Car Insurance Calculator

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What is Car Insurance Premium Calculator?

A car insurance premium calculator is an online tool that helps you calculate the estimated car insurance premium amount. Apart from that, the tool also allows you to customise the IDV (Insured Declared Value) as per your preference. To calculate the premium, all you need to do is enter a few basic details in the tool like car make/model, vehicle’s age, fuel type, RTO location, etc. 

How is Car Insurance Premium Calculated?

To understand how car insurance premium is calculated, you can refer to this simple formula.

Car Insurance Premium = Own Damage Premium - (NCB + Discounts) + Third-party Liability Premium

Note that the Third-party Liability premium is fixed by IRDAI (Insurance Regulatory and Development Authority of India.

How to Use Car Insurance Calculator Online?

To use the car insurance calculator online on ACKO, you can follow the following steps.

Step 1: Scroll to the top of this page and enter your car’s registration number.

Step 2: On the next page, confirm your vehicle details and previous policy expiry date.

Step 3: Enter your mobile number and click on “View Plans”.

Step 4: You can view the available insurance plans and the IDV for your vehicle. You can customise the IDV and select your desired insurance plan.

Step 5: Select the add-ons you wish to buy, and the calculator will display the premium amount.

Calculate Car Insurance Premium for New Car

You can calculate the car insurance premium for a new car on ACKO by following the steps below.

Step 1: Scroll to the top of this page and click on “Check Prices”.

Step 2: Enter your new car details like make/model, variant, fuel type, car delivery date, etc., and click “Continue”.

Step 3: Enter your mobile number and current address pincode.

Step 4: Select the car insurance plan and add-ons, and you can also customise the IDV as per your preference.

Step 5: The new car insurance calculator will display the premium amount.

Calculate Car Insurance Premium for Old Car

Here are the steps to calculate car insurance premiums on ACKO for an old car.

Step 1: Scroll to the top of this page and enter your car’s registration number.

Step 2: On the next page, confirm your vehicle details and previous policy expiry date.

Step 3: Enter your mobile number and click on “View Plans”.

Step 4: You can view the available insurance plans and the IDV for your vehicle. You can customise the IDV and select your desired insurance plan.

Step 5: Select the add-ons you wish to buy, and the calculator will display the premium amount.

Benefits of Car Insurance Calculator

An online car insurance calculator helps you determine the car insurance quote instantly, irrespective of the insurance plan you wish to buy. Here are the major advantages of an online car insurance calculator.

Estimation of Premium

A car insurance calculator makes premium calculation simple and provides an accurate estimation of premium amount based on the vehicle details and the selected coverage.

New and Old Car Insurance

The vehicle insurance calculator works for both new and old cars. That means you can get insurance quotes, irrespective of the age of the vehicle.

Choose the Right Add-Ons

The motor insurance calculator helps you compare the premium amount based on the insurance plan and the add-ons you choose. It helps you choose the add-ons that suit your requirement.

Make an Informed Choice

The car insurance premium calculator gives you an accurate picture of the premium based on variables like coverage and add-ons. It helps you make an informed decision.

Factors Affecting Car Insurance Premium

The car insurance premium is calculated after determining several factors that are listed below. ACKO uses a combination of these factors and its proprietary algorithms to tailor the best insurance rates for your car.

Car Make and Model

Every car has a different cost of repair and cost of spare parts. Since car insurance covers the cost of damages, theft, etc., the insurance premium differs from one car to another. In simple words, the higher the cost of the car, the higher the premium.

Policy Coverage

Another crucial factor that dictates the insurance premium is the policy coverage. The premium depends on what type of plan you choose. There are mainly three plans you can choose from: Third-party, Own Damage and Comprehensive, and the premium differs for each plan.

No Claim Bonus (NCB)

NCB is a discount for not filing a claim in the previous policy 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 the premium.

Insured Declared Value (IDV)

IDV is the approximate 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. Higher IDV leads to higher premiums.

Add-Ons

The car insurance premium also depends on the add-ons you choose, along with the base policy. You can select additional benefits for your policy, like Zero Depreciation, Engine Protect, Roadside Assistance and more. However, they come at an extra cost, which increases the car insurance premium.

Discounts

Insurance providers offer 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.

Compulsory Personal Accident (PA) Cover

As per law, buying a Personal Accident cover is mandatory if you drive a car in India. It offers you coverage of up to Rs. 15 lakhs against accidental injuries or death. Buying this cover will increase the car insurance premium.

Goods and Service Tax (GST)

Once you have customised and finalised the car insurance plan you wish to buy, 18% GST will be applied to the final premium amount. It is applicable to car insurance plans of all general insurance companies in India.

Tips to Reduce Car Insurance Premium

Here are a few tips that can help you reduce your car insurance premium.

Do Not Raise Small Claims

If you can afford to pay for minor damages yourself, you will save money on your car insurance premium by not filing a claim.

Transfer Your No-Claim Bonus (NCB)

If you have a good NCB, you can transfer it to your new car when you buy it. It will give you a discount on your new car insurance premium.

Renew Your Policy on Time

If you renew your policy late, you may lose the NCB and may have to pay a higher premium for your next policy.

Install an Anti-Theft Device

Many insurers offer a discount on your car insurance premium if you install an anti-theft device in your car.

Avoid Modifying Your Car

Modifying your car can increase the value of your car, but it can also increase your car insurance premium.

Buy Car Insurance Online

Buying your car insurance online can save you money. You can compare quotes from different insurers and find the best deal.

Third-Party Liability Premium Rates (1-Year Policy)

The following table provides more details on the third-party liability premium rates for a 1-year policy.

CATEGORY

CUBIC CAPACITY (CC)

INSURANCE PREMIUM

Private Cars

Not more than 1,000cc

Rs. 2,094

Private Cars

Between 1,000cc and 1,500cc

Rs. 3,416

Private Cars

More than 1,500cc

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-Year Policy)

The following table provides more details on the third-party liability premium rates for a 3-year policy.

CATEGORY

CUBIC CAPACITY (CC)

INSURANCE PREMIUM

Private Cars

Not more than 1,000cc

Rs. 6,521

Private Cars

Between 1,000cc and 1,500cc

Rs. 10,640

Private Cars

More than 1,500cc

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

FAQs About Car Insurance Premium Calculator

You can make use of the car insurance calculator tool on this page to calculate the vehicle insurance premium amount.

The exact premium amount for a Rs. 14 lakhs car depends on the insurance plan and add-ons you buy. You can take the help of the car insurance premium calculator to get an instant quote.

The basic premium refers to the amount you pay to the insurer for the insurance coverage without any add-ons.

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.

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.

ACKO doesn't charge you any pre-inspection fee for expired car insurance.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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 premiums without compromising on benefits as it still protects you from a major financial loss.

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.

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.

Use the car insurance premium calculator right at the top of this page. It is a highly effective tool to know the payable premium.

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.

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.

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.

Need More Help?

Have queries related to ACKO’s two wheeler insurance policy? Refer to our Policy Wordings for detailed information or reach out to us via email or phone using the information below

Email

Write to us at [email protected]

Phone

Call us on 1800 266 2256

#36/5, Hustlehub One East, Somasandrapalya, 27th Main Rd, Sector 2, HSR Layout, Bengaluru, Karnataka 560102

Acko Group Companies:

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CIN: U74110KA2016PTC120161

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