Estimate your monthly car insurance premium based on key factors.
Basic (5%)
Standard (8%)
Premium (12%)
Poor
Average
Good
Excellent
Estimated Monthly Premium
$0.00
Understanding Your Monthly Car Insurance Cost
Calculating your monthly car insurance premium involves several factors that insurance companies use to assess risk. This calculator provides an estimate based on a simplified model, but actual quotes may vary.
How the Calculator Works:
The estimated monthly premium is derived using a formula that considers the following key inputs:
Vehicle Value: Higher value vehicles typically cost more to insure because the potential payout for theft or damage is greater.
Driving Experience: Less experienced drivers (fewer years of driving) are often considered higher risk, potentially leading to higher premiums.
Annual Mileage: Drivers who spend more time on the road (higher mileage) have a statistically greater chance of being involved in an accident.
Coverage Level: This represents the level of protection you choose. More comprehensive coverage options (like Premium) will naturally cost more than basic ones. This is factored in as a percentage of the vehicle's value, with adjustments for risk.
Credit Score Rating: In many regions, a good credit history is correlated with lower insurance risk. A better credit score rating can lead to lower premiums.
Deductible Amount: This is the amount you agree to pay out-of-pocket before your insurance coverage kicks in for a claim. A higher deductible generally results in a lower monthly premium, as you're taking on more of the initial risk.
The Simplified Formula:
The calculation used here is a conceptual approximation:
Base Premium = (Vehicle Value * Coverage Level Percentage) Mileage Factor = (Annual Mileage / 10000) * SomeBaseRate (Here, we'll simplify and tie mileage to a general risk factor)
Experience Adjustment = (1 - (Driving Years / 20)) (Shorter experience means multiplier closer to 1, longer experience reduces it slightly)
Credit Score Multiplier = Credit Score Rating Value Deductible Factor = (AverageDeductible / VehicleValue) * SomeMultiplier (Simplified: Higher deductible *reduces* premium slightly in this model conceptually, though often it's a direct premium discount)
Note: This calculator uses a simplified model for educational purposes. Actual insurance premiums are determined by complex algorithms used by insurance providers and can include many other factors such as location, driving record, vehicle type, and specific policy terms. Always obtain official quotes from insurance companies for accurate pricing.
function calculateInsurance() {
var vehicleValue = parseFloat(document.getElementById("vehicleValue").value);
var drivingYears = parseFloat(document.getElementById("drivingYears").value);
var annualMileage = parseFloat(document.getElementById("annualMileage").value);
var coverageLevel = parseFloat(document.getElementById("coverageLevel").value);
var creditScore = parseFloat(document.getElementById("creditScore").value);
var deductible = parseFloat(document.getElementById("deductible").value);
var resultValueElement = document.getElementById("result-value");
// — Input Validation —
if (isNaN(vehicleValue) || vehicleValue <= 0) {
alert("Please enter a valid vehicle value.");
resultValueElement.innerText = "$0.00";
return;
}
if (isNaN(drivingYears) || drivingYears < 0) {
alert("Please enter a valid number of driving years.");
resultValueElement.innerText = "$0.00";
return;
}
if (isNaN(annualMileage) || annualMileage < 0) {
alert("Please enter a valid annual mileage.");
resultValueElement.innerText = "$0.00";
return;
}
if (isNaN(deductible) || deductible 15000) {
mileageFactor = 1.15; // 15% increase for high mileage
} else if (annualMileage < 7000) {
mileageFactor = 0.90; // 10% decrease for low mileage
}
// Factor in driving experience: Less experience = higher risk multiplier
// Assume 20 years as a benchmark for experienced drivers
var experienceMultiplier = 1.0;
if (drivingYears < 3) {
experienceMultiplier = 1.30; // 30% increase for very new drivers
} else if (drivingYears 30) {
experienceMultiplier = 0.95; // 5% decrease for very experienced drivers
}
// Credit score multiplier is directly from the select option
var creditScoreMultiplier = creditScore;
// Deductible impact: Higher deductible *reduces* premium.
// This is a conceptual reduction, not a direct calculation of premium discount.
// Let's assume a $500 deductible is standard, adjust premium reduction based on deviation.
var deductibleImpact = 0;
var standardDeductible = 500;
if (deductible > standardDeductible) {
// Higher deductible, slight reduction in premium estimate
deductibleImpact = (deductible – standardDeductible) * 0.05; // e.g., $5 reduction for every $100 above standard
} else if (deductible < standardDeductible) {
// Lower deductible, slight increase in premium estimate
deductibleImpact = (standardDeductible – deductible) * 0.03; // e.g., $3 increase for every $100 below standard
}
// Combine factors to get an estimated annual premium
var estimatedAnnualPremium = (basePremium * mileageFactor * experienceMultiplier * creditScoreMultiplier) – deductibleImpact;
// Ensure the annual premium is not negative
if (estimatedAnnualPremium < 0) {
estimatedAnnualPremium = 0;
}
// Calculate monthly premium
var estimatedMonthlyPremium = estimatedAnnualPremium / 12;
// Display the result, formatted to two decimal places
resultValueElement.innerText = "$" + estimatedMonthlyPremium.toFixed(2);
}