Dbn Centre
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Shopping
  • Tech
  • More
    • Sports
    • Auto
    • Law
    • Real Estate
    • Travel
No Result
View All Result
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Shopping
  • Tech
  • More
    • Sports
    • Auto
    • Law
    • Real Estate
    • Travel
No Result
View All Result
Dbn Centre
No Result
View All Result
Home Finance

How to Save Money by Effective Calculation of Car Insurance Premium

Chaya Ben by Chaya Ben
August 1, 2020
in Finance
0 0
0
How to Save Money by Effective Calculation of Car Insurance Premium
0
SHARES
47
VIEWS
Share on FacebookShare on Twitter

In recent times, due to the COVID-19 lockdown situation, financial instability is a story that most households are facing. This has eventually led to the careful planning of expenses. The most thought over expense during this lockdown is the car insurance premium as mostly our car is off-road. Here are a few ways how you can save that extra bit by effectively calculating your car insurance premium.

When financial concerns are at its peak, everyone would wish to save money as much as possible and most of them nowadays are planning to save maximum with car insurance. According to the Motor Vehicle Act, it is mandatory to have a third-party car insurance policy. So, before buying a new car insurance plan or renewing your existing plan, know the ways how to calculate your car insurance as per your budget. You can either calculate your insurance manually with the formula, considering the different factors, or use a car insurance calculator to calculate the insurance premium.

How to Calculate Car Insurance Premium?

Premium = OD (Own Damage) Premium – (No claim bonus + Discounts) + Liability Premium (fixed by the IRDA).

Variables that affect Car Insurance Premium Calculation

There are a lot of pointers that are mentioned in the fine print of the policy papers. But, before finalising the car insurance plan, the insurance providers give the exact premium to be paid against the insurance plan. Few factors other than the price of the car that affects the premium of car insurance.

Age and gender of car driver- With lesser age, the insurance companies find individuals to be more prone to risks. Higher the risk factor higher would be the car insurance premium.

Car model and variant – An expensive car would have a higher insurance premium for obvious reasons. Likewise, a car with a higher variant would attract more interest as the car of the lower variant of the same brand.

Fuel type – A CNG fitted car has a higher premium as compared to a Petrol/diesel car.

There are other factors that, when chosen wisely, could help you save your premium. Such as:

Anti-theft devices: If your car has ARAI approved anti-theft device you can get a discount of up to 2.5% on the premium (the discount percentage varies from insurer to insurer).

No Claim Bonus: You can get a No claim bonus if you have not claimed your insurance during the year. No claim bonus allows you to get a discount on your premium amount. You can also transfer your No Claim bonus to a different car or policy.

Voluntary Access-  Voluntary access is the amount that you voluntarily accept to bear during the claim. Higher the amount you choose to bear lower will be your premium amount. In such times when you are at home mostly, you can opt for a higher deductible to decrease your premium amount.

Manufacturing year– If you have an old car, the IDV value of your car will be less. If the IDV value is less, you will have to pay a lesser premium. So, before you finalise your IDV value, consider the age of your car.

Calculating your premium with a car insurance calculator would also give you an idea of the amount you would have to pay for your car insurance. A car insurance calculator also helps you to compare the premium quotes offered by different insurance providers so that you can choose the best one for your car. With the help of the specification, you can compare the different insurance plans which can help you save on your premium amount.

Previous Post

How To Buy Health Insurance For My Parents?

Next Post

Benefits of Hiring Movers and Packers

Chaya Ben

Chaya Ben

Next Post
Benefits of Hiring Movers and Packers

Benefits of Hiring Movers and Packers

  • Trending
  • Comments
  • Latest
Home Decoration Strategies for Decorators around the Budget

Home Decoration Strategies for Decorators around the Budget

December 3, 2019
5 Real Reasons Why You Should Choose A Career In Nursing!

5 Real Reasons Why You Should Choose A Career In Nursing!

June 30, 2020
Everything You Need To Know About Health Insurance

Everything You Need To Know About Health Insurance

April 27, 2020
6 Ways Hospitals Can Save Money

6 Ways Hospitals Can Save Money

May 28, 2020
Management of chronic obstructive pulmonary disease

Management of chronic obstructive pulmonary disease

0
Getting The Best From Funding Auto Parts Promotional Code

Getting The Best From Funding Auto Parts Promotional Code

0
Durable Ford Auto Parts

Durable Ford Auto Parts

0
Buying Used Auto Parts From the Junkyard

Buying Used Auto Parts From the Junkyard

0
Management of chronic obstructive pulmonary disease

Management of chronic obstructive pulmonary disease

January 20, 2021
Why You Should Visit A Cosmetic Dentist

Why You Should Visit A Cosmetic Dentist

January 20, 2021
Coping with Atrial Fibrillation

Coping with Atrial Fibrillation

January 20, 2021
Why Skin Deep Laser MD is the best skincare provider

Why Skin Deep Laser MD is the best skincare provider

January 20, 2021

Recommended

Management of chronic obstructive pulmonary disease

Management of chronic obstructive pulmonary disease

January 20, 2021
Why You Should Visit A Cosmetic Dentist

Why You Should Visit A Cosmetic Dentist

January 20, 2021
Coping with Atrial Fibrillation

Coping with Atrial Fibrillation

January 20, 2021
Why Skin Deep Laser MD is the best skincare provider

Why Skin Deep Laser MD is the best skincare provider

January 20, 2021

Recent Posts

  • Management of chronic obstructive pulmonary disease January 20, 2021
  • Why You Should Visit A Cosmetic Dentist January 20, 2021
  • Coping with Atrial Fibrillation January 20, 2021
  • Why Skin Deep Laser MD is the best skincare provider January 20, 2021
  • Prime Benefits of a Demat Account January 14, 2021

Archives

  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019

Categories

  • Auto
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • News
  • Real Estate
  • Shopping
  • Sports
  • Tech
  • Travel
January 2021
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Dec    

Recent Posts

  • Management of chronic obstructive pulmonary disease January 20, 2021
  • Why You Should Visit A Cosmetic Dentist January 20, 2021
  • Coping with Atrial Fibrillation January 20, 2021
  • Why Skin Deep Laser MD is the best skincare provider January 20, 2021
  • Prime Benefits of a Demat Account January 14, 2021
  • How to Revitalize Your Vaginal Muscles and Boost Your Sexual Life After Menopause January 7, 2021
  • Why Facial Plastic Surgery is Good for You January 7, 2021
  • CBG Oil: How Does it Make you Feel December 22, 2020
  • Home Decoration Strategies for Decorators around the Budget

    Home Decoration Strategies for Decorators around the Budget

    0 shares
    Share 0 Tweet 0
  • 5 Real Reasons Why You Should Choose A Career In Nursing!

    0 shares
    Share 0 Tweet 0
  • Everything You Need To Know About Health Insurance

    0 shares
    Share 0 Tweet 0
  • 6 Ways Hospitals Can Save Money

    0 shares
    Share 0 Tweet 0
  • How To Buy Health Insurance For My Parents?

    0 shares
    Share 0 Tweet 0
  • Get Support

© 2019 Dbn Centre - Premium WordPress news & magazine theme by Dbn Centre.

No Result
View All Result
  • Contact
  • Get Support
  • Home 1
  • Home 2
  • Home 3
  • Home 4
  • Home 5

© 2019 Dbn Centre - Premium WordPress news & magazine theme by Dbn Centre.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In