Own Damage Premium Calculator

Work out own damage premium instantly with clear inputs, formula shown and shareable results.

About Own Damage Premium Calculator

Own damage premium is a percentage of IDV, discounted by the accumulated no-claim bonus which steps up from 20% to 50% over five claim-free years. Add-on covers such as zero depreciation and engine protection are priced separately and are not eligible for the NCB discount.

Formulas

Base premium

Base = IDV x Own damage rate %

Premium payable

Premium = Base x (1 - No-claim bonus %) + Add-on premium

Worked example

With the default values below, Own Damage Premium Calculator returns Own damage premium payable of $20,605.00. Change any input above and every figure here is recalculated in your browser.

Inputs used

Insured declared value: 700,000
Own damage base rate: 3.1
No-claim bonus discount: 35
Add-on covers premium (zero dep, engine, RSA): 6,500

Results

Own damage premium payable: $20,605.00
Base own damage premium: $21,700.00
No-claim bonus discount: $7,595.00
Add-on covers premium: $6,500.00

Step by step

1Values used
2Base premium
3Premium payable
4Own damage premium payable= 20,605.00
5Base own damage premium= 21,700.00
6No-claim bonus discount= 7,595.00
7Add-on covers premium= 6,500.00

Assumptions and limits

The result is derived only from the 4 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Indicative estimate only. Fees, entitlements, limits and formulas vary by jurisdiction, statute, policy wording and the facts of the case. This is not legal, tax, insurance or financial advice — confirm with a qualified professional or the relevant authority.

Frequently Asked Questions

How does the no-claim bonus build up?

Typically 20% after one claim-free year, then 25%, 35%, 45% and 50%. A single claim usually resets it to zero.

Is a small claim worth making?

Often not. Compare the claim amount with the NCB you would forfeit over the following years plus any deductible.