The premium in commercial vehicle insurance calculator is calculated by various factors, some of which are :
- IDV (Insured Declared Value)
- Class of vehicle.
- Cubic capacity (4000 cc , etc)
- Seating capacity (mainly in case of Buses)
- Previous insurance history (Whether claims have been made in the past or not)
- Location of Registration of the vehicle. (RTO details)
Based on these values and the historical records of vehicle performance, Insurance companies are able to calculate the premium of the vehicle. If there has not been any claims made in the past, then it also helps to reduce your insurance premium amount by at least 20%. You will need to prove this by presenting the existing insurance details. It would also come handy to show the renewal statement sent by your present insurance provider.
However, you must keep in mind that commercial vehicle insurance calculator, can be tweaked with a low IDV, which might reduce the premium, but which will be harmful for the vehicle valuation over a longer period.
If you need any assistance in selecting the best insurance for your vehicle, please fill in the form above and get the best insurance quote.