99.5%

Customer Satisfaction Ratings*

25%

Average Annual Savings*

490+

Extensive and trusted Garage network

Protect Your Vehicle with the Right Motor Vehicle Insurance Premium

Car insurance premium is a sum of money paid every month as a guarantee against the risk of loss that may arise in the future related to a vehicle. Driving can be risky and your car can be damaged at any time. This risk can manifest itself in various forms of damage, life-threatening injuries, or incidents involving third parties. In addition, the risk of car loss or theft is always there. That is why ensuring your car is protected by a trusted brand like insureka! is very important.

What is Car Insurance Premium

Insurance premiums are a vital element in the insurance ecosystem. The premium for new and second-hand car insurance is a form of service guarantee provided to the insurance company as a guarantee for any potential risks that arise. The clause regarding the proportion of the premium is fully regulated in the insurance policy in accordance with the chosen benefits.

Policies related to premiums all refer to the regulations of the Financial Services Authority (OJK). More specifically, they are regulated under OJK Letter Number 6/SEOJK.05/2017. This rule determines the amount of the value of the vehicle insurance premium that must be paid by the customer to the insurance company. With this regulation, customers will receive a premium price that is reasonable and fair.

Types of Car Insurance Premiums

Premiums are mandatory for every customer of an insurance company. Its position is an obligation that must be fulfilled by the customer. In general, the type of car insurance premium is based on the insurance product or policy. This is because the basic premium value is different for each product. The trusted brand insureka! offers premium options according to the product:

Comprehensive Premium.
Comprehensive Basic.
Total Loss Only (TLO).
Katastropik Policy.
Hybrid Protection.

Product diversification is intended to answer customer needs. As additional information, Catastrophic Policy is a form of protection against risks caused by floods. Flood disasters are currently vulnerable as global climate change intensifies.

Car Insurance Premiums for All Risk Policies

All Risk car insurance premiums are categorized under Comprehensive Premium and Comprehensive Basic plans. In general, the premiums for All Risk policies range from 1.05% to 4.02%. The premium price for All Risk car insurance is also determined according to the area zoning of the insured car unit and the type of policy applied. Comprehensive Premium has a higher monthly premium, but more complex and stronger protection features compared to other existing policies.

Car Insurance Premiums for TLO Policies

TLO car insurance premiums provide the most inclusive protection system for used or secondhand vehicles. This is because the TLO policy can be applied to units with a maximum age of 15 years. The TLO guarantees against losses due to heavy damages over 75% of the value of the vehicle, and is more affordable than an All Risk policy. Just like All Risk, the size of the TLO premium is also determined according to regional zones. TLO Policies have premiums ranging from 0.2% to 0.69% of the value of the vehicle.

How to Calculate Car Insurance Premiums

Premium calculation still refers to OJK regulation, OJK Letter Number 6/SEOJK.05/2017. Car insurance premium pricing is also based on several aspects, such as car prices which are divided into several categories, as well as regional zoning.

The division of car price groups according to category is as follows, namely:

Category 1, Price < IDR 125 Million.
Category 2, Price IDR 125 Million to IDR 200 Million.
Category 3, Price IDR 200 Million to IDR 400 Million.
Category 4, Price IDR 400 million to IDR 800 million.
Category 5, Price > IDR 800 million.

The trusted brand insureka! calculates monthly insurance premiums using an automated system. If you want to manually estimate your monthly premiums, you can multiply the car price with the approximate premium percentage, which is calculated according to the type of insurance policy and the unit price of the car according to the region.

Key Factors That Affect Car Insurance Premiums

There are several factors that affect the premium amount. In general, the price structure of car insurance premiums is similar across policies, including All Risk, Total Loss Only (TLO), and product diversification. Premiums are calculated based on the price of the car and the applicable premium percentage. The premium percentage is determined by the type of policy and the value of the car, taking into account its category and region. In addition, the area is categorized into zones 1, 2, and 3 for zoning purposes.

Tips for Lowering Car Insurance Premiums

Comparison of car insurance premiums can actually be saved. To get the ideal price composition, there are several things that customers can do, namely:

Apply for a policy with the same insurance company, because there is a chance you can receive a special promo
Make sure your insured car has all the documents and related equipment
The car does not have a police record
Purchase one policy that is completely relevant to your car usage and needs
Minimize risk by reducing car usage
Choose a new car
Choose a car variant that is owned by many people

FAQ’s

insureka! is always open to customers and is here to provide the best solutions.

How often do I have to pay my car insurance premium?

For insureka!, the premium is paid only once with a yearly period.

Is it possible to get a discount on my car insurance premium?

If registration is done now, then a 25% discount plus 20% rewards from our partners can be enjoyed by customers directly. The promo automatically makes the premium more affordable.

Can I change my car insurance premium during the policy period?

The premium cannot be changed once the policy has been activated.

What is deductible in car insurance premiums?

The value of car insurance coverage can be adjusted according to the customers protection needs. For Expansion and Service can be selected according to their needs.

How does the age of my car affect my car insurance premium?

Fixed premium calculations are based on OJK regulations. The value is then adjusted to the region, category of coverage value, and the age of the car. For cars over 5 years old, a loading fee of 5% per year is imposed. That is, the older the age of the car, the greater the risk. The availability of spare parts is also reduced, then the selling price decreases.

Will my car insurance premium increase after an accident? Can I pay my car insurance premium in installments?

The premium calculation is in accordance with existing conditions and regulations. The premium payment is made in full for a year. Unable to repay. However, there are payment services using CC that can be used as installments.