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Ankit Parekh
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A seasoned insurance professional with 22 years extensive experience in motor underwriting. Having experties in Risk Management, policy development, contributing to sustainable growth and profitability. Known for analytical acumen and customer focused approach.
Finding the right car insurance policy can be overwhelming, but at Reliance General Insurance, we make it simple with our Car Insurance Premium Calculator.
Intuitive car premium calculators allow you to quickly and easily calculate your car insurance premium, helping you make informed decisions based on your specific needs. Whether you are a new driver or looking to renew your existing policy, our online car insurance calculator considers various factors such as your vehicle’s make, model, age and location to provide a personalised quote.
With a car insurance premium calculator, you can explore different car insurance coverage options, add-ons, and discounts, ensuring that you get the best value for your money. Experience hassle-free insurance shopping with our car insurance calculator - get accurate quotes in minutes and find the perfect coverage that suits your budget and lifestyle.
Trust Reliance General Insurance to make your car insurance journey smooth and straightforward.
A car insurance premium calculator is a freely available online tool designed to help you estimate the premium for your car insurance policy. By inputting details such as Insured Declared Value (IDV) and your vehicle’s make, model, age, and location, the calculator quickly generates an estimated premium amount.
This tool simplifies the process of comparing different insurance plans, allowing you to assess various coverage options and choose the one that best meets your needs. An auto premium calculator also takes into account factors like add-ons and discounts, giving you a comprehensive view of your potential costs.
With a car insurance policy premium calculator, you can make informed decisions without any guesswork.
One of the most important car insurance premium calculators is one that can be used to calculate the premium for your car insurance plan and is tailored to your specific requirements.
For instance, if you include an add-on such as Nil Depreciation, you can find the applicable premium specific to that add-on and understand how it affects your overall cost.
The car insurance calculation formula may not be easy for everyone to understand. With a motor insurance premium calculator, you can easily calculate the premium and compare the different car insurance plans based on their features and applicable costs.
It helps you choose a car insurance plan that meets your requirements and fits your budget, ensuring the best value for your money.
A car insurance calculator simplifies the process of purchasing or renewing car insurance plans. It allows you to quickly calculate the premium and proceed with the purchase or renewal from the comfort of your home.
If you don't calculate auto insurance premium rates yourself, you will have to depend on insurance agents. These agents often take high commissions and may not provide you with multiple options. However, you can protect yourself from such agents by doing thorough research and calculating premiums independently.
Here is a brief guide on using a car insurance calculator, detailing the steps to calculate car premiums online with Reliance General Insurance.
Step 1: At the top of this page, you can find the online car insurance calculator. Choose between ‘Yes’ or ‘No’ for ‘Existing policy with Reliance?’.
You can also access the car insurance calculator from our official car insurance online page.
Step 2: Provide your Car Registration Number, Email Address and Mobile Number.
Step 3: Read and accept the Terms and Conditions.
Step 4: Click on ‘Check Our Prices’.
Step 5: The details of your car will be displayed along with the plan options and their applicable premium rates.
Step 6: You can verify the details, choose a plan option and click on ‘Continue to Buy’.
Step 7: On the next page, you can view all the details about your vehicle and car insurance policy. You can cross-check the details and make any changes if applicable.
Step 8: After verifying the information, you can edit the IDV (Insured Declared Value), opt for add-on covers like Nil Depreciation if necessary and get discounts if applicable. You can also add additional covers for car accessories, drivers and passengers.
In case you are changing your car insurance provider, you must provide the details of your previous car insurance, including the expiry date of the previous policy, NCB earned, etc., while calculating the premium.
Step 9: After filling in all the details, you will be able to see the premium rates for your car. Click ‘Next’ for a detailed summary of your quote.
Step 10: If you are satisfied, you can proceed to enter your personal details and further make the premium payment. Otherwise, you can revise the inputs to reduce the premium or enhance the coverage.
A car insurance premium calculator will provide the premium for your car insurance policy based on the information you provide. Ensure that you provide accurate information to get the best deals for your car insurance policy.
