Why get a Car Insurance Plan at Bajaj Markets?

From greater comfort to convenience in travelling, your vehicle always sets you on track. Hence, securing your drives remains a priority! This is where Car Insurance plans on Bajaj Markets come into the picture.

Multiple Offerings

With multiple offerings made available from our trusted partners for you to choose from, we help you make the right choice.

Compare & Buy

Be it a mandatory Third-party policy, an all-round Comprehensive plan or an Own Damage policy, our platform has you covered.

100% Online Process

With a 100% online process, all you have to do is complete the journey, make an instant online payment and get your policy in your inbox right away.

By submitting this form I agree to terms of use and confirm my vehicle has a valid PUC certificate

OVERVIEW
FAQs on Car Insurance Premium Calculator

Car Insurance Premium Calculator Online

Finding the right car insurance policy can be overwhelming, especially with so many options available. That's where the insurance premium calculator comes in handy. It's a tool that helps you figure out how much you would pay for car insurance. All you have to do is provide some basic information about your car, like its make and model, and you can get a quote instantly. Plus, you can compare quotes from different insurance companies, and find the one that suits your needs and budget.

This easy-to-use calculator is a great way to get started on your search for car insurance. It takes the hassle out of comparing policies and companies and helps you find the right coverage for your car.

How to Use The Car Insurance Premium Calculator

To use the calculator, you need to follow these five simple steps:

Enter your car's registration number, mobile number, and pin code, and then click on the 'Calculate' button.
Provide details about your car, such as its make and model, fuel type, and any other relevant information.
Choose the insurance plan that suits you best.
Give your personal information, including your date of birth and address.
That's it! After following these steps, the car insurance calculator will display the amount of premium that you need to pay for your car insurance policy.

Benefits of Using a Car Insurance Premium Calculator

In India, it's mandatory to have car insurance, but many people find it confusing to understand their policy and the costs involved. Luckily, there's an easy way to calculate your car insurance premium online using a tool called an insurance calculator. Here are some reasons why it's helpful:

Easy to use and saves you the hassle of doing manual calculations
Helps you understand your options better so you can make an informed decision
Helps save time by not having to go through the process manually
Enables you to prepare the required documents you'll need to get your policy
Get a detailed breakdown of different insurance plans, so you can choose the one that suits you best
The calculator is unbiased and free from any middlemen or agents, so you can trust the results
Can be used from anywhere, making it highly convenient

How to Calculate Car Insurance Premium

Car insurance premium can be calculated using a formula that takes into account different factors like the damage premium, No Claim Bonus, discounts, third-party liability premium, etc. Here’s how it is determined:

Car Insurance Premium = Own Damage Premium - (No Claim Bonus + Discounts) + TP Liability Premium

Furthermore, the third-party car insurance rates are decided by the IRDAI based on the engine capacity of the vehicle as follows:

Engine Capacity	Premium Rates
Not more than 1000cc	₹2,094
More than 1000cc but not exceeding 1500cc	₹3,416
More than 1500cc	₹7,897

Factors which Determine Car Insurance Premium

Age of the Vehicle

The Insured Declared Value of your car is determined using the manufacturer's present value and depreciation based on its age.

Geographic Location

If you are located in areas that are prone to vandalism, you may have to pay a higher premium. This is because a car parked in a dangerous zone could mean greater chances of damage and theft.

Type of Coverage

The type of car insurance you choose can significantly impact your car insurance premium. If you opt for a comprehensive car insurance policy, which covers both own damage and third-party damage, you can expect to pay higher premiums. On the other hand, third-party insurance policies tend to have lower premiums, as they only cover damage to other people's vehicles or property.

Type of Engine

When determining the car insurance premium, insurers may ask for the engine capacity of your vehicle as it is one of the main factors that determines your premium.

Add-on Covers

Add-ons covers or riders are crucial factors that impact the car insurance premium amount. While they may increase the base premium slightly, they offer an excellent way to expand your coverage for a nominal fee.

How to Estimate Car Insurance Premium for Old & New Cars

To determine the premium quote for an old and a new car, you need to enter the below-mentioned details in the four-wheeler insurance calculator:

Details Required to Calculate the Premium Rate for Old Car

The car insurance premium calculator for an old or used car can be calculated by providing relevant car details. These are:

Make and model of the car
Fuel type
Depreciation rate
Details of previous insurance policy
Claim history
Details of the previous owner, in case of second-hand car

Details Required to Calculate the Premium Rate for New Car

If you choose to purchase comprehensive four-wheeler insurance for your new car, two components make up the premium amount. First is the third-party cover and the second is the Own Damage (OD) cover. However, to estimate the OD premium amount, you can use the following new car insurance premium calculation formula:

OD cover = [Insured Declared Value (IDV) x insurer’s premium rate] + add on covers - discounts

You can input the below-mentioned details in the new car insurance calculator:

Car manufacturer
Type of car
Make and model of the car
Fuel type
Manufacturing year
Registration date and state

List of Car Insurance Providers We are Partnered With

Bajaj Allianz Car Insurance

Bajaj Allianz Car Insurance is a reliable product offered by Bajaj Allianz, a collaboration between Bajaj Finserv Limited and Allianz SE. With their profound expertise in the general insurance industry, these products are designed to meet the unique needs of customers. Bajaj Allianz Car Insurance is equipped with great features and value-added benefits, so customers can get better value for their money.

HDFC ERGO General insurance

With over 7100 network garages, you can benefit from cashless claims at your nearest network garage with HDFC ERGO car insurance plans. These are designed considering your requirements and budget, making the insurance premium quite highly affordable.

SBI General Car Insurance

SBI General Motor Insurance offers comprehensive coverage for your car against loss, damage, or theft due to accidents, third-party liabilities, and natural calamities. Its Claim Settlement Ratio stands at 98%.