Determination of Car Insurance Costs

Determination of Car Insurance Costs, When making an insurance claim, then you need to know how to calculate insurance car cost or what is commonly called a premium. In Indonesia, there are still many people who are still confused about the right calculation of insurance car costs. Policies on this matter have been regulated by the Financial Services Authority (OJK) in official regulations No. 21 / SEOJK.05 / 2015.

Knowing these insurance calculations will allow you to prepare funds for this. You can also consider the advantages and disadvantages when joining insurance car. Therefore, before choosing insurance for the car, then enough information is needed. If you find it difficult to find insurance carcost , you can ask for help from the nearest insurance office.

Determination of Car Insurance Costs

  1. TLO (Total Lost Only) insurance premium fee

Calculation of premium costs will be explained through an example. Before that, please note that TLO is insurance that is received when you lose a car or have car damage of 76%. Here’s how TLO insurance car costs:

  • Determine the current price of the car. for example, the price of an Amanda car is Rp. 200 million.
  • Amanda chose TLO insurance.
  • Following OJK, premiums for cars in the range of Rp. 125 million to Rp. 200 million in Jakarta is 0.44% – 0.55%.
  • At the final stage of calculation, the 0.49 premium result is Rp. 980 thousand.
  • All Risk insurance premium costs

All Risk Insurance provides services in the form of comprehensive maintenance of vehicle parts. Ranging from minor damage to the state of natural disasters. The calculation of the cost of the All risk insurance premium is generally more expensive than TLO.

  • Determine the price of the car in accordance with current prices. An example is the price of a car of Rp. 200 million with premiums of 2.47% – 2.72%.

If the insurance company applies a 2.5% premium, the car owner must pay ainsurance car cost of Rp. 5 million every year. This will make your vehicle more secure. You do not need to think about car service and car paint replacement.

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