Ok... this is a long reply.
There is no standard method for calculating the insurance premium and it varies with the insurance provider and the engine capacity (CC). The following should help you in arriving at a ball-park number;
Ex-showroom price of car x 95% x 3.25% = Basic premium (BP)
Note: Only 95% of the ex-showroom price will be considered and this again varies based on the provider.
3.25% is only an example. It varies from 3.0 to 3.5%
BP + Rs 1000 (for third party driver etc) = BP1
BP1 x 10.3% (Service Tax) = Final Premium Rs
This will be the premium quoted to you by the dealer. If you approach the insurance company you will be given upto 30-40% discount on the basic premium. Add to that no claim bonus which will vary according to the duration of your no claim period.
To site an example, i have a 2 year old i10 for which i paid 9800 for first renewal and 7450 for second renewal (think i paid 13-15K for new car) and do not have a claim. I was looking for a new car (GPunto 1.3MJT Emotion) with an ex showroom price of Rs588000.
The dealer quoted me insurance around 22K, but the insurance company after intense negotiations has quoted me a final (including service tax) of Rs 8403!!!
Just make sure you ask for comprehensive insurance and take all overriding benefits and then negotiate. Also, all the above figures are based on my understanding only and not any insurance provider.
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