Here is a list of the car insurance vehicle information required:
For a Used Car
For a New Car
● Car Registration Number
● Car Manufacturer
● Date of Registration
● Type of fuel
● Make and Model
● Insured Declared Value
● Details of car insurance plan, if any
● Claim history. If not, then information on NCB
● Type of car insurance coverage required
● Add-on covers required
● Personal details of the car owner, such as name, age, address, etc., with the proof of identity and address, including Aadhar card, driving licence, etc.
● Car Model
● City where your new car is registered
● Date and Year of Manufacture
● The personal details of the car owner, such as name, age, address, etc., along with proof of identity and address, including Aadhar card, driving licence, etc.
Our car insurance calculator is a user-friendly tool. Every step is self-explanatory and simple to understand. It is an easy and efficient way to compare premium rates of a variety of plans with various features for your vehicle.
By using a car insurance calculator, you get accurate information about the premium amount you will be paying for a particular policy.
One of the most relevant car insurance premium calculator benefits is that it can also help you understand the way premium rates change with a change in variables almost instantly. This allows you to compare and make informed decisions very easily.
The car insurance premium calculator is a freely accessible online tool. By learning how to calculate car insurance rates with this tool, you can avoid the unnecessary expenses of paying an agent.
The online car insurance calculator features allow you to adjust the inputs until you are satisfied with the coverage for your specific requirements and the cost that fits into your budget.
Reliance General Insurance offers diverse car insurance policy options. And with our comprehensive car insurance policy, you can get extensive coverage for a wide range of potential risks. Further, you can choose Long Term Car Insurance for extended protection.
By purchasing a Reliance General Car Insurance policy, you can gain access to over 10,000 cashless garages across India.
We also offer competitive auto insurance premium rates for our car insurance policy options, ensuring affordability without compromising on coverage requirements. You can also opt for our innovative Pay As You Drive Car Insurance to keep your premiums in check
Reliance General Insurance extends a well-established online platform to simplify online purchase and renewal procedures and allow users to compare different policy options.
We offer discounts on Own Damage premium for installing Anti Theft devices and also for the owner being a member of the Automobile Association Membership. Further, you can also benefit from a discount when choosing a certain amount of the voluntary deductible.
Car insurance plans by Reliance General Insurance can be enhanced with our wide range of add-on covers, curated to meet specific and diverse needs to provide additional protection for your vehicle.
With Reliance General Insurance, you can also seamlessly file your car insurance claims for cashless or reimbursement benefits as per your preferences. We extend quick claim surveys and settlement procedures.
We also have registered a high claim settlement ratio of 100%* for the FY 2023-2024.
We offer 24/7 dedicated customer support to address any of your car insurance policy-related queries and ensure prompt assistance.
The third-party premium for car insurance policies is determined by the Insurance Regulatory and Development Authority of India (IRDAI), and it is based on the type of car and engine cubic capacity.
The third-party premium rates for car insurance policies as of 2023 - 24 are:
Engine Cubic Capacity
Single Premium for 1-Year Policy (₹)
Single Premium for 3-Year Policy (₹)
Less than 1000 cc
2,094
6,521
Between 1000 and 1500 cc
3,416
10,640
More than 1500 cc
7,897
24,596
The third-party liability premium car insurance for electric cars as of 2023 - 24 are:
Single Premium for Electric Cars - 1-Year Policy (₹)
Single Premium for Electric Cars - 3-Year Policy (₹)
Less than 30 KW
1,780
5,543
Between 30 and 65 KW
2,904
9,044
More than 65 KW
6,712
20,907
The car insurance premium for a new car will be based on the type of car insurance plan you choose, including any add-on covers and the applicable discounts.
Opting for a comprehensive car insurance policy is highly recommended for a new car. The policy has two components: the third-party insurance premium and the own damage cover for new car insurance charges.
While IRDAI determines the third-party car insurance premium, the own damage premium can be calculated as follows:
Own Damage Premium = IDV x Premium Rate + Premium applicable to Add-Ons - Applicable Discounts.
You can easily calculate the insurance premium for your new car using our car insurance calculator.
