Car Insurance Premium Calculator
Works out a comprehensive car insurance premium from the insured value and rate, adds third-party cover and applies the no-claim bonus discount.
Recent
Formula
How the calculation works
The calculator multiplies the insured declared value of the car by the annual rate to get the own-damage part of the premium.
It adds the fixed third-party premium, which is charged separately and does not depend on the car's value.
It then subtracts the no-claim bonus percentage, which rewards drivers who have not made a claim in the past year.
Common mistakes
- Applying the no-claim bonus to the third-party part, which is not discounted, instead of only to the own-damage premium.
- Entering the market price rather than the insured declared value, since the rate is applied to the IDV and not the sale price.
When to use it
- Use it before renewing to check whether the quote from an insurer matches the rate you agreed.
- Use it to see how much a year without claims saves you once the no-claim bonus is applied.
Worked example
IDV 1000000, rate 3%, third party 1500, 20% no-claim bonus: base 31500, discount 6300 and premium 25200 taka.
Common questions
Does the no-claim bonus reduce the third-party part?
No, the no-claim bonus applies only to the own-damage premium, while the third-party amount stays fixed as set by the regulator.
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