When you buy a vehicle insurance policy, especially a comprehensive one, it is important to be aware of the right premium you should be paying for it. A lack of awareness can lead to the policyholder paying for more than what is required. Thankfully, there is a tool to help you in this process – the car insurance calculator. This calculator gives you a solid idea of the premium you will have to pay based on the information you provide. However, many first-time timers may not be aware of the procedure to use it. To help them out, we have listed down the steps involved in using a car insurance calculator.
- Visit the preferred site and enter basic details
Many insurance companies have their own premium calculators. You can visit the site of your choice and go on the calculator page. Here, you will be asked to provide basic details such as your cell phone number and your car registration number. You may also have to enter details such as the RTO location where you had registered your car as well as the date of registration.
- Provide brand information related to your car
The car insurance calculator may ask you for your car-related information step by step. Firstly, you will have to provide the brand name of your car. The workings and design of each brand are different and influence the car’s risk profile as well. That is why this information is asked.
- Select the model, fuel type and variant
Based on the brand chosen, you will see a list of the popular models of that car. You can choose your model and go to the next step. If you cannot find the model of your car in the list, you can enter it manually in the search bar. Next, the car insurance calculator will ask you whether your car uses petrol or diesel. The last information required in this step is the car variant. Car models have different variants with diverse features unique to each variant. You can choose from the listed variants or manually provide the information.
These are also major factors in influencing the premium and hence, are asked by the car insurance calculator.
- Provide information related to claims
This is applicable only if you already have a vehicle insurance plan and are using the calculator to get quotes for renewal. If you have made any claims in the past year, then do provide accurate information regarding that. If there have been no claims in the past year, you may be eligible for a No Claim Bonus, which is basically a discount on the premium for the upcoming year.
- Receive quotes and adjust coverage
Taking into consideration all the information you have provided, you will receive different quotes for each vehicle insurance plan type – third-party, comprehensive, or zero-depreciation comprehensive coverage. You can go ahead with the premium you find most suitable. Here, you will be asked to choose add-ons and determine the voluntary deductible. Depending on the effect that your chosen coverage has on the premium, you can reduce or increase your coverage at your will. The same goes for the deductible as well.
Do remember that the procedure may vary slightly between insurers. You can also use the insurance calculator to get the premium estimate before you buy a two wheeler insurance policy.