A car insurance calculator is an online tool that helps you get quotations from different car insurance providers. It helps you know your estimated premium amount to be paid.
Why Car Insurance Calculator is Important
A car insurance calculator allows you to figure out your insurance related requirements. It gives you an idea on how much you need to pay based on the cover you choose. This way, you can compare different car insurance policies at once and choose the one that suits you the best.
How to Use Car Insurance Premium Calculator
A quote depends upon the model of your car, its current condition (new car or resale vehicle) and market value.
An online car insurance calculator requires you to fill in the necessary details about your car which includes its registration number, model and manufacture date. Key in correct values and information in the calculator to get your estimated insurance instalments.
Benefits of Car Insurance Calculator
- Obtain information regarding your payable premium quicker.
- No need to visit an insurance provider every time you need any information.
- Save money as you need not pay any agent to get information regarding insurance.
- Get an estimate for new and used cars.
Things to Know Before You Buy or Renew a Car Insurance Policy
- It is mandatory to have a car insurance policy in Malaysia.
- You need to renew your car insurance policy every year.
- You can buy or renew your car insurance policy online.
- Choose a suitable plan from Third Party Cover, Third-Party, Fire and Theft Cover and Comprehensive Cover.
Details Required for Calculating Car Insurance Policy Premium
You will have to provide the following details while calculating your car insurance policy premium online:
- Type/model of the car
- Market price of the car
- Age of the car
- Location of the car
- Engine capacity and fuel category of the car
- Applicable No Claims Discount (NCD)
- Number of passengers you can carry in your car (if mentioned)
Q. Can additional car accessories cost me more premium?
A. Yes, any additional car accessories used for your vehicle may add to your car insurance policy premium amount.
Q. How can I reduce my car insurance policy premium?
A. You can avoid taking an add-on cover if it is not required. Furthermore, make sure that the Insured Declared Value (IDV) for your car is calculated properly.
Q. Can I use a car insurance calculator at the time of renewing my insurance policy?
A. Yes, you can also use a calculator tool at the time of renewing your policy.
Q. What is a Third-Party insurance cover?
A. A third-party insurance covers damages caused to a third-party. The damage could be in the form of death, injury and/or property (vehicle) damage caused due to an accident.
Q. Do I need to provide a police report while claiming my insurance cover?
A. If case of a major mishap, you have to contact your nearest police station. You need to provide a copy of the police report while making a claim application to your insurance provider. You will have to file that report within 24 hours from the time of the accident.
Q. What is a Third-party, Fire, and Theft Insurance Cover?
A. It is a cover obtained under a car insurance policy for both you as well as the third-party for damages caused to the vehicle/s because of fire or theft.
Q. Is road tax compulsory while renewing a car insurance policy?
A. Yes, you must renew your road tax to get a car insurance cover.
Q. What documents do I need to submit while claiming a car insurance cover?
A. While claiming your car insurance, you will need to submit the following documents:
- A copy of MyKad or NRIC
- A copy of driving license
- A copy of vehicle registration certificate
- Police report draft (if applicable)
- Road tax receipt
- Any other documents if mentioned by your insurance provider
You can enjoy a reduced premium if you fall under a low risk profile. A low-risk profile means a safe driving history without any prior claims. Cultivate a safe driving pattern, and maintain your car in a good condition with regular maintenance. Compare quotes before purchasing a policy to choose a plan that will meet your needs and budget.