Robinhood Insurance Broker Private Limited

How is the Premium Calculated under a Motor Insurance Policy?

The premium rating is based on the following factors:

A. Insured declared value of the vehicle (idv)

B. Cubic capacity

C. Geographical zones

D. Age of the vehicle

Rating factor for own damage premium is provided separately:

  1. Age of the vehicle
  • Not exceeding 5yrs
  • Exceeding 5yrs but not exceeding 10yrs
  • Exceeding 10yrs
  1. Cubic capacity
  • Not exceeding 1000cc
  • Exceeding 1000cc but not exceeding 1500cc
  • Exceeding 1500cc
  1. Geographical zone (private cars & two wheeler)
  • Zone a - mumbai, pune, new delhi, bangalore, hyderabad, kolkata, bangalore & chennai
  • Zone b - rest of india
  1. Insured declared value (IDV): current market value - depreciation

Depreciation rates:

Age of vehicle

Depreciation rate

Not exceeding 6 months

5%

6 months to 1 year

15%

1 years to 2 years

20%

2 years to 3 years

30%

3 years to 4 years

40%

4 years to 5 years

50%

Additional premium:

  1. Electrical/ electronics fittings
  2. Use of cng/ lpg fuel
  3. Fibre glass fuel tanks

Premium will be charged as per the below slab:

Coverage

Premium rate

Electronic accessories

4%

Cng/ lpg kit

External - 4% + rs. 60 (in liability)

Fiber glass fuel

Rs. 50/-

Premium rates for personal accident cover & liabilities

Type of cover

Premium

Owner driver pa cover - private car

Rs. 100

Pa cover for passenger - private car

Rs. 50 per passenger

Legal liability for paid driver

Rs. 50

Liability for employees - private car

Rs. 50

Geographical area extension

Rs. 500

Discounts applicable under the motor insurance policy:

No claim bonus

Discounts applicable on the premium as given below:

All type of vehicles

Discount per cent

No claim made or pending during preceding full year of insurance

20%

No claim made or pending during preceding 2 consecutive years

25%

No claim made or pending during preceding 3 consecutive years

35%

No claim made or pending during preceding 4 consecutive years

45%

No claim made or pending during preceding 5 consecutive years

50%

Voluntary discounts:

Discount is given for opting extra deductibles over and above the compulsory deductible.

Private cars

Deductible (from claim amount) 2500 5000 7500 15000

Discount % 20 25 30 35

Max discount (Rs.) 750 1500 2000 2500

Two wheelers

Deductible (from claim amount) 500 750 1000 3000

Discount % 5 10 20 25

Max discount (Rs.) 50 75 125 250

Premium rates for third party liability:

Private vehicles:

Cubic capacity rate

Up to 1000cc Rs 1468

Between 1000cc to 1500cc Rs 1598

Above 1000cc Rs 4931

Two wheelers:

Cubic capacity rate

Up to 75cc Rs 519

Between 75cc to 150cc Rs 538

Between 150cc to 350cc Rs 554

Above 350cc Rs 884

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Tab 2

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burger₹ 700
Your yearly cost on fast food = roughly ₹ 8,400
price
Cost of Health Insurance for whole family with ₹ 5 lakhs cover!

Tab 3

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By clicking on the “SUBMIT” button, I accept the Terms & Conditions and authorise OneInsure representatives to contact me via Call / SMS / Email

THANK YOU!

A OneInsure representative will call you shortly.

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