Researching online before purchasing anything comes naturally to us and it is no different when you want to avail general insurance. Considering this, premium calculators are now made available online by almost all banks and NBFCs (Non-Banking Financial Companies). These calculators can help you calculate the insurance premium and coverage amount against the paid premiums. The premium calculators or insurance calculators are online tools that compute premium for your chosen insurance policy. The calculation is based on the details you submit to the calculator online related to your insurance requirements. Other than banks and NBFCs, there are certain other platforms also that sell insurance policies by different companies and also provide calculators. These platforms are very useful for browsing online as they can help to compare premium and coverage of insurance policies by different companies.
Insurance calculators are available for all types of insurance. General insurance consists of different types of insurance policies such as Travel Insurance, Motor Insurance, Health Insurance, and Home Insurance, etc. There is no particular general insurance premium calculator; it is required to use a specific insurance calculator for each category. The reason for specific calculators for different insurance types is the major differences in the premium, duration, coverage and other terms among the types of insurance. Due to these major differences, it is very difficult to generalize insurance and provide accurate results for every category in one calculator.
For calculating the premium of any insurance policy, you have to use a specialized calculator. The major types of insurance calculators are listed below:
Travel Insurance Calculator
When you are traveling, you surely don’t want to be worried about the risks of losing baggage or medical emergencies. While it is not possible to plan for emergencies while traveling, being insured can help cover the financial aspects of these emergencies. When you go for insurance policies you firstly need to have a clear picture of the expenses involved in it. The use of a calculator can help you in computing the premium for your plan. The major coverage areas of these plans are medical expenses, loss of baggage, cancellation of trips and other miscellaneous losses at the time of travel. The calculation of premium is largely based on the duration of travel and total cover of policy.
Student travel insurance is also a popular option among students traveling abroad to study. This is so as many international universities have mandatory requirements for insurance. The major factors that affect the amount of premium are the country of destination, course duration and the university the insured is going to. There are specific calculators for student travel insurance that focus on these policies.
Motor Insurance Calculator
Considering the amount of money that you usually need to spend in buying a vehicle, it is advisable that you avail a motor insurance on the purchase of the vehicle. A typical car insurance policy covers damage due to an accident or fire and also theft. There are separate calculators for both two-wheeler and four-wheeler insurance. These calculators require the registration details and other basic details of the vehicle to calculate the premium. Another consideration for the calculation of premium is the amount of coverage you require and if the car is new or used. The calculator also calculates premium in case of renewal of the policy.
Housing Insurance Calculator
Buying a house for yourself is a dream for every Indian family as it is considered the baseline of being settled down. The house should be insured to protect it from damage from fire and natural disasters etc. The housing insurance calculator largely reduces the research and groundwork for deciding which policy to purchase.
Health Insurance Calculator
The health insurance plans are also important policies that protect an individual or group from the medical expenses. With the medical expenses soaring high, one cannot afford any major disease or injury that easily. The shock and pain of the ailment are already too much to bear, in such a situation medical expenses should be the least of one’s concern. The use of a health insurance calculator makes it easy for an individual to know what premium he has to pay and hence the expenses involved in insuring his health.
Benefits of Using Insurance Calculator
There are many advantages of using an online calculator before making the actual purchase of a general insurance policy. The major benefits are listed below:
- You will come to know the expenses involved in the policy
- You can compare the benefits of the policy against the premium you will pay
- If you are using a third-party website where you can choose from the policies of different insurers, it will also help you compare all the available insurance policies in the market
- It is both time and cost-efficient regarding research
- If you inquire an agent about the best general insurance policy to purchase, your decision can be highly influenced by his opinions and sales pitch. If you use the online calculator, the influence will be minimized
It is important that you give equal importance to your life insurance policies as well as general insurance policies. Major policies like car insurance and health insurance are widely purchased, but home and travel insurance are not that popular. The lack of knowledge and information related to general insurance policies is the reason behind this, with the introduction of online tools such as premium calculators and online account management portals, the process has become much easier. Use of general insurance premium calculator reduces a lot of hassle that is involved in the process of researching for an appropriate insurance policy. It is to be made sure that the use of a specialized online calculator is made to calculate the premium for the policy you need.
Q1. Where can I find a general insurance premium calculator?
Ans. General insurance premium calculator is easily accessible online on the websites of insurance providers.
Q2. What information do I need to be able to use the calculator?
Ans. Generally, you would need specific information related to your chosen insurance policy, your financial information and details about your income.
Q3. Are the calculated premiums accurate?
Ans. The premium calculators use the same formula that is used by the insurance agent to suggest you the best insurance policies. The calculator would simply help you in making that decision by yourself.