Third Party Car Insurance Premium Calculator

Car Insurance Calculator

A car insurance calculator enables a person to compute the premium of a car as well as compare insurance quotes from different insurers. Different sets of customers have their own specific requirements and car insurance calculator helps them to evaluate and get the best policy as per their requirements.

Undeniably, car insurance premium calculator is a valuable tool that helps a buyer to get the best car insurance plan on the basis of his specifications. It allows you to make a comparison of different insurance plans on a click of the mouse. Simply put, car insurance calculator helps buyers to evaluate their insurance needs and get an appropriate plan accordingly.

Compare car insurance quotes and Save upto 55%. With car insurance premium calculator, compare plans from top insurers for your new or used car. Get instant online policy as per your budget and needs.

  • Use Car Insurance Calculator Online and Save Money
  • Compare Plans from Top Insurers
  • Select Best Car Insurance

Benefits of Car Insurance Calculator

      • Using a car insurance premium calculator prior to buying a plan makes the overall process easy and convenient for the buyer
      • Make a comparison of premium rates and choose the best insurance plan
      • See for yourself how changing variables of coverage change your premium
      • No need to take your decision in haste or under influence of the agents

How to Use Car Insurance Premium Calculator?

It is an online feature that allows customers to calculate the premium amount for the vehicle on the basis of the information provided by them.

Car insurance calculator provides customers with lots of variation in terms of premium rates as per their requirements. For calculating the exact car insurance premium, a customer needs to mention the specific details that include date of registration, car details, policy start date and other extra coverage details. It is just a matter of a few clicks through your mouse and you’ll get what you want. Moreover, to find a good car policy, comparing two different insurance policies can be the right tool. By comparing premium rates of different insurance companies, one can easily find out the most beneficial insurance. Essentially, the more extensive the coverage, the higher your car insurance premium rates will be.

To calculate car insurance premium rates, every insurance company uses its own method.

      • Premium Calculator for Used Cars= To calculate premium quotes for used cars, you need to give details, like car type, fuel type, registration number, existing car insurance policy details, change in car ownership details, if any and previous year claim reports. Premium calculator for used car allows buyers to get the best deal as per the requirements.
      • Premium Calculator for New Car= For calculating the premium value, you would need to fill details about the vehicle including vehicle manufacturer’s name, vehicle model, year of manufacture, state of registration of Car, etc., with person’s own details. Premium calculator for new car offers you the best deal by comparing all sets of facilities offered by different companies. It is a quick solution to the concerns of the customers.

Factor that Determine Car Insurance Premium Value

Top Variables that play an indispensable role in deciding car insurance premium rate are:

      • Age and Gender – Individual below 25 years of age are perceived by the insurance company to be more likely involved in accidents and hence individuals in the age bracket of 18 – 25 have to shell out a higher premium.
      • Car Make, Model and Variant – For obvious reasons, high end cars like Audi and Bentley are insured at a higher price than budget car like Alto and Santro. On similar grounds, SUVs are insured at a higher premium than a family car.
      • Place for which you Need the Insurance – Since the traffic density is higher in the urban areas, cars are insured at a slightly higher premium in the urban areas compared to the sub urban areas.
      • Fuel Type – Compared to a plain petrol/diesel car, you’ll have to pay a higher premium for insuring a CNG fitted car.
      • Year of Manufacture – The older your car, the lesser is its Insured Declared Value (IDV) and the lesser the IDV, the lesser is the premium.
      • Discounts – Certain professionals such as defense personnel, doctors and govt. employees are entitled to get an additional discount on their premium.
      • Voluntary Access – Voluntary access is the minimum amount that you declare to bear at the time of claim. The higher deductible you opt for, the lower will be your premium.
      • Anti-theft Discount – You are entitled to get 2.5% off on the premium, if your car is fitted with an ARAI approved anti theft device.
      • No Claim Bonus – No Claim Bonus is offered to the insured for every claim free year. It is a cumulative discount and varies from 10% to 50%. NCB can be transferred to another car or policy.

