car insurance premium can be calculated on various factors. it is always feasible to calculated premiums using online car insurance calculator. The car insurance company considers the following parameters to fix the car insurance price:
- Insured Declared Value (IDV).
- Age and type of car
- Cubic capacity (CC) of an engine.
- Geographical area
IDV of car can be calculated by the formula:
IDV=Car’s showroom price + Accessories cost – Depreciation value
To calculate Own Damage (OD) premium amount we use the formula:
Insured Declared Value X [Car premium as per the insurer] + [Optional benefits] – [NCB/Discount etc.]
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