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ACKO Car Insurance Calculator

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What is Car Insurance Premium Calculator?

It is an online tool to quickly calculate the cost of car insurance for your car. You can get a quote on ACKO.com completely free of cost by just providing a few details.

Details of your Car

Share Car Details

Details about your car and previous insurance are needed to calculate the accurate premium quote for your car.

Add-Ons

Customise Features

ACKO provides a lot of additional benefits for you to choose from. Customise your insurance plan any way you want.

No Claim Bonus

Apply Discounts

ACKO provides a variety of discounts and offers to its customers. Apply them to save more on premiums.

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.

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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.

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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.

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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.

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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.

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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.

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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.

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Personal Accident 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.

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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!

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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.

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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!

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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!

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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!

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!

Car > Common > Why Acko > Low Premiums

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.

Common > Car > Why Acko > Easy Claims

Super Easy Claims

ACKO provides paperless door-to-door claims. Give us a call - we will pick up your car, get it repaired and deliver it back to you within 3 working days.

Unique Plans

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.

FAQs

Here are some of the frequently asked questions about online car insurance premium calculator

FAQs

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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.

Compare Popular Plans with the Car Insurance Calculator

ACKO has many plans for Car Insurance. Use the calculator to compare.

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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.

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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)

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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.

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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.

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.

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.

Third-Party Liability Premium Rates (1 Yr Policy)

Category Cubic Capacity (CC) Insurance Premium
Private Cars Not more than 1000cc Rs. 2,072
Private Cars Between 1000cc and 1500cc Rs. 3,221
Private Cars More than 1500cc Rs. 7,890
Private Electric Cars Not more than 30 KW Rs. 1,761
Private Electric Cars Between 30 KW and 65 KW Rs. 2,738
Private Electric Cars More than 65 KW Rs. 6,707
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. 5,286
Private Cars Between 1000cc and 1500cc Rs. 9,534
Private Cars More than 1500cc Rs. 24,305
Private Electric Cars Not more than 30 KW Rs. 4,493
Private Electric Cars Between 30 KW and 65 KW Rs. 8,104
Private Electric Cars More than 65 KW Rs. 20,659

Common Terms in Car Insurance Premium Calculation

We all hate jargons. Some of the terms related to Car Insurance can be confusing. Here's a list of terms and what they mean to help you use the Car Insurance Premium Calculator.

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Add-ons

Add-ons are nothing but additional benefits. You can choose the add-ons you want to increase your coverage. Depending on where you stay, how old is your car, and other factors add-ons can be the differentiator between a good policy and a great policy! So choose add-ons for your car insurance wisely!

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Insured Declared Value (IDV)

IDV is the current market value of your car. With a comprehensive policy, the insurance company will pay the IDV amount in the event of total damage or theft.

TIP: You should be careful while choosing the IDV as a high IDV will lead to an increase in premium rates. Since total damage or theft are rarer events in comparison to accidents, moderate IDV will lead to more savings.

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No Claim Bonus (NCB)

No Claim Bonus (NCB) is the discount you get on your premium for not filing any claims in the previous year. NCB increases for every consecutive claim free year. It goes from 20% discount in first year up to 50% discount for five consecutive claim free years. If you file a claim at any time, NCB starts again at 0%.

TIP: You should file a claim for small repairs, as it restarts your NCB calculation. For small gain in the short term, you will end up losing long term savings.

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Deductible

Deductible is the amount of money that you will pay on your own for every claim. The rest of the approved amount will be borne by the insurance company. If you choose to add a deductible to your plan, it's called 'Voluntary Deductible'. Deductibles are a great option to protect yourself from those major losses and lower your insurance premiums in the process.

TIP: If you think chances of claims are less but you want the comfort of having insurance, take a policy with higher deductible to reduce your premiums cost.

Add-ons Available with Car Insurance

Here are some popular add-ons available for Car Insurance

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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.

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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.

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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.

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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.

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Key Protect

The smarter and safer our cars get, their keys get more sophisticated too. With each upgrade the car keys are getting costlier. It's common for car keys to cost more than Rs. 5000 and for high end cars the cost can go up in lakhs! A standard insurance policy doesn't cover the cost of lost, stolen or damaged car key, or damages to lock-set. Key Protect cover comes to the rescue here. Take this add-on and all your key replacement worries are put to rest.

Tip: If you own a premium sedan or a high end car, do take the Key Protect cover to avoid losses later. It's a relatively low cost add on for hatchbacks too.

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Personal Accident

A standard car insurance only relates to your car, not to you. In case you injure yourself in an accident, your car insurance won't take care of the medical costs you incur for treatment. A Personal Accident (PA) cover can reimburse your medical costs, provide compensation in case of disability or death caused by accidents. Owning a PA cover is mandatory by law when you are driving in India. We recommend owning a PA cover of at least Rs. 10 Lakhs.

Tip: You only need one valid PA cover by law, even if you have multiple vehicles (cars & two wheelers combined).

FAQs About Car Insurance Premium Calculator

More FAQs

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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.

CIN: U66000KA2016PLC138288

IRDAI Registration No: 157

Category: Non-Life Insurance

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Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.