Car Insurance Premium Renewal

Customers who have already brought an insurance policy for their cars need to renew the policy at regular intervals to get all benefits. Each of the policy is designed with predetermined expiry dates, after crossing that particular date; customers need to get renewal for the insurance policy. One can easily renew the policy online.

Many buyers make premium rates the sole criteria of choosing a car insurance policy. However, this is not a right move. There are other features and benefits in a plan to look out for. If you are getting a better coverage at a slightly higher premium rate, you should prefer it over a lower coverage plan.

What is a car insurance premium calculator?

A car insurance premium calculator is an online tool that helps insurance buyers to obtain a quote from various car insurance companies along with the premium that they have to pay.

I want to obtain an insurance quote for my car, where can I find car insurance premium calculator?

You can easily find a car insurance premium calculator here or on the official website of your preferred insurer. All you need is filling in some basic insurance information like your name, mobile number, address, vehicle model number, vehicle manufacture’s name, manufacturing year, fuel type, registration details etc.

After filling up the correct details, click on the “generate premium” button and you will get your quote.

How is the premium for car insurance calculated?

The calculated premium is the direct result of a basic formula. The formula would give you a better understanding of how exactly the car insurance premium is calculated.

Premium = Own Damage Premium – (No claim bonus + discounts) + Liability Premium that is fixed by the Insurance Regulatory and Development Authority (IRDA) of India

Here is an example of car insurance calculation so that there is no room for any confusion.

Manufacturing Year


Comprehensive Policy with No Claim Bonus

Ex Showroom Rate

How Do You Calculate Your Car Insurance Premium in Malaysia?

While there are a number of car insurance premium calculators available online, many Malaysians are still wondering what is the exact formula used to calculate their own car insurance premium and also, what are the factors involved?

The structure is slightly complex but with the tables shown below, we will break down the formula into different segments and to help you understand how car insurance premium in Malaysia is calculated.

Before you buy or renew your car insurance, you will need to know a few things first:

1. Your Car’s Gross Market Value

Your car’s market value depreciates on an annual basis and you must be able to get an estimation of your car’s latest market value to be able to insure it accordingly. You can either consult the nearest branch of your car’s brand provider, independent car workshop or just do it online!

2. No-Claim Discount (NCD) and Manufactured Year of the Vehicle

The NCD system (set by authorities and followed by insurance providers) allow car owners to enjoy discounts over time if they do not claim any damages from their insurance companies each year. Refer to the table below for the NCD you are entitled to in different categories of the period:

3. Types of Car Insurance

As you may already know, there are three types of car insurance in the market: comprehensive; third party fire, and theft; and third party standalone. To calculate the car insurance premium of a third party (insurance owned by the majority of car owners), you will need to start by calculating the comprehensive insurance coverage.

4. Your Location

If you live in West Malaysia, you will be charged a higher car insurance premium than those in East Malaysia due to higher risks and the car’s higher market value in West Malaysia in general.

5. Your Car’s Cubic Capacity

Basically, this is the engine power of your car and it is important as it determines the car insurance basic premium you will need to pay according to the latest table below for both West and East Malaysia.

Private Car Schedule of Premiums

West Malaysia (RM)

Formula to Calculate Your Car Insurance Basic Premium

For West Malaysia, the basic premium for a new car of each category =

Comprehensive rate for first RM1,000 sum insured (from the table above) + RM26 for each RM1,000 or part thereof on value exceeding the first RM1,000.

For East Malaysia, the basic premium for a new car of each category =

Comprehensive rate for first RM1,000 sum insured (from the table above) + RM20.30 for each RM1,000 or part thereof on value exceeding the first RM1,000.

