What are the Benefits of Using a Car Insurance Calculator?

When you own a car, the first thing you must do to safeguard your vehicle’s future is to get car insurance. A car insurance policy is an important document that you must possess to drive your car legally on Indian roads. If an insured vehicle gets damaged in any way, the insurance company provides the policyholder with insurance coverage. The insurance coverage would help the policyholder take care of the damage repair costs. However, the process to buy the right policy can be a bit tricky, as the insurance requirements would be different for different individuals. When you decide to purchase car insurance online, you must be extremely cautious as this plan is going to safeguard your car for a long tenure.

To make the process easy for their customers, insurance companies for cars have launched the car insurance calculator. This calculator is generally available on the insurer’s website and is entirely free of cost. The insurance calculator will provide you with an estimate on your insurance policy premium, depending on the information you provide. The premium amount estimation will be done on factors like your age, location, car’s make and model, the policy you have chosen, tenure, etc. The insurance calculator will provide you with instant quotes on comprehensive and third-party insurance. You can use the calculator for both new and old cars.

Benefits of using a car insurance calculator:

  • Saves time:

The calculator will help you calculate your car insurance premium with high accuracy quickly. When you are trying to buy a plan, you will not have to conduct manual calculations. With the calculator’s help, you can get the premium quotes for an insurance policy within seconds.

  • Easy to use:

These calculators have a simple user interface and are relatively easy to use. Before using the calculator, you must ensure you have all the required information ready. To use the calculator, you will have to add the relevant information in their respective slots. The calculator will do the rest of the task.

  • Helps you compare:

When you are trying to purchase car insurance online, it can be challenging due to the availability of different online plans. Picking one policy out of the wide range of plans available can make buying a policy somewhat confusing. However, with an insurance calculator, you can understand the suitability of different plans, with regard to their cost as well as your needs and your budget. You can compare other plans and customize the different plan elements to find the most suitable plan for you.

  • Can lower premiums:

The calculator provides you with the premium quotes you will have to pay through a plan. You can understand how different factors like IDV, voluntary deductible, etc. play a part in your premium. Once you know how they factor into your premium amount, you can customize them in the calculator and select a low premium plan.

  • Add-ons:

Add-ons and riders are the other additions you can add to your plan. A rider will provide you with additional coverage for a specific event. Adding riders can improve the insurance coverage you get from the policy. Adding a rider to your plan can affect the amount you pay as premiums, as the addition of add-ons to the plan increases the amount, depending on the rider you choose. With the calculator, you can see how the addition of a rider can affect your premium amount. Once you understand this, you can select the right mix of riders to add to the plan.

  • No agent required:

An insurance agent would be the one who told you about the different plans available for you in the past. But, they would generally have biased opinions about policies and charge you for their services. With the calculator, you can choose an insurance plan all by yourself, without any outside opinions and free of cost.

  • IDV:

The calculator helps you adjust your IDV (insured declared value) to the one suitable for your car’s make, model and age. Including the correct IDV will ensure that you will be fairly compensated with your car’s current market value if your vehicle gets stolen or completely damaged.

The calculator will first analyze the information you have provided, like details about yourself, your car and your policy and then provide you with the premium amount you can pay. Using the car insurance calculator has a lot of benefits; for instance, it would remove the requirement of an agent, help you understand how to lower premiums or what add-ons to include, etc.

Therefore, when you buy a car, you must also purchase a car insurance policy and be sure to use a car insurance premium calculator. While four-wheeler insurance is a good way to save yourself from paying damage repair costs on your vehicle, the calculator makes the process of purchasing a car insurance policy easy. Before making the car insurance online payment, it would help if you used the calculator.