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- What is Car Insurance Premium Calculator ?
- How is Car Insurance Premium Calculated ?
- Benefits
- IDV
- Add-ons
- No Claim Bonus
- Factors Determining Car Insurance Premium
- Types
- Third Party Vs Comprehensive Car Insurance Policy
- Shriram Car Insurance Coverages
- Why is Using a Car Insurance Premium Calculator important
- Third-Party Liability Premium Rates
- Top Reasons to Choose
- Add-on Covers
- Essential Tips
- FAQs
What is a Car Insurance Premium calculator?
A car insurance premium calculator is an online tool that helps calculate the estimated car
insurance premium for your vehicle. It is a free tool provided by most insurance companies
to estimate the premium amount for their car insurance.
The website will ask basic questions like car model, location, age, driving history and
coverage options to calculate the premium. Based on the input and other factors like company
policy, the premium amount will be estimated. This tool will be helpful for individuals to
make informed decisions and plan their budgets beforehand.
How is Car Insurance Premium Calculated?
Make and model
The make and model of the car will be considered while calculating the premium. If a vehicle has a higher cubic capacity, the premium is usually on the higher side.
Type of insurance
The type of insurance you choose will also have an effect while calculating the premium for
your car insurance. Third-Party Insurance is mandatory by law, and the premium for
Third-Party Insurance will depend on the cubic capacity of the vehicle.
If opting for Own Damage or Comprehensive insurance the premium will be calculated on the
basis of add-ons selected, no-claim bonus and other factors.
Benefits of using Car Insurance Calculator
Car insurance premium calculators can help you give instant quotes on comprehensive, third-party and own-damage insurance. Some of the benefits of using a car insurance calculator are listed below.
Insured Declared Value (IDV)
The Insured Declared Value is the maximum amount an insurance provider will compensate in case of theft or total damage to the vehicle. The higher IDV will have a higher premium amount. However, setting a low IDV can lead to a low settlement amount in case of damage or theft.
Add-ons
Add-ons help enhance your coverage by paying extra for the opted-in one. As a result, there will be an increase in the premium. Some of the add-ons that will help with the coverage are Zero depreciation, roadside assistance and key replacement.
No-claim bonus
No claim bonus will be applicable if you do not file for any claims during the policy year. For example, if you do not file for any claims during the policy year, you might get a 20% discount during the time of renewal for the next year. However, the discount range may vary from one insurance provider to another. The insured will benefit from the no-claim bonus while renewing their own damage coverage.
Factors Determining Car Insurance Premium
There are certain factors that determine the car insurance premium. Car insurance is a necessity, and it will help you during unforeseen times. So, it cannot be avoided. However, you can be aware of the factors that will determine the premium, its benefits and coverages.
What are the Different Types of Car Insurance Policies?
The following are the different Car Insurance options available with Shriram General Insurance.
Third-Party insurance
As per the Motor Vehicle Act of 1988, Third-Party Car Insurance is the minimum insurance requirement for a car to be legally driven on Indian roads. In the event of an accident involving the insured's vehicle, it provides financial protection against injuries, death, or property damage to a third party. Nevertheless, it is important to note that a Third-Party Car Policy does not cover damages to the insured vehicle.
Comprehensive insurance
Comprehensive Car Insurance is a combination of a Third-Party and Own Damage (OD) Policy, so you get the coverage of both plans. Third-party coverage includes injury, death or property damage to a third party in an accident involving the insured vehicle. An OD Policy, on the other hand, provides coverage for damages/loss to your own vehicle. You also get the provision to select add-ons with this policy to extend coverage.
Stand Alone Own Damage Cover Policy
A stand-alone Own Damage (OD) Policy covers accidental collisions, natural and manmade calamities, theft, fire, and total loss. Furthermore, under this policy, you can also select Add-Ons to further enhance coverage. For more comprehensive coverage, we advise purchasing an OD Policy if you already possess the legally required Third-Party Insurance Policy. By doing so, you can financially protect yourself from a host of car-related accidents.
