20 hrs ago
Car Insurance Calculator Estimates IDV and Premiums Before Purchase
A car insurance calculator gives you an estimate of what insurance may cost before you buy it.
You enter details about your car, such as its age, model and fuel type.
The tool can estimate the car’s insured value after depreciation.
It also estimates different parts of the insurance cost.
Third-party premiums are set using rules from IRDAI, while own-damage costs depend on the car’s value, discounts and add-ons.
Comprehensive insurance combines third-party and own-damage cover.
Comparing estimates can help people choose coverage that suits their needs and budget.
The article says TATA AIG offers a calculator for this purpose.
An online car insurance calculator estimates premiums using details such as vehicle age, make, model and fuel type.
The calculator can estimate a car’s Insured Declared Value, or IDV, based on its value after depreciation.
Third-party premium rates are set by IRDAI and depend on fuel type and engine capacity; rates may be revised periodically.
Own-damage premiums depend on IDV, the insurer’s tariff rate, discounts such as No Claim Bonus and selected add-ons.
Comprehensive premium combines own-damage and third-party premiums, and calculators can help users compare coverage options.
- Who
- People considering or renewing car insurance policies.
- What
- An explanation of how an online car insurance calculator estimates IDV and insurance premiums.
- Where
- India; the article also refers to TATA AIG’s calculator.
- When
- Before purchasing or renewing a car insurance policy.
- Why
- To help users estimate costs, compare coverage options and plan their insurance budget.
Using a calculator
Choosing coverage
Cost estimates and policy comparison
Using a calculator
The article presents calculators as a quick way to estimate premiums, understand costs and compare policy options.
Choosing coverage
It advises selecting coverage and add-ons according to the car’s use, needs and budget; an estimate alone does not determine which policy is appropriate.
Key facts
- Calculator inputs
- Vehicle age, make, model and fuel type; estimates may also consider location and selected coverage.
- IDV
- The car’s value after depreciation; it indicates the maximum payout described for theft or total loss.
- Third-party premium
- Standardised across insurers, determined by IRDAI based on fuel type and engine capacity, and revised periodically.
- Own-damage premium
- Based on IDV, the insurer’s tariff rate, discounts and selected add-ons.
- Comprehensive premium
- Own-damage premium plus third-party premium.
- Named calculator provider
- TATA AIG
Sources
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