An example of Car Insurance Premium Calculation for Both Comprehensive and Third Party, Fire & Theft Coverage (West Malaysia):

(Table 3) Note: The above rates are for private owned vehicles only and may differ from the actual premium. Coverage is subject to acceptance by the insurance company.

Table 3 shows the calculation of gross premium for a four year-old Proton Wira 1.5 with the insured sum of RM50,000 for both comprehensive and third party, fire & theft coverage. With cubic capacity (cc) at 1468, the basic premium will be calculated using the second tier in the previous table (refer to Table 2).

Though the car may be four years old, (d) 25% NCD is applied here and it is possibly because the owner has made a claim two years ago which disqualified him from enjoying the fourth year NCD (refer to the Table 1).

To get the final premium payable for a comprehensive insurance coverage, you need to add in 6% GST, optional insurance coverage (windshield, flood, audio system and others listed below) and a stamp duty fee of RM10.

Final Premium Payable for Comprehensive Coverage =

Gross Premium + Optional Coverage (If any) + 6% GST + Stamp Duty (RM10.00)

If you are only opting for a third party, fire, and theft insurance coverage, you will need to find out 75% of the gross premium for your car’s comprehensive insurance. Then, you can get the premium payable after deducting NCD (if applicable) and adding on GST as well as stamp duty.

Formula of Third party, fire & theft coverage premium =

75% (Comprehensive coverage premium) – 25% NCD +6% GST + stamp duty (RM10.00)

Optional Insurance Charges

Some insurance companies may offer optional insurance coverage such as flood and theft packaged with the third-party coverage, so make sure you ask clearly what you are paying for as well as coverage.

(Note: Comprehensive insurance coverage does not include optional insurance coverage as listed below.)

  • Audio system and windshield – 15% of sum insured.
  • Driver (first two are free) – RM10.00
  • Strike, Riot & Civil Commotion (SRCC) – 0.3% of sum insured.
  • Special Perils (Flood, Landslide, Storm) – 0.5% of sum insured.
  • Legal liability for Passenger Act of Negligence – RM7.50 per vehicle.

If you prefer to save yourself the headache, you can easily get an estimation of your car insurance premium through this calculator. However, it is always better to check it on your own and ask us any question if you have any!

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National Car Insurance

National Car Insurance Policy Overview

National Car Insurance policy by National Insurance Company limited is offering their services even before independence. It is the oldest general Insurance Company in India. It is one of the four subsidiaries’ of government owned General Insurance Corporation of India. It is the only public sector general insurance company based at Kolkata. It is the first company to introduced Product Customisation both for rural and Corporate. It was also India’s first insurance company to enter into strategic alliance with the leading Automobile manufactures of country M/s Maruti and M/s Hero Moto Corp a Two Wheeler foremost. National Insurance is awarded with A.M Best financial strength rating- B++ and issuer credit rating-bbb+.

Company is operating from more than 1000 of offices across the country. Car Insurance policy was introduced by National Insurance Company Ltd. Principle of car insurance is same as that of property insurance. The owner of the vehicles needs to be the registered owner of the vehicle whereby the owner stands to benefit by the safety of the vehicle or freedom from any liability and stands to lose by any damage, loss or formation of liability.

National Car Insurance at a Glance

Advantages of availing National Car Insurance Policy:

National Insurance Company will provide 100% protection to your Car. They provide wide range of features in their auto insurance policy. This policy covers the loss caused due to damage to your vehicles. Apart from providing all the regular basic features company also gives you the flexibility of applying online for the policy which in turns saves your precious time.