Third-Party Vs Comprehensive Car Insurance Policy
The below table will help you understand better the differences between a Third-Party and a Comprehensive Car Policy. Definition
| Parameter | Third-Party Car Insurance | Comprehensive Car Insurance |
|---|---|---|
| Explanation | It is a legally mandatory Car Insurance Policy that provides coverage against third-party liabilities. | This policy is optional. It provides coverage against damages to your own vehicle, as well as mandatory Third-Party coverage. |
| Coverage | It provides financial assistance in the event of your insured vehicle causing accidental injury, death or property damage to a third party. | In addition to third-party coverage, it covers damage to your own vehicle from theft, fire, and other natural and man-made calamities. |
| Cost | Relatively lesser cost because of lesser coverages provided. | More coverages, so generally more cost. |
| Add-Ons | Not available | Available |
| Fulfils Legal Requirement | Yes | Yes |
Shriram Car Insurance Coverages
The following are the coverages under a Comprehensive Car Insurance Policy by Shriram General Insurance.
- What is Covered?
- What is not Covered?
Third-Party Liability
Our Car Policy covers injury, death and property damage to a third party caused by your insured four-wheeler. Moreover, it provides you with the eligibility to legally drive on Indian roads.
Accidental Damages
If your vehicle is involved in an accidental collision, we will financially support you in paying for the repair/replacement of vehicle parts. So you can get your car on the road quickly and as good as new.
Total Loss
In case your four-wheeler is damaged beyond repair, gets lost or is stolen we will compensate you with the car's Insured Declared Value (IDV). IDV is the current market value of a vehicle.
Natural/Manmade Calamities
Our Car Insurance financially protects your car from natural and manmade disasters such as floods, cyclones, riots, etc. Basically, you can rely on us rain or shine.
Fire
If your car were to self-ignite or get burned in a fire accident, our policy would support you in dealing with the expenses related to the repair/replacement of vehicle parts.
Driving Without Driving License
Coverage will not be provided if you are found be driving without a valid driving license or if you have been disqualified from driving altogether.
Pre-Existing Damages
Damages occurring before the time of policy purchase are not covered under our policy. Please note that coverage commences only at the time of policy purchase and coverage ceases when the policy term comes to an end.
Electrical and Mechanical Malfunctions
Electrical or mechanical defects in a vehicle are not covered under Shriram Car Insurance. However, if these defects result in car damage, the damages themselves may be covered as per the policy terms.
Regular Wear and Tear
Our Car Insurance financially protects your car from natural and manmade disasters such as floods, cyclones, riots, etc. Basically, you can rely on us rain or shine.
Illegal Driving
Damages incurred while participating in illegal racing competitions or driving under the influence of drugs or alcohol are not covered by our policy.
Geographical Limits
Accidental damages sustained outside the geographical limits stated in the policy wordings will not be covered.
Why is using a Car Insurance Premium Calculator important?
Using a car insurance premium calculator will help save time and help you plan the budget for the
year. You can input all the required fields, and the calculator will give an estimate of the car
insurance premium to be paid.
The calculator will give a fair idea of the factors that are considered, like the car's
make and
model, IDV and other factors. With the collected information, the calculator will give an
estimate of the car insurance premium to be paid.
Finances can be handled better if pre planed so a car insurance premium calculator will help
with financial planning. In such cases, car insurance premium calculator will play a crucial
role in helping every individual.
Third-Party Liability Premium Rates
Third-Party Liability premium rates are determined by the Insurance Regulatory and Development
Authority of India(IRDAI). They are reviewed annually, and the cost is revised based on
inflation and claim settlement.
The Third-Party Liability rates are determined based on the cubic capacity of the vehicle. If a
car has higher cubic capacity, then the car insurance premium will be higher.
Top Reasons to Choose Shriram General Insurance for Car Insurance
Shriram General Insurance provides Car Insurance online, and purchasing new insurance is easy.
Customising Car Insurance is also very easy, and you can choose the add-ons that cater to your
needs.
Due to our user-friendly digital platform, choosing, comparing, and purchasing a car
insurance policy is also easy. Additionally, Shriram Car Insurance provides customer support,
which helps initiate claims, and the settlement also occurs in the least specified time.
What are the Add-on Covers Under a Car Insurance Policy?
Zero Depreciation Cover
Zero Depreciation Cover provides coverage for the insured car without considering depreciation. It ensures that the policyholder need not bear any additional cost out of their pockets. It covers the insured car for any damages or losses without considering depreciation. Additionally, the cover ensures that the policyholder can claim the full cost of the repair or replacement without bearing any depreciation value. The add-on cover can be purchased with Comprehensive Car Insurance.
