Car Insurance Quotes - The cost of a car insurance quote is called the premium. The premium for a third party plan is fixed by the Insurance Regulatory and Development Authority (IRDAI), which varies on different engine capacities. However, the premium for standalone own-damage and comprehensive car insurance plans are based on a range of factors such as the extent of coverage, make, model and variant of the car, type of fuel of the car, RTO location, and so on.
There are a number of factors that affect the premium quote of car insurance. Some of them are as follow:
1.Type of the Plan
The premium of the plan depends on the coverage opted for. Wider the coverage, the greater the premium. There are three basic types of car insurance based on the coverage they provide:
The primary factor which affects the premium quote of your car insurance policy is your car's MMV - make, model and variant.
3. Fuel Type
Another factor that affects the premium quote of an insurance policy is the fuel type of the car/vehicle. Different premiums are charged for diesel cars and different premiums are quoted for petrol cars.
4. Policyholder's Profession
Insurance companies give weightage to the correlation between the policyholder's risk of accident and their professions and hence adjust the premium accordingly. People involved with professions such as cab drivers, delivery agents are usually at a higher side of risk and thus a relatively higher premium charged to me.
5. Policyholder's Credit Score
Many insurance companies take into consideration the credit score of the applicant to determine the Car Insurance Premium.
6. Car Size
Generally larger cars are considered safer than smaller cars in accidents. Therefore, often insurance companies offer relatively lower premiums to bigger cars than smaller ones.
7. Car's Safety Rating
Buying a car with a high safety rating means can help you get a car insurance plan at a relatively lower premium due to increased safety and lower chances of meeting an accident.
8. Policyholder's Driving History
If the owner of the car/vehicle has been in accidents or has made previous car insurance claims, the insurance company will tend to charge a relatively higher premium to such individuals.
To use the car/vehicle Insurance quotes calculator, you need to follow the following steps:
Step 1: Go to InsuranceBox
Step 2: Select the car tab and write your registration number. If you don't know the car number then click on “Don't know your car number?” and select the brand, model, feel type, variant, registration year and registration city to continue.
Step 3: Further Proceed by entering your name and mobile number
Step 4: Click on “Submit and Get Quotes”. Customized quotes for you will appear on the screen.
The following tips will help you compare different car insurance policies to help you find the one best suited to your needs:
The following steps will help you compare the different car insurance policies online:
Step 1: Visit our website InsuranceBox.
Step 2: In the ‘Get Your Quote' section provide the car registration number and click the button. If you do not have your registration number for some reason you can also provide other information such as the car's make, model and year of registration.
Step 3: Provide your personal details, i.e., your name and mobile number and click proceed.
Step 4: All the quotes of your category will be available on the screen. You can compare and select the one that best suits your needs. If you purchase a comprehensive or own-damage cover you can also purchase add-on covers.
Step 5: Once you have selected a policy best suited to your needs, you can make the payment for the policy and the document will be sent to your registered email ID.
Online purchase is easier and effective nowadays as it is swift, simple and suitable. The benefits of comparing car insurance online are:
The pros of buying a car insurance plan are as follows:
The cons of buying car insurance plan online are as follows:
In India, there are 25 general insurance companies which offer car insurance plans. Here are some of the most popular car insurance providers.
A car insurance quote is the premium estimate for the insurance plan opted by you and the information submitted.
No, when it comes to premium for comprehensive car insurance, it is different for all cars. The premium cost for the plan varies depending upon the MMV (make, model and variant) of the car, the engine capacity of the car, age of the car, the add-ons opted for, and a number of other factors.
You can reduce your car insurance premium amount by following the below mentioned simple tips:
The Insured Declared Value (IDV) provided by a car insurance company for an old or aged car is lower than that of a new car. The car's age impacts the IDV due to the depreciation loss that has been endured by the car. Thus, the premium amount of aged cars is lower than that of new cars.
At the website of InsuranceBox, you can simply compare various car insurance policy quotes. All the car insurance policy quotes that appear to you are personalised as per the policy details shared. Thus, you can easily compare the car insurance plan quotes on the basis of the available insurance coverage and other valid features offered by the car insurance covers.
Yes, as per the motor laws of India, a car insurance plan document that is issued online is legally valid. However, while purchasing the insurance plan, ensure that it has been purchased through an Insurance Regulatory and Development Authority of India (IRDAI) registered insurance company.
IDV or Insured Declared Value is the maximum sum that needs to be compensated by the insurance company during the time of claim in case the car gets damaged beyond repair or gets stolen.
At InsuranceBox, you get the facility of comparing different car insurance quotes offered by different insurance companies absolutely free of cost. However, while purchasing a car insurance plan, you are required to pay the premium amount.
No, the car insurance plan with the lowest premium quote may not be the best plan for you. An optimum car insurance plan is the one that fulfills your requirements concerning affordability, coverage, etc. Therefore, the premium quote is just another basis and not the only parameter for deciding the best car insurance plan.
No, the lowest premium quote need not be the best car insurance quote. The best car insurance plan is the one that meets your requirements like coverage, affordability, etc in the best manner. Thus, the premium quote is one of the basis and not the sole parameter for determining the best car insurance plan.