When you calculate insurance premium rates for an old car, one of the main factors that affect the overall cost is the Insured Declared Value (IDV). The IDV is typically lower for old vehicles due to depreciation.
The formula for calculating the IDV in this case is:
IDV = (Selling Price - Depreciation) + (Cost of Accessories not included in the Selling Price - Applicable Depreciation)
This depreciation in value results in a lower coverage for older vehicles. With our car insurance premium calculator, you can determine the minimum, maximum and recommended IDV for your car and choose a suitable coverage that meets your requirements.
Apart from the IDV, other factors affect the car insurance premium for old cars, which we will discuss in the following sections.
The auto insurance renewal premium is determined predominantly based on the vehicle condition, claim history, coverage modifications and applicable discounts.
Assessing your vehicle’s condition involves considering the depreciation, general wear and tear and any previous damages.
Coverage modification refers to adjustments made to the coverage by revising the IDV and including or removing any additional covers.
Any claims made during the previous policy year can significantly increase the renewal premium for your car insurance policy.
Discounts refer to reductions in the premium cost, such as no claim bonus for every claim-free year and fitting additional accessories such as anti-theft devices.
You can use the calculator provided at the top of this page or the car insurance renewal premium calculator to determine the renewal premium applicable to your car.
The type of car insurance policy, whether third-party or comprehensive car insurance and the optional covers that you have chosen for your car significantly impact the overall premium cost applicable to your vehicle.
The IDV in car insurance refers to the maximum compensation you can receive from your policy in case of total loss or theft. It is determined based on the current market value of your car, less the applicable depreciation.
When you compare car insurance premiums, the premium is higher for new vehicles due to a higher IDV than for older vehicles.
The brand and model significantly affect the premium due to repair costs, spare parts availability and overall vehicle value. A luxury car will have a higher premium compared to economic models.
Your car's engine space is measured in cubic centimetres (cc). The higher the space of the engine, the more car insurance premiums you have to pay.
This is the benefit you will receive if you do not make any claims during the previous policy year.
Under No Claim Bonus or NCB, you will get a discount on the premium paid at the time of the renewal of your car insurance for every claim-free year. You can get up to a 50% discount on the premium after 5 consecutive claim-free years, and it can be incorporated while using the car insurance premium calculator.
If you opt for a voluntary deductible, you can reduce the premium rates of your car insurance. This means you agree to pay some amount from your own pocket in the event of a claim. Consequently, the insurer’s payout during settlement is reduced, leading to a considerable decrease in the premium rate.
Living in a location prone to heavy traffic and frequent accidents, such as urban roads, generally increases the premium. Similarly, residing in or travelling through flood-prone areas can also lead to higher premiums due to higher potential damages that can incur to your vehicle.
If you have car accessories like anti-theft devices, it reduces the chances of theft. Hence, your car insurance provider won't have to worry about the claim that you might make in case of robbery of your insured car. This is the reason why a car with Anti-theft devices will get a discount on the premium rates for car insurance.
Although add-on optional covers offer enhanced coverage, it is available at an additional cost. Therefore, make wise decisions by choosing only the relevant add-on covers absolutely necessary for your car insurance needs to reduce your car insurance premium rate.
You can lower your car insurance premium to a great extent if you buy car insurance online. We offer up to 90%* discount for online purchases, subject to the policy conditions.
Installing additional devices or accessories, such as anti-theft devices, can considerably reduce the chances of theft and related damages. Therefore, we offer discounts to customers who have installed such devices on their own damage premium.
No Claim Bonus or NCB is the discount you will be eligible for at the time of renewal if you don't make any claim under your car insurance plan in the previous policy year. You can accumulate up to a 50% discount on your premium if you have 5 consecutive claim-free years.
If you want to ensure the benefits and discounts applicable to your car insurance premium, you should have renewed your car insurance policies timely over the previous years.
This is the most important thing that you should do, as it will not only protect you but will also avoid claim registrations and help you get lower insurance rates.