  • This Policy covers the Vehicles used for social, domestic and for professional purpose of the insured person or used by employee of insured for such purpose excluding carriage of goods other than registered owner, use for hire and reward, pace making, racing, speed testing, reliability trail, or for any other purpose which is connected with motor trade
  • National Insurance Company will provide the cover against the loss due to any damage to your vehicle
  • Company also covers the loss due to damage to the accessories of vehicles
  • Policy also provides the third party liability coverage (property damage) up to 7 lakh 50 thousands
  • This policy also provides you the personal accident insurance
  • This policy has the proviso of providing No Claim bonus if there is no claim is issued in the policy period
  • If opting for higher voluntary excess, discount in the premium will be provided
  • If Anti-theft device is been installed in the vehicles provision of discount is there in the policy
  • Provision of discount for specially designed vehicle for blind, mentally challenged and handicapped person
  • You can purchase this car insurance policy online by doing the payment through your debit card or credit card or online banking
  • Also you can renew your policy online at your convenience

Features and Benefits of National Car Insurance Policy

National Insurance company ltd provides you two type of coverage:

1) Liability Only Cover

2) Package Cover

Liability only cover: –

This segment covers any legal liability arises out of any accident involving your vehicle.

It does not cover any damage to your vehicle. Following risks are covered under the policy:

  • Injury or Death of Third party
  • It covers the loss due to property damage of the third party up to the limit of 7.5 lakh

Package Cover:

It covers all the liabilities as per Motor Vehicles Act, apart from that it also covers damage caused to your vehicle. Package cover or comprehensive Motor Insurance Policy is better as it provides complete cover i.e. it covers third party coverage as well as damage or loss to one’s own vehicle, self or co- passenger.

Following incidents are covered under the package cover National motor insurance policy:

  • Third-party Cover – It covers the loss due to property damage of the third party up to the limit of 7.5 lakh.
  • Accidents by External Mean – It covers the damage caused to your vehicle by external mean such as Fire, Explosions, Lightning and self Ignition.
  • Accidents by Natural Mean – It covers the damage caused due to Flood, Earthquake, Storm, Rockslide, Land slide, Cyclone, Tempest, hailstorm, etc.
  • Accidents by Man Made Mean – It covers the loss due to Theft, Riot, Burglary, Strike, House breaking, malicious act, Terrorist activity, any damage happened in transit by road, rail, air, Inland waterway, lift or elevator.
  • Personal accident Insurance cover – As a part of Motor insurance on the whole, National Insurance Company provides Personal accidental cover in accordance with Motor Vehicle Act. As per this company provides cover in the event of accident while driving. It also provides cover to the co passenger equals to maximum permissible occupancy.

What is not covered in National Car Insurance Policy?

Following incidents are not-covered under the National Insurance Company’s motor insurance policy:

  • Any Consequential loss is not covered under this policy.
  • Any loss due to wear and tear, electrical or mechanical breakdown, breakages or failure is not covered under the policy.
  • Any loss due to damage to tyres, unless the vehicle is dented at the same time when the legal responsibility of the insurer is limited to 50% of the cost of replacement.
  • Any loss occurred due to failure to parts of the car is not covered under the policy.
  • Any loss occurred to your vehicle, if you use your vehicle for hire and reward, pace making, racing, speed testing, reliability trail, or for any other purpose which is connected with motor trade in not covered under this policy.
  • If any loss occurred to your vehicle while driving the car under the influence of alcohol or any other drug, it is not covered.
  • If accident or loss occurred to your vehicle other than the geographical area which is mentioned in the policy then it is not covered.

Additional Coverage in National Car Insurance Policy

  • As a No Claim Bonus (NCB) owner of the vehicle will get discount on premium while renew the policy. This Rebate is mandatory given by insurer to the insured person. Currently minimum of 20 % and maximum up to 50% rebate of the renewal premium is provided by the company.
  • Third Party Liability up to the limit of 7.5 lakh is covered under the policy which covers the legal liability arises out of any property damage occurred or death of third party.
  • On using Anti theft devices approved by automobile research association of india (ARAI) you will be able to get lucrative discount of premium.
  • This policy also provides Personal Accident insurance and covers the loss arise out of damage during accident.

Rate of Depreciation in National Insurance

For plastic/glass /fiberglass parts of the vehicle

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