The insurance providers take your driving history and claim records into consideration. If you have a history of being involved in road accidents and violating traffic rules then car insurance companies can charge a higher premium from you.
Also, if your car insurance shows frequent registration of claims, then also the insurer will presume that you will be more likely to raise a claim in the future. This will eventually reflect in your car insurance price. On the other hand, maintaining a clean driving and claim history will help you avail the benefit of a No-claim-bonus.
All the insurance companies take into consideration the age of your four-wheeler while calculating the final car insurance price. A newly purchased car is likely to attract more premium than an old car. Thus, if you want to minimize your out-of-pocket expenses; it is recommended that you buy a comprehensive car insurance policy.
The type of car you own is an important factor in determining policy coverage and its premium amount. You can get cheap car insurance for base model cars but for luxury cars the premium is usually on the higher side because of the cost involved in repair and replacement of parts, and their availability. Some insurance providers also take into consideration if you have safety features installed in your car. Installation of anti-theft devices can reduce your policy premium.
Deductibles refer to a certain claim amount that you need to pay at the time of claim and the rest amount is paid by the insurance company. Once you enter the deductible percentage in the car insurance premium calculator, the policy premium automatically reduces. You can also opt for higher deductibles to reduce your car insurance premium price if you can bear a certain percentage of the claim.
The geographical location also affects the car insurance premium. The car insurance provider evaluates the pattern of weather, crime rate, and the severity of claims in your area and the risk it can impose. The higher the risk, the more will be the premium and vice versa.
The purpose of using your car will also decide the car insurance premium. Whether the insured car will be used for commercial purposes or personal purposes, needs to be disclosed to the insurer. Misinformation can also lead to the rejection of claims in the future.
You can get additional benefits to enhance your car insurance policy coverage. It includes additional benefits like zero depreciation, emergency roadside assistance, etc. And if you opt for these benefits, the premium slightly increases but your out-of-pocket expenses also become negligible.
Let us have a look at how the premium of the same car varies for different car insurance providers due to the factors involved. The below table shows the list of best car insurance companies offering a 1+3 Bundled plan (1 year own damages+ 3-year third party) for a brand new Swift Diesel VDI (1248cc) registered in New Delhi, India:
|Car Insurance Company||Insured Declared Value (IDV) in (Rs.)||Zero Depreciation Add-on (Rs.)||Estimated Package Premium (Rs.)|
|Bajaj Allianz Car Insurance||6,87,000||4,522||33,373|
|Cholamandalam Car Insurance||6,50,608||4,555||21,377|
|Digit Car Insurance||6,84,851||3,424||27,834|
|Future Generali Car Insurance||N/A||N/A||N/A|
|IFFCO Tokio Car Insurance||6,52,700||3,264||30,003|
|Kotak Mahindra Car Insurance||5,99,510||2,278||29,958|
|Liberty Car Insurance||N/A||N/A||N/A|
|National Car Insurance||6,50,678||2,928||27,678|
|New India Assurance Car Insurance||N/A||N/A||N/A|
|Oriental Car Insurance||6,50,608||2,914||17,974|
|Raheja QBE Car Insurance||N/A||N/A||N/A|
|Reliance General Car Insurance||6,63,100||4,247||25,399|
|Royal Sundaram Car Insurance||5,93,300||3,560||28,482|
|SBI Car Insurance||5,14,120||2,571||22,514|
|Shriram Car Insurance||N/A||N/A||N/A|
|Tata AIG Car Insurance||N/A||N/A||N/A|
|United India Car Insurance||6,50,608||2,136||26,418|
|Universal Sompo Car Insurance||N/A||N/A||N/A|
|Zuno Car Insurance||6,61,724||3,309||33,063|
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
(The above figures are for reference purposes only. Car insurance premiums vary from one insurer to another since car make and model, IDV, manufacturing year, add-on coverage, policy type, etc. Your discretion is required at the time of purchase.)
To find cheap car insurance in India, it is a smart option to calculate your car insurance premium online using a car insurance premium calculator. To get an estimate of cheap car insurance quotes in India, you need to submit the following details -
the rest of the details will follow.
Last and most important do not forget to compare quotes from car insurance companies before you make the final purchase.
You can easily compare car insurance quotes through Policybazaar.com. Typically you can save up to 85% on your insurance premium hence getting a cheap car insurance policy for your four-wheeler.
Most car insurance companies have a cashless settlement process with multiple partners in every city. An insurance broker like Policybazaar.com can guide you regarding which companies have a cashless settlement tie-up with which company, and garage.
If you are an occasional driver, you can also opt for the Pay as you drive car insurance offered by many car insurance companies. This affordable car insurance plan offers you a discount on OD premium based on the number of kilometres driven in a year and the driving behaviour of the driver.
You can get additional Personal Accident Cover for passengers and drivers with your vehicle insurance plan. This is a great way to insure people who travel in the car with you.
Be truthful in your declarations on the proposal form. This will ensure that your genuine claims will be paid by the insurance company.
There is a lot of misinformation in the market. So get everything in writing or cross-check every piece of information before purchasing a plan. Always drive safely. Never drive under the influence of alcohol. Over time this will reduce your premium while covering the risk.
If you are looking for a cheap car insurance policy in India, well do not just go by the premium if you want to enjoy comprehensive coverage benefits. While driving your vehicle, various risks can arise and an adequate car insurance plan can save you from the troubles that may arise. Therefore, it is suggested that even when choosing the cheapest car insurance policy, do not compromise on selecting the coverage benefits.
Ans: A car insurance premium can reduce for young drivers when they drive smoothly and safely. When they drive safely, follow all the traffic rules, have no accidents, and no claims in the first policy year, the insurer reduces the premium amount at the time of car insurance renewal.
Ans: To find cheap car insurance make sure to calculate insurance premiums using a car insurance premium calculator. You can also compare insurance quotes on Policybazaar.com and find a cheap car insurance policy for your four-wheeler.
Ans: Antique or vintage cars are more valuable than new cars thus having a higher insurance premium.
Ans: Since electric cars are more expensive than conventional fuel cars, the electric car insurance premium rates are higher.
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