Engine Protection Cover
An Engine Protector Cover will provide coverage for the insured vehicle’s engine against risks like water ingression, leakage of lubricating oil, and repair and replacement of the engine’s child part.
Return to Invoice Cover
Return to Invoice cover provides you compensation equal to the car’s invoice value or the
value of the car when you bought it. The add-on cover can be claimed if the car is
stolen or cannot be repaired.
For example, if your car has been damaged in an accident and cannot be repaired, you
will be eligible to claim the Return to Invoice Cover.
Return to Invoice Cover
Return to Invoice cover provides you compensation equal to the car’s invoice value or
the value of the car when you bought it. The add-on cover can be claimed if the car is
stolen or cannot be repaired.
For example, if your car has been damaged in an accident and cannot be repaired, you
will be eligible to claim the Return to Invoice Cover.
Consumables Protect Cover
Consumables cover compensates you for materials that are used only once and cannot be reused. Examples include nuts and bolts, engine oil, and lubricants. Consumables are usually not included with Comprehensive Car Insurance, and you should pay for them out of your packet in case of repairs. In such cases, Consumables Cover will be helpful as it will cover all the expenses of these materials.
Key Replacement Cover
Key Replacement Cover will help you replace the cost of your insured vehicle’s key if it
is lost or stolen. If your vehicle is broken in, the cost of replacing the lock and
labour will be provided.
If you lock yourself out of the insured vehicle, the cost of replacing the new keys will
be covered when you opt for the add-on cover.
Roadside Assistance Cover
In the middle of a journey, your car can break down or be involved in an unlucky accident. Our Roadside Assistance Cover makes sure that small repairs are handled immediately so you can get back on the road. In the event that the damage is more extensive, this coverage ensures that your car is towed to a local network garage so that it may be fixed. The following will be considered as a breakdown of the vehicle. Lack of fuel | Run down battery | Flat tyres Loss of vehicle key or broken key
What are the Essential Tips to Reduce Car Insurance Premiums?
By being proactive and choosing the right insurance, you can reduce the car insurance premium rates. Here are some tips to reduce the car insurance premium.
Compare car insurance premium
Try to compare the Car Insurance premium rates, coverage, and benefits provided by the various insurance companies. This will give you an idea of the market value, and you can choose the one that best suits your requirements and budget.
Coverages
While choosing coverages and add-on covers, make sure you choose the ones that you need. Certain coverages may be pre-defined but might not require you to take them. In such cases, you can opt out and only choose the ones you need. This will help you reduce the premium amount.
Renew your car insurance on time
Try to renew your car insurance on time. In case your car insurance lapses, then you might lose your no-claim bonus. It is recommended to renew your insurance beforehand to avoid last minute hassle.
Shriram Car Insurance in Major Cities in India
Delhi
Chennai
Mumbai
Ahmedabad
Gurgaon
Bangalore
Agra
Bhopal
Pune
Indore
Jaipur
Dehradun
Shriram Car Insurance for Popular Car Brands
Road Tax by States
- Road Tax for Delhi - 4-12.50%
- Road Tax for Tamil Nadu - 12-20%
- Road Tax for Haryana - 4-10%
- Road Tax for Maharashtra - 7-14%
- Road Tax for AP - 12-14%
- Road Tax for Kerala - 7-17%
- Road Tax for Karnataka - 13-18%
- Road Tax for Punjab - 6-8%
- Road Tax for Gujarat - 6%
- Road Tax for Rajasthan - 5-10%
- Road Tax for Uttarakhand - 4-5%
- Road Tax for Uttar Pradesh - 7%
Frequently Asked Questions
How does the car insurance premium calculator work?
No, Comprehensive Car Insurance is not mandatory. However, Third-Party Car Insurance is mandatory by law.
Can I modify the coverage options to see how it affects the premium?
Yes, there are options to modify or adjust the coverage options to see if it affects the premium. This feature helps tailor the policy to your needs and budget.
How to check vehicle insurance details?
Yes. Please use an online premium calculator for an estimate. The cost of your Shriram Car Insurance depends on factors like your car's make, model, year, Insured Declared Value (IDV), type of insurance, and any additional features you select. These factors are considered to determine your car insurance premium.
