Car Insurance Calculator In India: Estimate IDV, TP And OD Premium Before You Buy

Looking to estimate your car insurance premium before buying a policy?

A car insurance premium calculator helps you estimate key components such as Insured Declared Value (IDV), own damage premium, and third-party premium. It provides a clear view of the policy cost and makes comparison of coverage options easier. 

A clear estimate helps to assess if the selected policy aligns with your requirements and budgetary preferences. Read on to know more about the car insurance calculator. 

What is a Car Insurance Premium Calculator?

A car insurance premium calculator is an easy-to-use online tool that helps to calculate an estimated premium for your four-wheeler insurance. Enter details such as the age of the vehicle, make, model and type of fuel to receive a premium estimate instantly. 

This calculator provides a detailed breakdown of estimated premium, and helps you  understand the impact of vehicle details and chosen coverage on the overall insurance costs.

What does a Car Insurance Calculator Estimate?

Insured Declared Value (IDV)

Insured Declared Value (IDV) is the current market value of your car after depreciation deductions. It denotes the maximum amount you will receive if your car is stolen or suffers a total loss after an accident. The IDV can be adjusted during purchase and renewal of your car policy. 

The IDV formula is represented as:

IDV = (Ex-showroom price - the depreciation value*) + (Cost of accessories - the depreciation value applicable to accessories*) 

Third-Party Insurance Premium

The third-party insurance premiums are standardised across insurers. The IRDAI determines it depending on the fuel type and engine capacity (cubic capacity or CC). The premium rates, however, are revised periodically. 

Own Damage Cover Premium

The own damage cover premium calculation is based on the car’s IDV, the tariff rate as fixed by the insurance provider, discounts (such as the No Claim Bonus) and the add-ons you choose. 

The formula for premium calculation is:

Own Damage Premium = IDV × Tariff Rate (fixed by the insurance provider) + Add-ons – Discounts

Comprehensive Car Insurance Premium 

The comprehensive car insurance premium calculation combines both the own damage insurance premium and third-party insurance premium. It is represented as:

Comprehensive Car Insurance Premium = Own Damage Car Insurance Premium + Third-party Car Insurance Premium

What are the Benefits of Using a Car Insurance Calculator Before Buying?

A car insurance calculator estimates the premium payable for car insurance policy before purchase. It helps to clearly understand the costs, compare options and select appropriate coverages. 

Get Premium Quotes Instantly

A car insurance premium calculator provides a quick premium estimate. It considers information like location, car model, age, and selected coverage. This way, it also helps in better financial planning. 

Comparison of Multiple Policies

Comparing policies is now simple with the calculator. Policyholders can check estimated premiums on the different coverage options. This helps determine a policy that provides appropriate coverage at an affordable price. 

Coverage Customisation

A calculator allows you to assess various coverage combinations including comprehensive cover, third-party cover, and other add-ons. Choose a policy that aligns with your car’s usage and needs. 

Saves Time and Money

Using a calculator, you can estimate premiums quickly without lengthy calculations. It also prevents payments for unnecessary coverage. A quick estimation supports an informed policy purchase. 

Estimate Your Car Insurance Premium with TATA AIG

The car insurance calculator is easy to use and estimates the car insurance premium before policy purchase. It comprehends the cost depending on the vehicle specifications and coverage chosen. Policyholders can also go through the available insurance options to make an informed decision. Clear premium estimates help in easier budget planning. 

TATA AIG provides an online car insurance premium calculator that helps calculate the insurance premium of a car. It also allows every car owner to check the IDV and choose suitable add-ons. This helps them further understand how their choices impact the premium. This makes coverage comparisons easier and helps choose a policy that balances protection and costs. The estimated premium is accessible online, making it more convenient to purchase and renew the policy.