One of the most intriguing aspects of buying a car insurance policy is to understand the working and calculations of the premiums. The premium is defined as a specified amount fixed by the insurance service provider that the policyholder needs to pay on a periodic basis to be able to maintain the actual coverage of insurance.
When it comes to buying or renewing your car insurance, it is essential to compare the premium cost associated with various insurance companies to get the best available deal. Although there are various ways of calculating premiums, Car Insurance Premium Calculator is an effective tool that assists the policyholders in selecting the appropriate car insurance policy based on individual needs and requirements.
The various benefits of using car insurance premium calculator include-
Time & Cost Saving
The primary benefit of using a car insurance premium calculator is both time and cost-effectiveness as it allows the customer to compare various car insurance policies and premiums online without paying anything.
Easy to Use
Calculating premium using premium calculator is a smooth and convenient process. All the customer needs to do is log on to the online portals of various insurance companies and provide essential details of the car including manufacturer details, registration number, registration year, and make, model, and the variant of the car, etc.
Car insurance premium calculator allows you to choose the most apt vehicle insurance policy based on your customized needs and requirements. At Coverfox.com, you can access a wide range of car insurance plans through premium calculator to select the most suitable car insurance policy.
How Does the Car Insurance Premium Calculator Work?
In General, the vehicle insurance premium calculators are based on the below-mentioned parameters:
Vehicle’s Registration Number & Year
The premium amounts start decreasing with the age of the vehicle as the insurance service provider will take vehicle’s depreciation value into account
Model, Variant, and manufacturer of the vehicle
It is an important parameter used by premium calculators as the premium amount goes up in case of high-end cars and commercial vehicles
The geographical location of the registered vehicle is another important criteria of premium calculations (higher in case of metro cities) used by online premium calculators.
Type of Fuel
Various insurance service providers also take into account the type of fuel used in the vehicle (petrol, diesel, or CNG/LPG) while calculating premiums.
Other Effective Ways to Select Your Car Insurance
Below are some of the other effective ways to get the best out of your car insurance policy-
a) Choosing the type of Car Insurance
Make sure to assess your requirements thoroughly before choosing the right type of car insurance.
–Third party liability insurance: Covering various damages done by your vehicle to property, accidental death, legal liability or any other injury to a third party.
–Comprehensive Insurance Plan: Covering both the legal liability of the third party, damages caused by unforeseen damages, and own damages as well.
b) Taking into account the factors affecting premium for car insurance
-Any history related to the earlier claims.
-Any kind of vehicle and location-related risks.
-Factors such as age and profession of the driver.
c) Useful add-ons
While choosing your car insurance policy, make sure to consider the useful add-ons such as-
–Personnel Insurance Cover: To include additional users having a valid license to be covered under the policy.
–Nil-depreciation insurance: Generally, covers the cost of rubber and plastic parts of the vehicle unlike only 50% value covered under the normal plan.
Things to Note Before You Buy Car Insurance
The other things to note before you buy car insurance include:
a) Company credibility
Choose an insurance company with better market reputation and reliability, especially during essential procedures such as claim settlement for a hassle-free experience.
b) Various offerings by the service providers
It is recommended to compare the various aspects such as features, benefits, etc. by different insurance companies to choose the best insurance policy.
c) Bonus and Discount Offers
It is best to find out all the details of various bonuses and discounts on the chosen policy to avail the best one at the most affordable pricing.
The decision of buying an appropriate car insurance policy and to get the best quote becomes much easier with a Car Insurance Premium Calculator. It helps you compare and evaluate your car insurance needs for selecting the best policy as per the requirements. With Coverfox.com, you can access car insurance plans from various insurance service providers to choose the most suitable policy for your car