How Does a Car Insurance Calculator Simplify Your Insurance Purchase?

A car in today’s day and age is no longer a luxury, but a necessity for its flexibility and convenience. It is an asset that a person desires for and has a sense of achievement after getting one. But buying a car does not end your responsibility. You also need to tick off getting an insurance cover with it. You can purchase car insurance online as well as offline but buying online has its benefits. With plethora of choices to choose from, it can get confusing which insurance cover will be perfect, both in terms of coverage and your budget. This is where a nifty tool, the car insurance premium calculator comes into the picture. 

What is a car insurance calculator?

Car insurance calculator is a tool provided as an additional facility by leading insurance companies. Here you can estimate the premium of your policy based on the selection of the plan as well as the various add-ons with it. This facility is generally available on the insurance company’s website for no additional charges. All you need to do is locate this calculator on the insurer’s website and enter policy details. Next, proceed with mentioning your car’s information like the registration number, month and year of manufacture, and a few other basic details. Here, you also have the options of selecting add-ons you want to load on to the car insurance cover. Once you have finalised the coverage, proceed with checking the premium that shall be levied for the policy selected. 

Advantages of using a car insurance calculator

There are three main advantages of a car insurance calculator which are as follows- 

#1 Setting the right Insured Declared Value (IDV)

When you purchase a comprehensive policy, be it for private or commercial vehicle insurance, there is an option to alter the IDV. IDV which is the approximate market value of your car helps to receive an adequate compensation in the event of a total loss or theft. A lower IDV declared can result in reduced premium but the coverage for your vehicle may not be adequate. On the other hand, overstating the IDV will increase your premium resulting in higher cost of insurance cover. 

#2 Selecting appropriate add-on covers

There are many different additional coverages that you can choose from. While these covers are available only for comprehensive plans, they can significantly enhance the policy coverage. With these varied add-ons available, it is not that you need all of them. The selection of these add-ons is based on the requirement of insurance coverage for your car. Moreover, a car insurance calculator helps you select the add-ons since they impact your premium too. With the help of car insurance premium calculator, you can strike a balance between the coverage of your insurance plan vis-à-vis its cost. 

#3 Right Premiums

The primary purpose of this car insurance calculator is to select a policy within your budget. With this tool, you can compare the myriad options to finalise one plan that checks all your requirements at once. 

Keep in mind these varied benefits of a car insurance calculator and make sure to compare the various plans before selecting one. Afterall, you do not want to engage in the hassles of purchasing a fresh policy because of inadequate coverage, right? Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.