What Is a Car Insurance Calculator?
A car insurance calculator computes the estimated premium and Insured Declared Value (IDV) for motor insurance policies in India based on vehicle age, cubic capacity, NCB, and add-on covers.
Motor insurance premiums are split into two mandatory standard parts: Own Damage (OD) cover, which protects your vehicle against accidents or theft, and Third Party (TP) liability cover mandated by IRDAI.
This calculator applies official IRDAI third-party tariffs, standard vehicle depreciation percentages, and No Claim Bonus discount slabs across insurers like HDFC ERGO, ICICI Lombard, Acko, and Digit.
Insured Declared Value (IDV) Depreciation Formula
IDV represents the maximum sum insured payable by the insurer in case of total loss or theft. It is calculated by applying age-based depreciation to the car's ex-showroom price.
| Vehicle Age | Depreciation Percentage | Sample IDV (on Rs 10L Car) |
|---|---|---|
| Brand New (Up to 6 months) | 5% | Rs 9,50,000 |
| 1 Year Old | 15% | Rs 8,50,000 |
| 2 Years Old | 20% | Rs 8,00,000 |
| 3 Years Old | 30% | Rs 7,00,000 |
| 4 Years Old | 40% | Rs 6,00,000 |
| 5+ Years Old | 50% | Rs 5,00,000 |
IRDAI Mandatory Third-Party Rates
Third Party liability rates are fixed by IRDAI annually based on engine cubic capacity (CC) and apply uniformly across all insurance companies in India.
| Engine Capacity Slab | Annual TP Premium (Base) | Total TP Premium (with 18% GST) |
|---|---|---|
| Cars under 1000 cc | Rs 2,094 | Rs 2,471 |
| Cars 1000 cc to 1500 cc | Rs 3,416 | Rs 4,031 |
| Cars above 1500 cc | Rs 7,897 | Rs 9,318 |
| Electric Vehicles (EV) | Rs 2,268 | Rs 2,676 |
No Claim Bonus (NCB) Discount Matrix
No Claim Bonus rewards claim-free policy years with discounts on the Own Damage premium component.
| Claim-Free Years | NCB Discount Percentage |
|---|---|
| 1 Claim-Free Year | 20% |
| 2 Consecutive Claim-Free Years | 25% |
| 3 Consecutive Claim-Free Years | 35% |
| 4 Consecutive Claim-Free Years | 45% |
| 5+ Consecutive Claim-Free Years | 50% (Max Cap) |
How to Use This Car Insurance Calculator
- Select Policy Type: Choose between Comprehensive Policy and Third Party Only.
- Enter Car Value & Age: Input manufacturer ex-showroom price and select vehicle age.
- Set Engine CC & NCB: Select engine displacement category and current No Claim Bonus discount slab.
- Review Premium & IDV: View computed IDV, OD premium, IRDAI third-party rates, and total premium with 18% GST.
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Frequently Asked Questions
Disclaimer: Premium figures generated by this calculator are indicative estimates based on standard IRDAI tariff schedules and average insurance market quotes in India. Final vehicle IDV and premium quotes depend on exact car make, model, variant, state registration, and underwriter policy terms from motor insurance providers like HDFC ERGO, ICICI Lombard, Acko, or Digit.