One mistake using insurance calculators that is done a lot is providing incorrect details about your car. Doing so can lead to incorrect premium estimates, potentially impacting your coverage and claim settlement.
As you use the car insurance premium calculator, you must explore the different coverage features, add-on optional covers and applicable discounts such as NCB. It can help you understand the variations in your premium corresponding to the enhanced coverage.
When you use the car insurance policy calculator to determine the premium, ensure to consider the changes in your car conditions and your car driving and usage to determine adequate coverage.
Analyse your requirements by considering your location, car insurance driving history, brand, make and model, etc., to determine suitable and adequate coverage.
Research and find the different car insurance products applicable to your car.
Compare different products based on their coverage features, plan options and benefits to shortlist a few. Use the car insurance premium calculator to determine the premium quote for the different car insurance policies that you have chosen.
Compare the calculated premium across the different products and find the product that offers the best coverage and value for money for your car insurance requirements.
As you compare auto insurance premiums online, remember to read and understand the policy inclusions and exclusions, as they significantly affect your claims.
The cost of insurance for a car depends on its age, Insured Declared Value (IDV), make and model, engine’s cubic capacity, type and extent of car insurance coverage required, add-on covers preferred, voluntary deductibles and more.
You can use a car insurance calculator to determine this premium cost specific to your car insurance requirements.
Our car insurance calculators provide reliable premium quotes and lead to the purchase options directly. Therefore, you can utilise them and explore the different options to choose a suitable and affordable car insurance plan and then proceed to purchase it in a few simple steps.
Yes, you can compare different insurance quotes using a calculator, which provides the premium quotes with the applicable coverage features and benefits.
Yes, you can use the car insurance calculator at the time of renewal to find the different policy options and their applicable premium rates.
You can find the exact payable premium by providing your car details, such as the registration number, the preferred type of car insurance policy, features, and the optional add-on covers in the car insurance premium calculator. It provides the most accurate premium quote and leads to the purchase of the car insurance policy.
A car insurance renewal premium calculator allows you to explore the variations corresponding to the changes in the IDV and coverage modifications that you prefer, including adding or removing add-on covers to determine the most suitable and affordable car insurance policy.
The brand and model of your car significantly affect your car insurance premium. This is due to reasons such as repair costs, spare parts availability and overall vehicle value. An expensive car will have a higher premium compared to an economic model.
The basic premium is the core and initial cost applicable to car insurance without the inclusion of other factors, such as optional add-ons, discounts and applicable modifications.
The cost of car insurance for a 10 lakh car differs based on various factors such as its age, IDV, make and model, engine cubic capacity, deductibles, preferred type of car insurance and add-ons, and more.
Therefore, it is recommended that you use a car insurance premium calculator to input your car’s specific details and accurately determine the exact car insurance premium.
Disclaimer: *T&C apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale. Details mentioned here are for the product- Reliance Private Car Package Policy. UIN: IRDAN103RP0010V02100001; Reliance Private Car Policy – Bundled, UIN: IRDAN103RP0007V02201819; Reliance Private Car Policy- Standalone Own Damage UIN- IRDAN103RP0001V01201920; "A" Policy for Act Liability Insurance ( Pc /Tw/Commercial ), UIN: IRDAN103RP0003V01200102; A" Policy for Act Liability Insurance (Private Car) – 3 years, UIN: IRDAN103RP0003V01201819;
Premium: The premium mentioned for car Insurance is excluding taxes for the private car model Maruti Suzuki Alto 800 with cubic capacity of less than 1000 cc for a 1 year Own Damage Insurance policy for an IDV of ₹2,34,728. Premium used is 2,853/year as on 1 March 2023 and then converted into a per month basis, which gives us ₹238/month (2,853/12).
Discount: The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, age of the vehicle and addition of add-ons like Reliance Limit Sure-Pay As You Drive.
Network Garages: The number of garages mentioned is the total of all the garages empanelled across the country for different vehicle categories.
Claim Settlement Ratio: This is the overall claim settlement ratio for FY 2023-24 without claim outstanding at the start of the financial year as per public disclosure of Reliance General Insurance Co. Ltd.
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